Cheapest Term Life Insurance: Compare Rates and Plans

Clifford PendellWritten by Clifford Pendell
young family putting bills into piggy bank

Are you searching for the cheapest term life insurance policy available?

Selecting the right coverage and the best provider can save you up to 73%

Our independent agency represents 63 top-rated life insurance companies to ensure that our clients are always matched with the least-expensive life insurance plan available to them.

This guide offers an overview of term insurance and provides some term life insurance rates to help you estimate the cost of your coverage. We've also included some insider's tips to help you select the right policy and save money.

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What is The Least Expensive Type of Life Insurance?

Term life insurance is the least-expensive type of life insurance available that offers full coverage. These policies provide a guaranteed death benefit for a fixed period of time, also known as the policy's term. 

If you pass away during your policy's term, your beneficiary will receive your policy's death benefit as an untaxed lump sum.

Most term life insurance policies are sold in 5-year increments for 10, 15, 20, 25 or 30 years. The longer your term is, the greater the risk you impose to your insurance provider. Therefore, a 10-year term policy will be less-expensive than a 15-year term, and a 15-year term will be less expensive than a 20-year term...

Insider's Tip: While you might be tempted to buy a shorter term to save money, make sure you consider how long your dependent's will be reliant on you for support. In the long-run, buying the right term will save you money, especially if your health takes an unexpected downturn.

The amount of coverage you buy also has an impact on the cost of your life insurance.

The larger your policy's death benefit, the more you can expect your life insurance premiums to be. Most term life insurance providers offer a minimum death benefit of $100,000, but a few companies will offer as little as $25,000.

Before you decide on the smallest amount, consider your reason(s) for buying insurance, and make sure you purchase enough to meet your financial needs. It is also important to note that many life insurance providers offer discounted pricing for commonly-purchased coverage amounts like $250,000 and $500,000.

What's the Average Monthly Cost of Term Life Insurance?

The following table provides some term life insurance rates for men and women to help you estimate the cost of your policy. These rates are for someone that is considered to be in good health for their age group. 

Cheapest Life Insurance Rates for a 10-Year Term 

Age$100,000 (Male)$100,000 (Female)$250,000 (Male)$250,000 (Female)$500,000 (Male)$500,000 (Female)
40$8.25$8.05$11.64$10.81$16.86$15.28
45$11.00$9.99$16.81$14.99$26.25$23.73
50$14.23$12.65$23.96$20.35$40.35$32.70
55$20.38$17.60$37.41$28.19$67.14$49.72
60$29.76$24.08$58.56$40.74$109.17$72.59
65$52.85$34.81$100.48$66.08$188.67$123.55
70$85.83$59.29$175.72$109.13$313.20$197.13
75$149.84$110.07$328.95$216.27$631.96$417.46

*Displayed monthly rates are accurate as of 09/29/22 and are provided for illustrative purposes only.

Cheapest Life Insurance Rates for a 20-Year Term

Age$100,000 (Male)$100,000 (Female)$250,000 (Male)$250,000 (Female)$500,000 (Male)$500,000 (Female)
40$10.59$9.83$17.33$14.99$28.42$24.11
45$15.24$12.80$26.03$21.03$42.49$36.45
50$21.40$17.31$38.77$30.89$70.34$54.89
55$33.75$24.23$60.41$45.24$113.32$83.33
60$52.34$37.20$105.81$74.30$200.76$142.22
65$96.98$65.36$195.57$134.29$384.77$257.40

*Displayed monthly rates are accurate as of 09/29/22 and are provided for illustrative purposes only.

Cheapest Life Insurance Rates for a 30-Year Term

Age$100,000 (Male)$100,000 (Female)$250,000 (Male)$250,000 (Female)$500,000 (Male)$500,000 (Female)
40$15.39$13.27$28.11$22.90$49.57$39.66
45$21.67$18.07$42.28$33.24$77.65$59.89
50$35.92$28.83$67.26$51.65$126.33$95.48
55$67.71$49.36$119.27$91.18$231.94$175.97

*Displayed monthly rates are accurate as of 09/29/22 and are provided for illustrative purposes only.

If you have more than one life event you want to protect, consider layering your life insurance or buying multiple term policies. This strategy involves buying a separate policy for each life event that you want to protect, instead of buying one big policy with a longer term. Layering your policies can also prevent you from being overinsured. 

To learn more about layering life insurance, or to obtain an accurate rate based on your age, give us a call toll-free at: 855-247-9555. You can also enter your information in the form below to instantly compare rates from dozens of top-rated life insurance providers.

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How to Get Cheap Term Life Insurance

Here are seven lesser-known tips that can help you save a considerable amount of money on your life insurance coverage:

1. Complete a Medical Exam

There are lots of life insurance providers offering no-exam life insurance that is easy to purchase online. While these policies offer convenience, this convenience comes at a higher cost, especially for those over the age of 50. Its also important to note that no medical exam does not mean no health screening.

The providers that offer no exam life insurance review your medical history electronically, and if you haven't had a physical for more than 3 years, your application will probably get declined. The Medical Insurance Bureau (MIB) also keeps track of your records (just like a  credit report does) and shares this information with insurers to prevent fraud.

If anything in your records seems concerning, no exam life insurance providers must err on the side of caution and charge accordingly.

2. Avoid Captive Agents

Agents at big insurance companies are only able to sell their own company’s products. This greatly limits their ability to find competitive rates and reliable coverage, especially for someone that is over the age 50 or has some health issues. This is why it is important to work with an independent agent that shops multiple A-rated carriers.

3. Don't Take Your Neighbor's Advice

By all means, if someone you know recommends a life insurance policy or provider, you should listen. However, you don’t want to turn around and purchase the first option you learn of.

Every insurance provider has 16 different rate categories based on a slew of variables in addition to the factors we’ve discussed. The best deal for someone else probably won't be the best deal for you so be sure to shop around before selecting a policy.

4. Pay Your Premiums Annually

Most people pay for their life insurance on a monthly basis, but paying your insurance premiums in advance will save you money. Term life insurance providers offer a 4 to 8% discount to policyholders that pay for their coverage a year in advance.

And, if you decide to cancel you coverage before the year is over, no problem! Your life insurance company will issue you a pro-rated refund for the remaining months you overpaid.

5. Prepare for Your Medical Exam

You do not need to wake up at 3 a.m. in a cold sweat over your life insurance medical exam, but you should try to get yourself in optimal shape beforehand. We recommend a light and healthy meal the night before you complete your exam.

You should also avoid fatty foods, alcohol, and extensive exercise for at least 24 hours before you meet with the nurse. A normal workout is fine if you regularly exercise, but do not try to get in shape the week before your exam, it can have a negative impact on liver enzymes and increase your life insurance rates.

6. Mishandling the Telephone Interview

Sometimes a life insurance company will conduct a telephone interview as part of their inspection report. If this happens to you, make sure you find a quiet place where you can take the call and focus on answering the questions asked. If you’re scatterbrained during the call, you might be subject to extra red tape before being approved.

7. Waiting Too Long to Buy Life Insurance 

The cost of your life insurance coverage will never be cheaper than it is today. Every year we age, our life insurance premiums increase by 11 to 14%, even if we remain in great health. This is why we always tell our potential clients to buy their coverage now when they are younger and healthier.

A serious, but common age-related health issue like diabetes, can more than double the cost of your life insurance policy. Even if you have some medical concerns, we can help you find your best option. Our agents offer at least 10 years of experience and we have access each insurers' approval guidelines. 

We're Here to Help You Save

Now that you know the ins and outs of term life insurance, it’s time to find the cheapest term life insurance policy that protects your family from potential financial hardship.

JRC Insurance Group specializes in term life insurance, shopping more than 63 different providers to help you find your ideal policy at an affordable rate. Our comparative shopping services are also free, and there is no cost to apply for life insurance.

Every year you wait to buy life insurance increases your premiums increase. If you want to buy cheap term life insurance, you need to get started today! You can request a free quote online or call us toll-free at: 855-247-9555.

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Written by:

Clifford Pendell

Clifford Pendell

Managing Partner and Co-founder

Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.

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