Compare Life Insurance

Contributor, Benzinga

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As you may already know, life insurance protects your family when you pass away.  Unlike car insurance, life insurance isn’t required by law — which can make it seem like it’s unnecessary? But did you know that coverage can be relatively inexpensive — and can financially provide for your loved ones when you die? Now that cheap life insurance companies can offer quotes online or over the phone, it’s never been easier to find a low-cost plan that fits your needs.

If you’ve been considering life insurance read through these company reviews and compare plans, prices, and options. 

Protecting your family doesn’t have to be expensive. It’s never been easier to get a cheap life insurance policy for just a few dollars a month. Start your search with our favorite low-cost life insurance policy providers.

1. Bestow

With plans starting at just $8 a month Bestow is perfect for anyone on a budget. This affordable term life insurance allows you to skip the doctor appointment and say “no thanks” to the stacks of paperwork. You can get a quote quickly and when it’s convenient for you because everything is 100% online. Answer a few simple questions and get a decision instantly.

There is no need to enter your name, email or phone number to get a quote. Bestow relies on data rather than feedback from a medical exam. Take life into your own hands by applying with Bestow, the ideal combination of age-old quality fused with modern technology to deliver one of the best companies on the market.

10 and 20-year policies are available, just another reason why this customizable life insurance makes our top list.

Get started securely through Bestow Life Insurance’s website
Disclosure: *excludes New York
Age Requirements
18-59
N/A
1 Minute Review

Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.

Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.

Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.

Best For
  • People who are looking for short-term life insurance
  • Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
Pros
  • Plans start at just $8/month
  • Decent coverage options if you need insurance quickly and without hassle
Cons
  • Offers 2 types of plans; does not offer whole or universal life insurance policies
  • The 10- and 20-year plans not available to users under 21 or older than 55

2. Fabric

Fabric offers term life insurance for individuals between the ages of 21 and 60. They believe that life insurance isn’t for you, it’s for your family. You could go from click to covered and see your price in under 10 minutes. Their policies are issued by Vantis Life, a Penn Mutual Company, so your policy is backed by a highly-rated, financially stable provider.

Apply online or in Fabric’s mobile app. They offer a range of term lengths and coverage amounts to help you find a policy that works for you. Choose from 10-, 15- or 20-year terms and coverage amounts from $100,000 up to $5,000,000.

To get an idea of how much you might spend on term life insurance with a Fabric policy, we gathered a real quote. A 20-year term life insurance policy for a 29-year-old female in excellent condition with a coverage amount of $250,000 would pay around $14.61 per month. That’s less than a burger combo at Shake Shack! Apply now and see what this affordable term life insurance will cost you.

get started securely through Fabric Life Insurance’s website
Age Requirements
21 – 60
N/A
1 Minute Review

Fabric offers term life insurance, free digital will creation and other tools to help you better your family’s financial life. They’re the one stop shop for young families looking for financial security.

Fabric offers 10, 15, 20, 25 and 30 year term options and coverage ranging from $100,000 to $5 million.

Fabric offers highly reviewed online customer service through its app and website and has the highest TrustPilot rating in its class.

Best For
  • No exam required for most
  • Those who want to avoid the hassle of insurance salesmen
  • New or expecting parents looking for a broader suite of financial tools
Pros
  • Affordable premiums
  • Free digital will creation
  • Free app with helpful tools for parents
  • Apply and see your rate in less than 10 minutes
Cons
  • No term life coverage in New York or Montana
  • Can’t increase coverage after purchasing

3. State Farm

Having trouble finding coverage in your area? Chances are that State Farm has a policy option that’s right for you. Operating across the United States, only 3 states are excluded from State Farm’s term life insurance options — New York, Massachusetts and Wisconsin.

Residents of all other states can get a comprehensive term life policy and some of the best customer service in the insurance realm.

State Farm also has a very generous conversion policy if you decide that you want to switch to a permanent plan. Policyholders under the age of 75 can switch at any time without taking another medical examination.

State Farm’s policies are a bit pricier than competitors like TIAA and Banner Life — 10-year plans start at about $15 per month and 30-year coverage options will usually cost you at least $19 in monthly premiums. Shoppers who want to take advantage of the company’s nationwide status or easy conversion options can with just a few extra dollars every month.

Age Requirements
18 – 75
N/A
1 Minute Review

State Farm offers a selection of life insurance products designed to meet the needs of most customers. All the basic policy types are covered by this national insurer, with coverage options that are easy for consumers to understand. Some less common types of life insurance are not well represented and, as always, customers are encouraged to get quotes from multiple insurers.

Best For
  • Customers who have existing policies with State Farm
  • Auto insurance is discounted up to 17% if bundled with life insurance through State Farm
Pros
  • State Farm website provides easy life insurance quotes and helpful information to guide the process
  • A nationwide network of over 18,000 agents provides access when questions arise
  • Sizable discount on auto policies for customers who also purchase life insurance
Cons
  • Premiums may be higher than some competitors, depending on individual rating considerations
  • Less flexibility in term lengths then some competitors

4. Transamerica

Transamerica offers a wide range of term life insurance options, with protections beginning at $25,000 and going all the way up to $10 million. If you have a very high net worth, you may also be able to get even more upon individual consideration.

Though most life insurance companies require policy applicants to get a health examination before they’re accepted for a policy, Transamerica may allow you to skip the exam if you’re under a certain age and you don’t smoke.

Transamerica is one of the best policy providers for flexible coverage choices. You can add riders for end-of-life care, additional financial coverage for accidental death and even critical illness coverage that begins to pay out while you’re still alive under certain circumstances.

Though Transamerica’s policies are pretty expensive if you’re a smoker (tobacco users pay about $100 more per year for their policy), you’ll get an excellent reputation and personalized choices with Transamerica.

Age Requirements
18 – 80
N/A
1 Minute Review

With more than 12 million active customers, Transamerica Corp. is one of the biggest names in the life insurance industry. Transamerica offers a wide array of life insurance products — everything from term to a variety of permanent life insurance products, including whole, universal and variable life.

Transamerica life insurance policies are available to anyone ages 18 to 80, with coverage starting at just $25,000 and going as high as $10 million. In addition to term and permanent life insurance policies, Transamerica offers final expense insurance and any number of riders to help customers customize their policies.

Best For
  • Coverage with chronic conditions
  • High benefit policies
  • Smokers
Pros
  • Term life policy quotes and purchase available online
  • Wide array of products
  • Comprehensive online resources
  • No medical exam required for many term policies
Cons
  • Below-average scores from the National Association of Insurance Commissioners (NAIC) and J.D. Powers
  • Policies purchased through agents only
  • Disproportionate number of customer complaints

5. Pacific Life

Pacific Life is a unique insurance company that offers a wide variety of interesting policy structures. In addition to its standard term and permanent insurance policies, Pacific Life also offers an indexed life insurance option, which provides stock market-connected death benefit growth over time.

This can save you money with your policy — as well as leave a nest egg behind for your children or grandchildren.

Pacific Life is also one of the most affordable life insurance providers for smokers. While smokers looking for a policy with Transamerica may pay as much as $50 a month for their coverage, plans for tobacco users are available from Pacific Life for as little as $17 a month. If you aren’t quite ready or able to quit, Pacific Life might have the key to affordable insurance.

get started securely through Pacific Life’s website

Banner Life is one of the top insurance providers in the country. Its history dates back over 136 years, 1.3 million current customers and A-level financial ratings from multiple advisory groups. You know that your future is secure when you choose a policy though Banner Life.

Though the original Banner and William Penn corporations still underwrite Banner’s policies, a new owner (Legal & General America) has focused on lowering life insurance expenses.

Term policies from Banner Life are affordable and available for as little as $12 online. Getting a quote is simple and can be done online or over the phone. Their premium payment structure is unique and convenient. You can choose whether you’d like to pay your premium in one lump yearly sum, on a monthly basis or anything in between.

Its website and policy choices are simple and easy enough for anyone to understand. A reliable and affordable choice, Banner policies are still a fantastic choice when it comes to life insurance.

Age Requirements
20 – 75
N/A
1 Minute Review

Legal & General America (formerly GELICO) provides life insurance to American families in all 50 U.S. states. The subsidiary companies of Legal & General America that provide its life insurance products are Banner Life Insurance Company and William Penn Life Insurance. William Penn is the Legal & General policy provider for New York state). The three companies combined have more than 1.5 million policyholders in the U.S.

Legal & General Life Insurance Company has superior financial strength ratings. You can start the quote process online to obtain a Legal & General term or permanent life insurance quote. An explanation of the types of policies and additional coverage options is provided if you are unsure of the kind of coverage you need.

Best For
  • Converting to a universal life insurance policy at the end of the policy period.
  • Affordable term life insurance.
  • Older adults up to age 95
Pros
  • Strong financial strength ratings with a low complaint ratio
  • Claims processed in as little as one business day
  • Ability to convert your term life policy to a universal life insurance policy at the end of the policy term
  • Term life insurance policies for up to 40 years
Cons
  • Medical exams required for most policies
  • Quotes for universal life insurance policies not available online

7. Mutual of Omaha

While some life insurance providers treat final expense insurance as an afterthought and offer few if any options, Mutual of Omaha has built its name. This is in part, by offering options and flexibility in final expense insurance policies.

Depending on your age and other considerations, you can choose coverage ranging from $2,000 up to $40,000 and choose from three types of final expense insurance offered by the company.

Eligibility for final expense begins at age 45, much younger than with many competitors, and coverage can be purchased for seniors up to age 85. Mutual of Omaha has over 100 years of experience, they’ve become a trusted provider of not only life insurance products but also medicare supplements, an important stop-gap when managing expenses for seniors.

Age Requirements
18 – 68
N/A
1 Minute Review

Purchasing life insurance requires you to be familiar with essential benefits. Different types of life insurance such as permanent insurance can give you peace of mind because you know your beneficiaries will receive death benefits, regardless of when you die.

For quality life insurance, look at Mutual of Omaha, which offers whole and universal life insurance policies that guarantee coverage for your entire life. A medical exam isn’t required, premiums don’t increase, you can access the cash-value portion of the policy in an emergency, and you can set a death benefit. Below is Benzinga’s list of pros and cons associated with Mutual Omaha life insurance.

Best For
  • Anyone entering their prime earning years
  • Customers willing to take on additional risks with their policy
Pros
  • Policies offer financial protection that last throughout your lifetime
  • Policies provide cash value that can be accessed while you are still alive
  • Universal life insurance policies enable you to adjust premium payments and frequency
  • You can decrease or increase the amount of your death benefit
Cons
  • Policy options are limited when buying online compared to purchasing through an agent.

8. New York Life

Term life insurance can be tricky for seniors. The available term lengths tend to decrease as you get older. While New York Life can have some similar limitations, the company is known for flexibility in its life insurance products.

Flexible terms and the ability to convert your policy to permanent life insurance — without another exam — are likely among the reasons that AARP has chosen to partner with New York Life. Your options don’t end with term life or whole life. New York Life also offers a number of universal life insurance options as well as annuities to provide permanent income.

Age Requirements
N/A
N/A
1 Minute Review

New York Life offers a variety of life insurance policies, including term life insurance, universal life insurance and whole life insurance. Its policies are suitable for a broad range of people, are available in all 50 states and must be purchased through one of their licensed agents.

Learn more about New York Life Insurance with Benzinga’s review.

Best For
  • Consistent dividends
  • Consumers needing riders for specific insurance needs
Pros
  • New York Life has paid an annual dividend for 160 consecutive years
  • Several types of life insurance are available
  • Coverage can be customized with riders
  • Estate and wealth management services are offered
Cons
  • No online quotes or application
  • No mobile app
  • Mixed client reviews

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Methodology

Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.