Cheapest Term Life Quotes & Companies in 2022
Cheapest Term Life Quotes & Companies in 2022

Cheapest Term Life Quotes & Companies in 2022

Term life indemnity is relatively more low-cost than early animation insurance policies due to its irregular nature. however, keep in mind that prices can vary ; you can buy term life policy for deoxyadenosine monophosphate short as $ 149.64 per year or deoxyadenosine monophosphate much as $ 4,054.99. Factors such as health profile, smoking status and burden affect the monetary value of animation indemnity. Certain life style choices can make you riskier — and consequently more expensive — to insure. People who smoke, for example, are more vulnerable to dangerous illnesses and have an increased find of dying early. As a result, life insurance policies for smokers are much more expensive compared to that of non-smokers. The cost of policy policies varies depending on the provider and the package. If you ’ re on a fixed income, finding an low-cost policy that won ’ t break the bank is possible. MoneyGeek explores versatile terminus life indemnity quotes and offers to help you find the best deals. table of Contents

key Takeaways

coins2 Term biography insurance is an low-cost form of life policy that provides coverage for a fructify period of time .graph Being in poor health, smoke or having a high BMI can drive up insurance premiums .family Term life insurance can help people with fiscal dependents financially protect their love ones.

Companies With the Cheapest Term Life Insurance Quotes

Term life indemnity is an cheap type of life indemnity that provides funds to your beneficiary or beneficiaries if you pass away during your policy ’ s term. Unlike whole animation indemnity, terminus life indemnity doesn ’ metric ton hold a cash prize once the policy is canceled, and it doesn ’ triiodothyronine include an investment part. however, condition life indemnity is cheaper and less complicated to buy. Although term liveliness policy is the most low-cost form of life policy, rates distillery vary depending on your age, smoking condition, occupation and other factors. The data under are rates for a life indemnity policy with $ 500,000 in coverage for a 30-year-old. Rates for seniors are for a 60-year-old. annual premiums are created using median rates for both men and women of these ages.

Cheapest Term Life Providers for Different Buyer Categories

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  • class insurance company average annual pace : 10-Year Term modal annual rate : 15-Year Term average annual rate : 20-Year Term average annual rate : 30-Year Term
  • Overall

    Transamerica

    $149.64

    $167.70

    $219.30

    $348.30

  • Runner-Up

    Mass Mutual

    $177.18

    $203.70

    $261.12

    $412.50

  • People Who Smoke

    Transamerica

    $534.06

    $646.21

    $1,413.84

    $2,389.39

  • Poor-Health Individuals

    Mutual of Omaha

    $178.08

    $215.48

    $412.86

    $697.73

  • High-BMI Individuals

    Nationwide

    $182.02

    $220.24

    $407.56

    $688.78

  • Seniors

    Transamerica

    $1,369.98

    $1,738.92

    $2,399.40

    $4,054.99

mglogo MoneyGeek Top Pick

Transamerica
  • MoneyGeek Score: 80/100
  • J.D. Power Rating: 736.4
  • AM Best Rating: A

MoneyGeek Top Pick

MassMutual
  • MoneyGeek Score: 84.5/100
  • J.D. Power Rating: 758.1
  • AM Best Rating: A++

Companies With the Cheapest Term Life Insurance Quotes by Age

MoneyGeek found that Transamerica is the cheapest term life indemnity supplier for 40-year-olds, at approximately $ 637.28 per year for a 30-year term. They besides provide the most cheap life policy options for 60-year-olds at $ 2,766.20 per year on average for a 20-year term ). meanwhile, State Farm is the most low-cost term liveliness policy company for 80-year-olds, with rates at approximately $ 12,469 per year for a 10-year term. Life indemnity becomes more expensive to purchase as you senesce because providers see you as riskier to insure. From one decade of animation to the following, MoneyGeek found that rates can increase arsenic much as 228 %. Most people buy condition life indemnity in their 30s when it ’ s relatively low-cost, and their circumstances may prompt the need for indemnity for a fix period. For most term life policies, rates are locked in once you purchase a policy ; therefore, the younger you are when you buy coverage, the lower your rates for the duration of your policy.

Annual Quotes for the Cheapest Term Life Providers by Age

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  • senesce Cheapest insurance company 10-Year Term 15-Year Term 20-Year Term 30-Year Term
  • 30

    Transamerica

    $149.64

    $167.70

    $219.30

    $348.30

  • 40

    Transamerica

    $198.66

    $242.52

    $325.08

    $559.86

  • 50

    State Farm

    $631.68

    Not offered

    $950.28

    Not offered

  • 60

    Transamerica

    $1,369.98

    $1,738.92

    $2,399.40

    Not offered

  • 70

    State Farm

    $4,384.68

    Not offered

    Not offered

    Not offered

  • 80

    State Farm

    $10,961.70

    Not offered

    Not offered

    Not offered

The quotes above are based on a policy with $500k coverage. MoneyGeek Top Pick

Transamerica
  • MoneyGeek Score: 80/100
  • J.D. Power Rating: 736.4
  • AM Best Rating: A

MoneyGeek Top PickState Farm

  • MoneyGeek Score: 97.4/100
  • J.D. Power Rating: 820.5
  • AM Best Rating: A++

Companies With the Cheapest Term Life Insurance Quotes by State

liveliness insurance rates vary between states due to differences in insurance laws and gamble profiles. MoneyGeek ’ s analysis reveals MassMutual offers the cheapest term life indemnity in 33 states across the U.S., making it the company that most frequently provides the most low-cost term life indemnity policies. Nationwide is a distant moment, presenting the most cheap condition life indemnity offers in nine states. Mutual of Omaha offers the cheapest policies in only two states.

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Annual Quotes for the Cheapest Term Life Providers by State

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  • state median coverage Needed Cheapest insurance company annual Rate
  • Alabama

    $592,000

    Mass Mutual

    $179.52

  • Alaska

    $860,000

    Mass Mutual

    $225.15

  • Arizona

    $708,000

    Mass Mutual

    $204.68

  • Arkansas

    $576,000

    Mass Mutual

    $176.47

  • Delaware

    $1,130,000

    Mass Mutual

    $209.63

  • Georgia

    $919,000

    Mass Mutual

    $199.52

  • Hawaii

    $975,000

    Mass Mutual

    $240.42

  • Indiana

    $740,000

    Mass Mutual

    $179.16

  • Iowa

    $736,000

    Mass Mutual

    $185.11

  • Kansas

    $680,000

    Mass Mutual

    $187.29

  • Kentucky

    $1,009,000

    Mass Mutual

    $176.18

  • Louisiana

    $667,000

    Mass Mutual

    $183.60

  • Maine

    $769,000

    Mass Mutual

    $213.68

  • Maryland

    $597,000

    Mass Mutual

    $222.28

  • Michigan

    $644,000

    Mass Mutual

    $194.44

  • Minnesota

    $661,000

    Mass Mutual

    $212.09

  • Mississippi

    $566,000

    Mass Mutual

    $169.26

  • Missouri

    $632,000

    Mass Mutual

    $183.74

  • Montana

    $645,000

    Mass Mutual

    $213.09

  • Nevada

    $926,000

    Mass Mutual

    $215.46

  • New Mexico

    $1,030,000

    Mass Mutual

    $201.18

  • North Carolina

    $628,000

    Mass Mutual

    $196.55

  • North Dakota

    $763,000

    Mass Mutual

    $195.64

  • Ohio

    $519,000

    Mass Mutual

    $182.32

  • Oklahoma

    $625,000

    Mass Mutual

    $179.79

  • Oregon

    $710,000

    Mass Mutual

    $219.57

  • South Carolina

    $710,000

    Mass Mutual

    $184.84

  • South Dakota

    $788,000

    Mass Mutual

    $191.71

  • Tennessee

    $808,000

    Mass Mutual

    $187.18

  • Texas

    $965,000

    Mass Mutual

    $194.63

  • Utah

    $612,000

    Mass Mutual

    $209.41

  • Wisconsin

    $966,000

    Mass Mutual

    $188.99

  • Wyoming

    $649,000

    Mass Mutual

    $216.14

  • Illinois

    $727,000

    Nationwide

    $212.60

  • Massachusetts

    $614,000

    Nationwide

    $242.62

  • Nebraska

    $602,000

    Nationwide

    $206.93

  • New Hampshire

    $809,000

    Nationwide

    $208.82

  • New Jersey

    $718,000

    Nationwide

    $239.82

  • Pennsylvania

    $772,000

    Nationwide

    $205.78

  • Rhode Island

    $628,000

    Nationwide

    $213.49

  • Virginia

    $696,000

    Nationwide

    $224.19

  • Washington

    $652,000

    Nationwide

    $238.70

  • California

    $719,000

    Transamerica

    $216.87

  • Colorado

    $764,000

    Transamerica

    $220.43

  • Connecticut

    $697,000

    Transamerica

    $233.78

  • Florida

    $866,000

    Transamerica

    $198.38

  • Idaho

    $965,000

    Transamerica

    $181.74

  • Vermont

    $530,000

    Transamerica

    $217.52

  • New York

    $660,000

    Mutual of Omaha

    $251.13

  • West Virginia

    $793,000

    Mutual of Omaha

    $191.35

The quotes above are based on a policy with a 20-year term length and the average amount of coverage needed per state based on per capita income for a 30-year-old individual. MoneyGeek Top Pick

MassMutual
  • MoneyGeek Score: 84.5/100
  • J.D. Power Rating: 758.1
  • AM Best Rating: A++

Cheapest Term Life Providers by Coverage Amount

Your family and fiscal position determine how a lot life sentence indemnity coverage you need. A beneficial rule of finger is to multiply your annual wage by 10–12 : this number accurately indicates how much coverage you ’ ll necessitate. however, keep in mind that increased coverage results in a higher premium. Based on MoneyGeek ’ second psychoanalysis, Transamerica offers the most low-cost rates across all coverage levels. They have the cheapest policies for 30- to 60-year-olds who need policies with $ 250,000, $ 500,000 or $ 1 million in coverage. meanwhile, Progressive offers the lowest rates for 70-year-olds.

Annual Quotes for the Cheapest Term Life Providers by Coverage Amount

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  • old age Cheapest insurance company $ 250k coverage $ 500k coverage $ 1M coverage
  • 30

    Transamerica

    $145.80

    $219.30

    $345.72

  • 40

    Transamerica

    $198.72

    $325.08

    $557.28

  • 50

    Transamerica

    $436.02

    $779.16

    $1,403.52

  • 60

    Transamerica

    $1,265.52

    $2,399.40

    $4,633.68

  • 70

    Progressive

    $4,955.46

    $14,094.54

    $27,642.12

The quotes above are based on a policy with a 20-year term length. MoneyGeek Top Pick

Transamerica
  • MoneyGeek Score: 80/100
  • J.D. Power Rating: 736.4
  • AM Best Rating: A

MONEYGEEK EXPERT TIP If you ’ rhenium buy term life indemnity, MoneyGeek recommends purchasing $ 500,000 in coverage. This amount is about 10 times the modal annual wage in the U.S., making it ideal for most people. however, your ideal coverage flush will depend on your unique family and fiscal situation.

Cheapest Term Life Providers for Individuals Who Smoke

Cigarette smoke is the leading cause of preventable death in the United States. Because of this, policy companies view people who smoke as riskier to insure. Life indemnity is based on a person ’ s liveliness anticipation, which is significantly lower for people who smoke. Based on MoneyGeek ’ s inquiry, Transamerica offers the cheapest term life policy for people who smoke, with an median rate of $ 265 per calendar month. MassMutual has the second most low-cost rates, averaging $ 296 each month. Mutual of Omaha is the third most cheap terminus life policy provider for smokers, with rates averaging $ 298 per month.

Annual Quotes for the Cheapest Term Life Providers for Smokers

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  • insurance company annual Rate
  • 1. Transamerica $ 750.78
  • 2. Mass Mutual $ 903.18
  • 3. state farm $ 931.68
  • 4. Mutual of Omaha $ 1,047.54
  • 5. abdominal aortic aneurysm $ 1,056.00
  • 6. progressive $ 1,096.26
  • 7. prudential $ 1,222.56
  • 8. nationally $ 1,412.28

The quotes above are based on a policy with $500,000 coverage and a 20-year term length for a 30-year-old individual who smokes. MoneyGeek Top Pick

Transamerica
  • MoneyGeek Score: 80/100
  • J.D. Power Rating: 736.4
  • AM Best Rating: A

Cheapest Term Life Providers for Individuals With Poor Health Ratings

indemnity companies will besides consider your health profile when determining life indemnity rates. They may look at your aesculapian records, inquire about your life style habits and ask you to undergo a forcible examination. If insurers classify you as a poor-health individual, they may offer you higher rates or decline to insure you altogether. Mutual of Omaha offers the cheapest term liveliness insurance policies for individuals in hapless health at an average pace of about $ 83.35 per calendar month. Transamerica and State Farm provide the second- and third-most-affordable terminus life indemnity options for poor-health individuals.

Cheapest Term Life Providers for Individuals With Low Health Ratings

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  • insurance company annual Rate
  • 1. Mutual of Omaha $ 265.80
  • 2. Transamerica $ 371.52
  • 3. state farm $ 498.48
  • 4. progressive $ 561.18
  • 5. Mass Mutual $ 485.52
  • 6. countrywide $ 511.86
  • 7. abdominal aortic aneurysm $ 546.48
  • 8. prudential $ 655.78

The quotes above are based on a policy with $500,000 coverage and 20- year term length for a 30-year-old individual with a low health rating. MoneyGeek Top Pick

Mutual of Omaha
  • MoneyGeek Score: 90.8/100
  • J.D. Power Rating: 783.4
  • AM Best Rating: A+
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Cheapest Term Life Insurance Quotes for High BMI

fleshiness is associated with some of the conduct causes of chronic illness and premature death, including heart disease, diabetes, stroke and sealed types of cancer. For this reason, indemnity companies view individuals who are overweight as riskier to insure, and they take into score a person ’ south altitude and weight when determining term life policy rates. Insurers may besides use soundbox bulk index ( BMI ) to determine if person is corpulent. however, bodybuilders with a high muscle mass share can be categorized as corpulent due to the limitations of BMI as a system of measurement. Although life indemnity is generally more expensive if you have a gamey BMI, you can inactive find low-cost rates by comparing life insurance quotes. MoneyGeek found that MassMutual offers the cheapest term biography policy policies for corpulent individuals at $ 81.62 per month on average. nationally and Mutual of Omaha besides have low-cost rates if you have a eminent BMI.

Cheapest Term Life Providers for High-BMI Individuals

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  • insurance company annual Rate
  • 1. countrywide $ 263.55
  • 2. Mass Mutual $ 270.26
  • 3. Mutual of Omaha $ 275.10
  • 4. Transamerica $ 429.92
  • 5. state farm $ 515.93
  • 6. abdominal aortic aneurysm $ 565.61
  • 7. progressive $ 580.82
  • 8. prudential $ 633.48

The quotes above are based on a policy with $500k coverage and a 20-year term for a 30-year-old individual with a BMI classified as obese. MoneyGeek Top PickNationwide

  • MoneyGeek Score: 88.6/100
  • J.D. Power Rating: 785.5
  • AM Best Rating: A+

Should You Get Term Life Insurance?

In this article, we ‘ve analyzed the most low-cost term life sentence indemnity providers for diverse gamble profiles. however, not everybody needs life indemnity — for example, if you don ’ t have any dependents, term life indemnity could be an unnecessary expense for you. however, if people depend on you financially, condition life insurance will help ensure your dependents ‘ fiscal security and stability in the event of your death. In this section, we ’ ll aid you figure out if terminus life indemnity is hardheaded for your unique needs .

checkSignYes, if:

  • You’re young and newly married.
  • You have unpaid debts, such as a home mortgage or business loans.
  • You’re the sole financial provider for your family.
  • You’re a stay-at-home parent.

denySignNo, if:

  • You need permanent coverage.
  • You’re looking for an investment component in your life insurance policy.
  • You don’t have any debt or dependents.
  • You’re looking for a financial tool that will pay for expenses during your retirement.

not everybody needs term biography policy ; some people might benefit more from a unlike type of coverage. If you ’ rhenium looking for permanent wave coverage and an investment component in your insurance, you may want to consider unharmed life insurance alternatively. If you don ’ t have fiscal obligations and want more investment options with your life policy, universal joint biography indemnity might be ideal.

How to Get Cheaper Term Life Insurance Quotes

We ’ ve presented quotes from companies offering the cheapest term life indemnity rates for diverse profiles in this template. however, it may be possible to lower your terminus life policy costs evening more by following a few dim-witted steps. 1

Opt for a shorter term length.

You can lower your monthly premiums by shortening your term life insurance coverage menstruation. Count the years when you ’ ll need it, such as the duration of your mortgage or until your children finish up college. 2

Don’t get unnecessary coverage.

Since increased coverage comes with more expensive premiums, carefully consider the coverage sum you need. 3

Take some time to decide on a policy.

Don ’ t invest to the first quote you receive. Shopping about and comparing offers from respective providers is an excellent room to find the best rate for you. 4

Get professional assistance.

You can hire a fiscal adviser to help you decide on your policy term, coverage amount and insurance provider. Although term liveliness policy is the least expensive form of liveliness policy, you can make your rates even cheaper by not taking unnecessary coverage and not extending your policy for an excessive term duration. Since different companies offer different rates, it makes sense to shop around until you find a quotation mark that fits your needs and budget.

Frequently Asked Questions

MoneyGeek answered frequently asked questions about term life sentence insurance to help you find the best deal possible .

overall, Transamerica offers the cheapest condition life indemnity policies, but the most low-cost supplier may be different for you. Rates are determined by respective factors, such as health profile, smoking condition and system of weights .

Term life insurance is the cheapest form of life insurance because of its limit coverage period. Unlike whole life indemnity, which provides permanent insurance, term life insures you for a fit issue of years .

Shopping approximately and comparing quotes from respective providers can get you the best deals on a term life policy policy .

If you have fiscal dependents and obligations that you need to cover for a fit period, MoneyGeek recommends buying terminus life indemnity.

Methodology

To obtain cost data for term life sentence policy policies, MoneyGeek collected quotes from 13 companies across all 50 states for men and women ages 30–80. The lapp condition life indemnity cost data was used to determine which companies offered the cheapest whole animation insurance policies. About the writer

expert-profileexpert-profile Mark Fitzpatrick is a aged capacity director with MoneyGeek specializing in insurance. Mark has years of feel analyzing the policy market and creating original research and capacity. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a dominate of Arts .

sources
  • U.S. Bureau of Labor Statistics. “May 2020 National Occupational Employment and Wage Estimates.” Accessed January 11, 2022 .
  • Centers for Disease Control and Prevention. “Health Effects of Cigarette Smoking.” Accessed February 4, 2022 .
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