Cheapest Life Insurance Companies of 2021

For many people, life insurance is primarily a way to provide for their loved ones’ financial future in the event of their death. It makes sense that you would want to do this in the most cost-effective way possible, assuming that coverage amounts and other requirements are met.

Briefly, you buy a life insurance policy from a life insurance company, either directly or through a broker. With term life insurance, assuming your premiums are paid-up, your beneficiaries will receive a death benefit if you die during the term of the policy.

A permanent insurance policy – such as whole life or universal life – can provide coverage until you die or until you reach a certain age. These policies sometimes act as an investment vehicle because they accumulate cash value over time. Read How Does Life Insurance Work and How to Buy Life Insurance for more information.

Different companies charge different premiums for the same amount of coverage, so it pays to shop around for the best deal. We determined the cheapest life insurance companies to help you find the right company to fit your budget. Our Cheapest Life Insurance Company ratings are based on information that was collected between June 1, 2020, and August 19, 2020.