Top 8 Cheapest Life Insurance Companies 2022

Where can you find the cheapest life insurance? Life insurance is essential when you want to protect the financial well-being of those you love most. 

However, many times your health status or another factor can make your rates extremely high in one company or another. Keep reading!

That is why here we are going to show you a list of companies that offer cheap life insurance whatever your condition.

Cheapest Whole Life Insurance 2022

Before starting with this list, it is important that you know that the price of life insurance  can vary due to various factors such as:

  • Age.
  • Your state of health.
  • Family health history.
  • Gender.
  • The activities.
  • The length of the term of the policy.
  • Smoking habit.
  • Coverage amount.

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Without further ado let’s start:

1. Banner Life

Banner Life is owned by Legal & General America and with this company, you can find life insurance for up to $7 a month its rating by AM Best is A+ and it is in the ranking of the best life insurance.

Types of life coverage offered:

  • Temporary.
  • Universal.

Let’s see below some of the rates that we have found by conditions of the insured:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $12.11 – $22.95
With excellent health 25 – 45 years Feminine $8.78 – $17.92
With average health 35 – 65 years Male $61.85 – $1,145.78
With average health 35 – 65 years Feminine $46.63 – $770.10
Smoker 35 years Male $161.49 – $220.14
Smoker 35 years Feminine $124.94 – $169.14

2. Pacific Life

Pacific’s life insurance coverage minimum is $50,000 and has an AM Best rating of A+.

The types of coverage offered are:

  • Temporary
  • Complete
  • Universal

In the following table we detail some rates found for term coverage offered by Pacific Life:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $10.05 – $17.35
With excellent health 25 – 45 years Feminine $9.13 – $15.37
With average health 35 – 65 years Male $61.93 – $1,145.79
With average health 35 – 65 years Feminine $46.72 – $755.47
Smoker 35 years Male $167.87 – $224.82
Smoker 35 years Feminine $129.62 – $176.37

3. Main

The minimum amount covered by Principal Seguros is $200,000 and AM Best has rated it with an A+.

It offers life coverage plans such as:

  • Temporary.
  • Universal.
  • Survival.

Below we detail some of their found rates:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $10.00 – $18.00
With excellent health 25 – 45 years Feminine $9.00 – $16.00
With average health 35 – 65 years Male $62.57 – $1,177.85
With average health 35 – 65 years Feminine $47.18 – $764.54
Smoker 35 years Male $187.48 – $260.15

4. Protective

Family, Health, Heart, People, Group, Silhouettes

With Protective you can find plans to cover an amount between $100,000 and $50,000,0000. The rating it has acquired from AM Best is an A+.

Your coverage options include:

  • Temporary.
  • Complete.
  • Universal.

It’s not one of the lowest-priced options for smokers, however, check out the rates we’ve found for these types of customers:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $8.92 – $15.30
With excellent health 25 – 45 years Feminine $9.77 – $17.19
Chronically ill 65 – 75 years Feminine $215.72 – $670.17
Chronically ill 65 – 75 years Male $342.65 – $1,157.93
With average health 35 – 65 years Feminine $57.32 – $889.81

5. Mutual Of Omaha

Their life coverage plans cover a minimum of $100,000. AM Best has rated it an A+.

The types of life policies they offer are:

  • Temporary.
  • Complete.
  • Universal.

If your profile matches any of the following characteristics, then you may be interested in this option for term plans:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $13.24 – $21.51
With excellent health 25 – 45 years Feminine $11.29 – $20.64
In average health 35 – 65 years Male $74.18 – $1,359.02
In average health 35- 65 years Feminine $61.28 – $920.41

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6. John Hancock

The maximum amount found that John Hancock covers in his life coverages is $65,000,000. It has good ratings by AM Best.

Its products offered for life coverage are:

  • Permanent.
  • Temporary.

All of John Hancock’s life coverage products have the advantage of offering tax-free death benefits. Below are the rates for term coverage plans:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $12.04 – $19.78
With excellent health 25 – 45 years Feminine $11.83 – $17.63
In average health 35 – 65 years Male $71.26 – $1,184.66
Smoker 35 years Male $181.46 – $368.36

7. Mass Mutual

MassMutual is the ideal option if you currently have quite complex financial situations.

It has options to protect your family such as:

  • Temporary.
  • Complete.
  • Universal.
  • Variable.

Their life products cover a minimum of $100,000 and if you are interested in their term plans, here are some of their costs that we have found:

Type of insured Age Gender Monthly Rate
With excellent health 25 – 45 years Male $11.10 – $19.58
With excellent health 25 – 45 years Feminine $10.23 – $17.62
Chronically ill 65 – 75 years Feminine $245.00 – $773.00
Chronically ill 65 – 75 years Male $396.00 – $1,335.00
Smoker 35 years Feminine $149.00 – $203.00

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8. Nationwide

Nationwide is ideal for those looking to customize their life coverage to their liking. It’s AM Best rating is A+.

The life coverage products offered by Nationwide are:

  • Temporary.
  • Complete.
  • Universal.
  • Survival.

Especially if you are a smoker, you will be interested in Nationwide as an option, see below the rate we found:

Type of insured Age Gender Monthly Rate
Smoker 35 years Feminine $157.94 – $220.06

Frequent Questions:

✅ What is The Cheapest Life Insurance in The United States?

Banner Life is the cheapest life insurance in the United States, as you can find term plans for up to $7 per month.

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