Welcome to InsureChance, we were put into this world to help make life insurance a simple concept and to make people’s lives simpler. We work with over 60 top rated companies and it gives us a wider selection of choices to be able to find the best life insurance company for our clients. If you are looking for the cheapest life insurance company then you have come to the right place!
Before we begin, Good Job! You have come to the decision that you want to provide a financial future for your family. Buying life insurance is one of the most important life decisions you will face and luckily you are a step ahead of many others who don’t think they need life insurance. We understand you are looking for the most affordable life insurance company and we are here to the rescue, below we are providing a list of the top 15 cheap life insurance companies. We will be writing a quick review, each company’s A.M Best rating, and sample quotes for each affordable life insurance company, below we will be talking about why it is important to read ratings and reviews, and we will also be showing reasons one may need life insurance. For a more in-depth review of each company feel free to click on the links below and it will redirect you to their reviews with highlights of their product line.
- Lincoln Financial Group
- Protective
- Legal & General
- Mutual of Omaha
- Principal
- North American
- AIG
- SBLI
- John Hancock
- Ameritas
- Assurity
- Transamerica
- Prudential
- Metlife
- American National
This list of the 15 cheap life insurance companies are in no specific order and there are much more we haven’t listed. We based these companies mainly off the fact that they are all highly rated and according to our quoter these companies are the most affordable when compared to all other companies. However, these companies are the most affordable for clients who are healthy and live a normal lifestyle. To find out how to obtain the most affordable rate stay tuned or scroll to the bottom of this article, we will be discussing ways to get cheap life insurance.
Lincoln Financial Group Life Insurance Company
Lincoln Financial Group Life Insurance Company has been around for over 100 years and actually got permission from President Abraham Lincoln’s son Robert Todd Lincoln to use their name as the company’s brand in 1905.
If you are 70 and older Lincoln National is one of the best choices for affordable life insurance. Since they have made a major push to become the most affordable life insurance company for seniors. Just like other big box life insurance company, Lincoln Financial, definitely, has unique niches. From our experience, Lincoln is one of the top ten when considering people with high-risk conditions or occupations. For instance, a lot of veterans come to us after being turned down for PTSD and we usually try out Lincoln National with great success. They are also great for other mental health issue, cancer survivors and even offer non-smoker rates to occasional cigar users.
A.M Best Rating for Lincoln Financial Group: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a nonsmoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $20.78 | $12.91 | $17.50 | $30.19 |
| $500,000 | $25.38 | $20.13 | $28.87 | $53.81 |
| $1,000,000 | $40.25 | $44.63 | $70.00 | $119.87 |
Protective Life Insurance Company
Protective Life Insurance Company has been around for 110 years and their core values are to “Do the right thing, Serve people, Build trust and Simplify everything.”
Protective Life is so compassionate when it comes to their clients’ health conditions. With this being said, they are #1 choice for clients who have had a history of heart disease, or have heart disease, has had a heart attack, or has had bypass surgery, either way, they pass their competitors rates by 24%. They are also lenient when it comes to their clients with diabetes or have low/high cholesterol. If you like to enjoy a cigar here and there, Protective Life won’t list you as a smoker with the everyday smokers. However, if you are overweight, Protective is not the way to go.
A.M Best Rating for Protective Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $11.71 | $12.98 | $17.91 | $30.49 |
| $500,000 | $18.20 | $20.38 | $28.92 | $53.15 |
| $1,000,000 | $29.06 | $35.08 | $51.99 | $101.72 |
Legal & General Group/Banner Life
Banner Life Insurance Company is also known as Legal & General Group, and they have been around for more than 180 years. Banner is known to be the king of standard and table rate classes for a few years now. They continue to be on the cutting edge in terms of underwriting and pricing for those who are not that healthy.
Banner Life is a great choice for people with type 2 diabetes or type 1 diabetes. They are also ideal for those who have high blood pressure but are controlled with medication, those with high blood pressure can receive a preferred plus rate class. Banner Life offers competitive ratings for other health conditions such as sleep apnea, asthma, anxiety, and depression.
A.M Best Rating for Legal & General/Banner: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $14.87 | $15.44 | $18.87 | $30.76 |
| $500,000 | $23.19 | $24.85 | $32.37 | $55.56 |
| $1,000,000 | $41.12 | $44.45 | $59.50 | $105.87 |
Mutual of Omaha Life Insurance Company
Mutual of Omaha Life Insurance Company has been around for over 90 years and you might have recognized the name for those of you who grew up watching Mutual of Omaha’s the Wild Kingdom. Mutual of Omaha is also a part of our top 15 best life insurance companies.
Most life insurance companies use your life insurance age to determine rates but not Mutual of Omaha, they take your current age compared to life insurance age which dates you 6 months forward. They are also known for their lifestyle credits that they give clients during underwriting for all the positive factors which helps you get a better rate if you were supposed to get a worse rating.
A.M Best Rating for Mutual of Omaha: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $13.08 | $16.14 | $18.33 | $30.80 |
| $500,000 | $17.67 | $25.99 | $29.05 | $54.86 |
| $1,000,000 | $28.17 | $43.93 | $52.68 | $102.55 |
Principal Life Insurance Company
Principal Life Insurance Company has been around for over 130 years and there is no doubt that they are one of the most affordable insurance companies. Since Principal is a financial group company they are bound by one common purpose; to give their clients the financial tools, resources, and information you need to live your best life.
Principal Life sets themselves apart from their competitors when it comes to their underwriting because they use a “Big Data” to determine a client’s eligibility for the Accelerated Underwriting product. This product offers a no medical exam option and unlike many other no medical exam companies, Principal allows clients to qualify for a preferred plus rate class which makes them very competitive with the top companies in terms of price. They also offer certain Healthy Lifestyle Credits that are in place to help clients obtain the best rate class possible. This program can help a client with amazing health bump up a rate class or two. If you have diabetes or epilepsy you should check out Principal Life or if you’re a cancer survivor their underwriting for these health conditions are impeccable.
A.M Best Rating for Principal Financial Group Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $13.78 | $15.71 | $19.25 | $31.59 |
| $500,000 | $21.00 | $24.85 | $31.94 | $56.61 |
| $1,000,000 | $29.75 | $41.13 | $56.00 | $105.88 |
North American Life Insurance Company
North American Life Insurance Company has been around for over 130 years and is one of the most affordable life insurance companies on the market. They are known for their great customer service so you can be assured that you will be treated very well. North American is a part of our top 15 life insurance companies list and they are also on our top 10 no medical exam list.
North American Life is one of the very few insurance companies who offer life insurance for clients up to age 85. Their underwriting gets them ahead of the game. For example, clients with cholesterol levels up to 300 may still qualify for the best rate class or clients with high blood pressure who are medicated to maintain their blood pressure can still qualify for the top rate class.
A.M Best Rating of North American Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $13.64 | $16.28 | $20.02 | $31.90 |
| $500,000 | $20.68 | $25.99 | $33.44 | $56.76 |
| $1,000,000 | $33.88 | $42.68 | $60.28 | $105.16 |
AIG- American General Life Insurance Company
AIG, American International Group Inc, is also known as American General and the company is over 160 years of age serving more than a dozen million clients. They have created new products and has pitched their products as “life insurance you don’t have to die to use,” which give policyholders the option to use their death benefits while they’re still living. The Accelerated Access Solution lets a policyholder get access to the death benefit in the event of a chronic illness, and the Lifestyle Income Solution allows a policyholder to use the death benefit to supplement retirement income.
AIG is very popular for clients who had a previous history of criminal records and for those with hard to insure medical conditions related to heart, diabetes and sleep apnea.
A.M Best Rating of AIG or American International Group/American General: A
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $13.87 | $15.48 | $19.38 | $30.40 |
| $500,000 | $22.40 | $24.57 | $31.94 | $55.27 |
| $1,000,000 | $37.94 | $42.73 | $54.84 | $102.42 |
SBLI- The Savings Bank Life Insurance Company
The Savings Bank Life Insurance Company, also known as SBLI, have been around for over 100 years providing coverage for everyone. They market themselves as “the no nonsense life insurance company.” They have a reputation for caring about their customers and is one of the most affordable life insurance companies out there.
SBLI differentiates themselves from their competitors when it comes to their underwriting. They are super compassionate and if you suffer from high blood pressure or high cholesterol levels, then SBLI may be a great choice for you since they offer competitive rates for those clients. However, if you have gotten denied by other companies because of your complicated health history SBLI may turn you down as well.
A.M Best Rating of SBLI-The Savings Bank Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $16.25 | $17.85 | $21.67 | $33.12 |
| $500,000 | $23.75 | $27.67 | $36.92 | $57.26 |
| $1,000,000 | $38.28 | $44.02 | $56.03 | $102.75 |
John Hancock Life Insurance Company
John Hancock Life Insurance Company has been around for nearly 200 years and is one of the heavyweights in the life insurance industry. They are owned by the Canadian insurance company Manulife financial, which happens to be one of the largest life insurance companies in America by their premiums and their market share.
Similar to other giant insurers John Hancock has some unique niche underwriting which earns them a lot of business. For example, someone who has diabetes that is well controlled over the age of 60 may still qualify for a preferred rate. John Hancock is very lenient for their clients who suffer from seizures and haven’t had a seizure in over 3 years, they can qualify for a preferred rate class. The company is also an ideal choice for clients with Hepatitis C, high blood pressure, and Parkinson’s disease. However, if you suffer from sleep apnea you should look elsewhere because John Hancock will offer you a rate as standard.
A.M Best Rating of John Hancock Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year |
|---|---|---|---|
| $250,000 | $14.74 | $17.34 | $23.95 |
| $500,000 | $21.07 | $26.27 | $30.54 |
| $1,000,000 | $34.80 | $45.12 | $54.25 |
Ameritas Life Insurance Company
Ameritas Life Insurance Company has been around for over 125 years and has had a commitment since then offering trusted, valued, and proven insurance to their many customers. As their key motto, Ameritas says that they want to put the worry behind whilst focusing on improving the financial future.
Ameritas is one of the oldest companies in American and has built a solid reputation with the majority of customers as a result. They are one of the many companies who offer competitive no medical exam policies. Ameritas offers $1.5 million of coverage with no physical exam (which is amazing!) and they even provide coverage for those up to age 70 (kind of unheard of!).
A.M Best Rating for Ameritas Life Insurance Company: A
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $14.84 | $18.92 | $22.58 | $39.35 |
| $500,000 | $21.50 | $29.67 | $36.98 | $69.66 |
| $1,000,000 | $35.26 | $51.60 | $65.36 | $131.58 |
Assurity Life Insurance Company
Assurity Life Insurance Company is over 125 years old and has a focus on creating superior value for their customers by cultivating lasting relationships and fostering innovation in their products and services.
Assurity Life has an amazing no medical exam policy that is fully underwritten. Basically, you will not have to submit to a medical exam but you will be required to answer a detailed questionnaire regarding your health history. Compared to some of their competitors for no exam plans Assurity does have a longer approval time but we do recommend them a lot to smokers since they have some of the best tobacco rates.
A.M Best Rating of Assurity Life Insurance Company: A-
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $19.58 | $23.92 | $28.93 | $44.81 |
| $500,000 | $33.06 | $41.76 | $51.76 | $83.52 |
| $1,000,000 | $60.03 | $77.43 | $97.44 | $160.95 |
Transamerica Life Insurance Company
Transamerica Life Insurance Company has been around for over 100 years and the company is based out of the Netherlands called Aegon. Transamerica is a great company for the older clients out there. They are also one of our best life insurance companies for seniors list.
For clients 71 and older with a 5.5 cholesterol ration you can qualify for the best rate class and same goes to clients 71 and older with a blood pressure reading of 145/85. Transamerica also offers competitive tobacco rates. If you are a regular cigarette smoker then you need to consider Transamerica. However, their rates for smokers are not as affordable as you would think but they are in at least the top three most affordable smoker rates.
A.M Best Rating for Transamerica Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $16.34 | $18.70 | $22.79 | $33.11 |
| $500,000 | $25.80 | $30.53 | $38.27 | $58.91 |
| $1,000,000 | $45.58 | $55.04 | $69.66 | $109.22 |
Prudential Life Insurance Company
Prudential Life Insurance Company has been around for over 140 and they have a Rock as their logo because it shows they are a strong and solid company. Prudential Life has definitely been a very strong company and is one of the most affordable insurance companies.
Just like many other life insurance companies, Prudential Life has niche underwriting techniques. This being said, the company has some of the most aggressive underwritings and this is usually where we go when a client has been turned down by all others. Whether you have diabetes, DUI’s or non-cigarette tobacco use, this is our go to the company. They even offer competitive rates for clients who have Hepatitis C, mood disorders and prostate and thyroid cancers. The company now has introduced life insurance for those clients who have HIV and are available in 10 and 15-year term limits.
A.M Best Rating of Prudential Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $21.15 | $22.50 | $24.75 | $31.95 |
| $500,000 | $34.65 | $37.35 | $41.85 | $56.25 |
| $1,000,000 | $46.35 | $61.65 | $74.25 | $103.05 |
Metropolitan Life Insurance Company
Metropolitan Life Insurance Company, also known as Metlife, is one of the most liked insurance companies in the world.
Metlife excels in ensuring clients who are diabetic and have type 1 or type 2 diabetes. They also outshine their competitors when it comes to their excellent underwriting in regards to blood pressure and especially for the older crowd. If you are between the ages of 55-69 with a blood pressure reading of 140/85 or 170/90 you can qualify for a standard rate class under a Metlife’s Elite Plus rate class. Metlife is also liberal when it comes to underwriting clients who smoke marijuana.
A.M Best Rating for Metropolitan Life Insurance Company: A+
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $17.11 | $18.00 | $20.57 | $31.23 |
| $500,000 | $24.15 | $25.67 | $33.42 | $55.00 |
| $1,000,000 | $33.89 | $42.13 | $54.00 | $101.78 |
American National Life Insurance Company
American National Life Insurance Company was founded by William Moody Jr. in 1905. American National Life is also known as ANICO. Their core idea never faded from birth to today; “Strong management, Prudent investment, and Financial strength.”
American National is one of the best no medical exam life insurance companies on the market. ANICO makes getting life insurance super quick and easy! You can receive a no medical exam term policy for up to $250,000 and a no medical exam whole life policy for up to $150,000. ANICO can be aggressive when it comes to providing low prices in certain key term lengths and face amounts. They are competitive in their no exam life insurance policies and also on fully underwritten policies. However, ANICO may not be the best option for those with diabetes looking for a no medical exam policy.
A.M Best Rating of American National Life Insurance Company: A
Sample quote provided may vary depending on health and lifestyle. This sample is a 40-year old male with a preferred rate and is a non-smoker.
| Face Amount | 10-Year | 15-Year | 20-Year | 30-Year |
|---|---|---|---|---|
| $250,000 | $27.86 | $35.68 | $40.61 | $64.58 |
| $500,000 | $30.28 | $32.50 | $33.42 | $54.86 |
| $1,000,000 | $37.98 | $44.93 | $61.34 | $102.82 |
Final Thoughts
There are a lot of companies that may be quite affordable and in some instances, you may have been hit an ad for a price that is simply unbelievable but keep in mind that each person is rated differently. Every time we speak to someone who requests a company that has the lowest rate it ends up not being the most competitive option for either their health, build or family history. The most affordable option for one individual won’t necessarily be the one for everyone else. Here at InsureChance, we shop around with over 60 top carriers to get you the best rate based on your specific circumstances. If you’re ready to shop check out one of our quote comparison tools or simply call a friendly agent at 888.492.1967!
