Comparing Life Insurance Rates: What You Need to Know [2024]
An easy way for you to save money is by comparing life insurance rates. Many different companies offer life insurance rates comparisons that can be generalized or customized. Personalized insurance quotes are typically the most accurate and can help you find the most affordable life insurance company based on your personal situation.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
UPDATED: Mar 5, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Mar 5, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- There are many options for life insurance rates comparisons
- Many sources offer generalized life insurance rates, but the most accurate quotes will be individualized based on your situation
- Once you receive your life insurance quotes, be sure the insurance company is highly rated
If you’re shopping for life insurance, you can save significant time and money by comparing life insurance rates from providers in your area. Using comparison sites is much easier than getting quotes from one company at a time.
In this article, we’ll go over how to find insurance comparison rates, and we’ll also show you some sample life insurance rates.
Enter your ZIP code above to get started with free quotes from the top life insurance companies in your area.
Where can I get the best insurance rates comparison?
Many companies offer insurance rates comparisons. Be aware some differences exist between the best insurance comparison sites depending on the type of insurance.
For example, you’d likely want to use different sites to compare car insurance rates and life insurance rates. Some comparison sites cover multiple forms of insurance.
These sites can be useful resources when shopping for life insurance rates. Only Progressive Insurance compares its rates with other companies on its website.
Which comparison site is best for car insurance? That depends on your needs, but we can help you with life insurance rate comparisons right here
How do I get the best insurance comparison rates?
Your life insurance rates depend on a number of factors such as your age, job, gender, and health. Most policies will require a questionnaire that helps predict your life insurance rates.
You must be honest on the application to get accurate quotes. If you say you’re active and healthy but something comes up on your life insurance medical exam, your rates will increase. Worse, lying can mean you are turned down entirely.
Otherwise, you’ll want to compare different policy options and as many reputable companies as possible. You’ll want to shop rates for term life insurance, whole life insurance, and burial insurance.
Each of these comes at a different price point and offers different features that may or may not be useful for you. You might also want to determine how much life insurance you need with a life insurance calculator.
How much can I expect to pay for life insurance?
To get the most accurate rates, you’ll need to get personalized quotes from various companies. Most of the life insurance rates comparison sites do this in one step.
The amount you pay for life insurance depends on many factors. Many people choose term life insurance because it offers a significant death benefit at a reasonable monthly cost.
The chart below shows rates that vary by age and gender among five top-rated companies as measured by market share, according to the Insurance Information Institute.
Read more:
- Average Cost of Life Insurance
- How much does a $250000 life insurance policy cost?
- How much does a $500000 life insurance policy cost?
- How much life insurance coverage do you need?
Life Insurance Rates Comparison for Male Non-smokers for a 20-year, $250,000 Policy
| Age | Lincoln National | Prudential | Transamerica | MassMutual | Principal |
|---|---|---|---|---|---|
| 25 | $13.15 | $19.03 | $13.98 | $15.00 | $13.78 |
| 30 | $13.22 | $20.35 | $15.48 | $15.23 | $14.00 |
| 35 | $13.85 | $20.78 | $19.14 | $15.88 | $14.22 |
| 40 | $17.94 | $24.50 | $26.66 | $20.68 | $18.55 |
| 45 | $27.85 | $29.97 | $35.26 | $32.40 | $28.13 |
| 50 | $40.82 | $45.50 | $50.96 | $47.63 | $40.86 |
| 55 | $63.79 | $71.53 | $78.05 | $73.73 | $63.83 |
| 60 | $109.80 | $129.07 | $113.95 | $125.73 | $109.81 |
| 65 | $222.25 | $242.60 | $208.55 | $243.18 | $206.06 |
Note that men pay more for term life insurance as they get older. For non-smokers, Lincoln National and Principal are almost always the most affordable options.
Life Insurance Comparison Rates for Female Non-smokers for a 20-year, $250,000 Policy
| Age | Lincoln National | Prudential | Transamerica | MassMutual | Principal |
|---|---|---|---|---|---|
| 25 | $11.56 | $16.41 | $11.40 | $13.48 | $12.12 |
| 30 | $11.75 | $17.28 | $13.55 | $13.70 | $12.42 |
| 35 | $12.19 | $17.72 | $17.20 | $13.93 | $12.86 |
| 40 | $15.60 | $22.53 | $21.93 | $17.83 | $16.19 |
| 45 | $22.49 | $29.10 | $28.60 | $26.33 | $22.93 |
| 50 | $31.42 | $40.03 | $41.93 | $36.33 | $32.07 |
| 55 | $46.95 | $53.82 | $65.15 | $57.43 | $46.99 |
| 60 | $82.47 | $89.91 | $110.51 | $89.18 | $77.18 |
| 65 | $168.39 | $155.75 | $198.23 | $156.60 | $138.25 |
For female non-smokers, the same trends are true. You might notice that females tend to spend less on life insurance than males. The cheapest rate for females is $11.40 per month compared to $13.15 for men.
These rates can change drastically for those who have health issues or those who use tobacco products. Below, you’ll see sample rates from the same companies for smokers.
Read more: Cheap Life Insurance Policies
Life Insurance Rates Comparison for Smokers for a 20-year, $250,000 Policy
| Age | Lincoln National - Male | Lincoln National - Female | Prudential - Male | Prudentail - Female | Transamerica - Male | Transamerica - Female | MassMutual - Male | MassMutual - Female | Principal - Male | Principal - Female |
|---|---|---|---|---|---|---|---|---|---|---|
| 25 | $43.10 | $33.26 | $43.97 | $35.22 | $35.26 | $30.10 | $42.20 | $35.23 | $46.59 | $37.41 |
| 30 | $48.13 | $37.41 | $46.38 | $38.28 | $39.13 | $31.80 | $46.33 | $37.20 | $50.95 | $42.55 |
| 35 | $58.41 | $43.32 | $51.19 | $45.72 | $46.01 | $39.35 | $55.48 | $46.55 | $55.78 | $48.56 |
| 40 | $94.29 | $75.04 | $78.32 | $63.00 | $69.88 | $59.77 | $77.23 | $63.50 | $77.99 | $62.34 |
| 45 | $131.91 | $87.07 | $122.94 | $90.35 | $107.72 | $80.63 | $126.15 | $95.70 | $125.78 | $95.81 |
| 50 | $204.54 | $132.13 | $178.72 | $136.72 | $169.42 | $129.65 | $185.30 | $139.20 | $199.20 | $138.60 |
| 55 | $356.78 | $220.78 | $271.69 | $194.69 | $270.47 | $187.05 | $281.45 | $206.63 | $317.84 | $201.91 |
| 60 | $605.28 | $373.84 | $419.57 | $293.40 | $402.91 | $291.54 | $430.42 | $318.85 | $510.47 | $305.81 |
| 65 | $948.50 | $596.75 | NA | NA | $646.94 | $524.17 | $588.13 | $505.70 | $822.28 | $566.56 |
For smokers, you can almost instantly notice that the rates are significantly higher. While Lincoln National was one of the most affordable options for non-smokers, they are one of the more expensive options for smokers.
Conversely, Transamerica offers affordable life insurance rates for smokers. This is a great example of why you should get a personalized life insurance rates comparison to avoid overpaying.
Read more:
- Principal Life Insurance Company Review
- Principal National Life Insurance Company Review
- The Lincoln National Life Insurance Company Review
- Transamerica Life Insurance Company Review
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Term life insurance is one the most common life insurance policies, but in some scenarios, whole life insurance is a preferred option. Whole life insurance can higher monthly premiums.
Average Monthly Whole Life Insurance Rates for Non-Smokers
| Non-Smoker Age & Gender | Foresters Financial – $250,000 Policy | State Farm – $250,000 Policy | Foresters Financial – $500,000 Policy | State Farm – $500,000 Policy |
|---|---|---|---|---|
| 25-Year-Old Female | $156.80 | $203.14 | $304.24 | $400.19 |
| 25-Year-Old Male | $178.68 | $225.12 | $347.99 | $444.14 |
| 30-Year-Old Female | $188.96 | $234.24 | $368.11 | $462.39 |
| 30-Year-Old Male | $216.52 | $260.14 | $422.80 | $514.19 |
| 35-Year-Old Female | $230.52 | $273.19 | $450.36 | $540.29 |
| 35-Year-Old Male | $267.05 | $311.47 | $522.55 | $616.84 |
| 40-Year-Old Female | $277.99 | $321.24 | $543.99 | $636.39 |
| 40-Year-Old Male | $326.33 | $375.62 | $639.80 | $745.14 |
| 45-Year-Old Female | $349.30 | $381.29 | $685.30 | $756.49 |
| 45-Year-Old Male | $401.58 | $467.84 | $788.99 | $929.59 |
| 50-Year-Old Female | $429.14 | $470.02 | $843.68 | $933.94 |
| 50-Year-Old Male | $499.36 | $578.12 | $982.80 | $1,150.14 |
| 55-Year-Old Female | $549.89 | $598.79 | $1,082.55 | $1,191.49 |
| 55-Year-Old Male | $629.30 | $727.97 | $1,239.61 | $1,449.84 |
| 60-Year-Old Female | $700.83 | $769.94 | $1,381.36 | $1,533.79 |
| 60-Year-Old Male | $802.33 | $988.97 | $1,582.18 | $1,971.84 |
| 65-Year-Old Female | $912.58 | $1,045.09 | $1,800.93 | $2,084.09 |
| 65-Year-Old Male | $1,043.61 | $1,310.87 | $2,060.36 | $2,615.64 |
Whole life insurance includes a cash value component which is a big reason for the large increase in monthly premiums. A portion of your monthly premium is allocated to a separate fund on your behalf.
State Farm and Foresters Financial are two notable companies that offer reliable life insurance products. Both companies offer whole life insurance.
Final Expense Insurance Rates Comparison for a $15,000 Policy
| Age | Transamerica - Male | Transamerica - Female | Foresters Financial - Male | Foresters Financial - Female | AIG - Male | AIG - Female |
|---|---|---|---|---|---|---|
| 40 | $34.25 | $28.87 | NA | NA | NA | NA |
| 45 | $38.95 | $32.19 | NA | NA | NA | NA |
| 50 | $44.31 | $36.20 | $46.42 | $37.50 | $76.89 | $52.74 |
| 55 | $52.21 | $42.00 | $53.72 | $45.16 | $84.35 | $63.85 |
| 60 | $63.93 | $48.79 | $66.20 | $51.54 | $93.75 | $74.03 |
| 65 | $83.00 | $60.65 | $82.04 | $62.62 | $125.23 | $91.35 |
| 70 | $110.20 | $79.20 | $107.78 | $78.55 | $146.27 | $110.78 |
| 75 | $148.26 | $107.55 | $152.46 | $111.04 | $206.83 | $159.75 |
| 80 | $208.55 | $154.38 | $218.53 | $165.05 | $368.66 | $262.13 |
Not everyone needs a large death benefit. For those who just want to avoid leaving a financial burden on their family with funeral expenses, final expense or burial insurance could be a more reasonable option.
You’ll see that these rates can still vary drastically and the policies often come with restrictions regarding age and coverage. When compared to other policy types for similar age groups, final expense insurance can be more affordable.
Taking the Next Step After Getting Insurance Comparison Rates
Regardless of the site you choose, you’ll want to be aware that the quotes you receive aren’t the only factor you should consider before you buy a life insurance policy.
Look into a company’s financial strength ratings, customer satisfaction ratings, and any complaints the company fields. Organizations that provide financial ratings and customer reviews are:
- A.M. Best
- J.D. Power
- Moody’s
- Standard & Poor’s (S&P)
- Fitch
- Better Business Bureau (BBB)
- National Association of Insurance Commissioners (NAIC)
Most popular life insurance companies have reviews on our website where you can find all of these resources in one place.
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Life Insurance Comparison Rates: The Bottom Line
Comparing life insurance rates is an effective means of saving a small fortune on life insurance. Getting personalized rates can help you choose the most affordable and reliable life insurance company based on your needs.
By now, you should have an idea of how to optimize your life insurance comparison rates. Before you go, enter your ZIP code below to get free quotes from leading life insurance companies in your area.
Frequently Asked Questions
What is life insurance coverage?
Life insurance coverage is a financial product that provides a death benefit to beneficiaries upon the insured person’s passing. It offers financial protection and support to loved ones by helping to replace lost income, pay off debts, cover funeral expenses, or fulfill other financial obligations.
What are the different types of life insurance coverage?
There are several types of life insurance coverage, including:
- Term Life Insurance: This type of coverage provides protection for a specific term, such as 10, 20, or 30 years. It offers a death benefit if the insured passes away during the term. Term life insurance is typically more affordable but does not build cash value.
- Whole Life Insurance: Whole life insurance provides coverage for the entire lifetime of the insured. It includes a death benefit and accumulates a cash value over time. Premiums for whole life insurance are generally higher than those for term life insurance.
- Universal Life Insurance: Universal life insurance offers flexibility in premium payments and death benefit amounts. It combines a death benefit with a savings component that earns interest. It allows policyholders to adjust their coverage and premium payments over time.
- Variable Life Insurance: Variable life insurance offers a death benefit and an investment component. Policyholders can allocate a portion of their premiums to various investment options, such as stocks or bonds. The cash value of the policy can fluctuate based on the performance of the investments.
How do I determine the amount of life insurance coverage I need?
Determining the right amount of life insurance coverage depends on your individual circumstances and financial goals. Factors to consider include:
- Income replacement: Evaluate how much income would need to be replaced to support your dependents in case of your death.
- Debts and financial obligations: Consider outstanding debts, such as a mortgage, loans, or credit card balances, and factor in any future financial obligations, like education expenses for children.
- Final expenses: Account for funeral and burial costs, which can be significant.
- Future goals: Take into account long-term financial goals, such as providing for your children’s education or leaving an inheritance.
What factors should I consider when choosing a life insurance coverage provider?
When selecting a life insurance coverage provider, consider the following factors:
- Financial strength and reputation: Choose a provider with a strong financial rating and a reputable track record in the industry. This ensures they will be able to fulfill their financial obligations to policyholders.
- Policy options and flexibility: Look for a provider that offers a range of policy types and options to suit your specific needs and preferences.
- Customer service and support: Research the provider’s customer service reputation, including responsiveness, claims handling, and overall customer satisfaction.
- Premium affordability: Compare premium rates from different providers to ensure you can comfortably afford the coverage over the long term.
- Underwriting process: Understand the provider’s underwriting process, including any medical exams or health requirements, to determine if it aligns with your situation.
How does the underwriting process work for life insurance coverage?
The underwriting process for life insurance coverage involves assessing the risk factors associated with the applicant’s health, lifestyle, and other relevant factors. It typically includes completing an application, providing medical information, and may involve a medical exam or records review. The insurer uses this information to determine the premium rate and insurability. Factors such as age, health conditions, family medical history, and lifestyle choices (e.g., smoking) can influence the underwriting decision and premium costs.
Compare Insurance Providers Rates to Save Up to 75%
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.