Affordable Life Insurance Protection for Your Family

What Life Insurance Is Cheapest?

How to Find The Cheapest Life Insurance Policy


Are You Trying to Find the Cheapest Life Insurance Coverage?

If so, you may want to learn how your coverage may cost less, and what factors will have an impact on the price you pay for a policy.


Two Keys to Getting Cheap Life Insurance 

  • Choose a term life insurance policy
  • Get quotes from multiple life insurance carriers

Compare Life Insurance Quotes


If you want to get the most affordable life insurance, there are several tips you can follow to lower your cost of coverage.

Although you don’t have control over your age, there are other pricing factors you can control to help lower your cost.


Tips to Save You Money


  • Get Multiple Price Quotes – Rates may vary quite a bit between insurers, so make sure you compare pricing from several of the leading life insurance companies. 
  • Avoid Riders and Additional Coverage – Don’t add coverage to your plan you don’t need.
  • Don’t Use a One Company Life Insurance Agent – A captive agent only has access to pricing from one insurer, unlike an independent agent who can place coverage with multiple insurers.
  • Don’t Delay Getting Insured – If your health changes you may become uninsurable or your rate may be much higher if you wait, which could make life insurance unaffordable for you.
  • Bundle Coverages If Available – Ask your current auto and/or home insurance company if you can get an additional discount for placing your life insurance with them.
  • Review Financial Rating of Insurer – Choose a highly-rated insurance carrier because you want to make sure the insurer will be around I the future to pay out any claim when needed.


Why is Term Life Insurance Cheapest?

Term insurance offers by far the lowest cost coverage because it is temporary insurance and it is pure protection, meaning there is no cash value inside the policy, it is life insurance only.

Many people do outlive the duration of their term life policies, and others may choose to cancel their policies, or are unable to continue making premium payments.

That’s why only about 3% (approximately) of term policies pay out a death benefit, which is another reason rates are so low for term life coverage.


What Affects Your Life Insurance Rates?

There are several key factors that affect your rate per $1,000 of life insurance coverage, including:

  • Duration of Term – You may choose coverage for a “term” (duration) of 10, 15, 20 or 30 years. The shorter the term of your policy, the lower your annual cost of life insurance.
  • Amount of Coverage – The higher the amount of coverage, the higher your annual cost of coverage.

In addition, several other personal risk factors play a role in determining your rate for coverage, including:

Personal Risk Factors:

  • Age
  • Gender
  • Health
  • Lifestyle
  • Tobacco Use
  • Occupation
  • Hobbies
  • Driving Record
  • Family Health History
  • Height-to-Weight ratio 

Answer to the Question "What Life Insurance is Cheapest?" 

The lowest priced life insurance is term life insurance for the shortest term available and in the lowest amount of coverage offered. The person who will qualify for the lowest premium will be the youngest adult in the best overall health.

Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote

One Dollar Starts Life Insurance Coverage

Cheapest Life Insurance for over 60s

What Life Insurance is Cheapest

Disclosure: Compensated Affiliate