Educational guide — not insurance advice. We’re not a licensed agent. Premium ranges are illustrative. Premiums depend on the applicant’s age, health, state and other factors the insurer uses, and each insurer sets its own rates.
What “cheapest” actually means
There’s no single “cheapest” term life insurance carrier — pricing varies by age, gender, state, health class, term length, and coverage amount. But there are consistent patterns:
- A handful of carriers consistently come back with the most competitive quotes for healthy applicants.
- The spread between carriers for one applicant can be large. We found no independent published source for this figure as of September 2026. Premiums depend on the applicant’s age, health, state and other factors the insurer uses, and each insurer sets its own rates.
- Underwriting class is a rating factor every carrier applies — “preferred plus” is priced below “standard” for the same coverage. We found no independent published source for this figure as of September 2026.
- Term length and coverage amount affect the price linearly — pick the right combination for your actual need rather than overbuying.
This page documents the factors carriers publish as determining the rate, and the published figures at each.
The carriers most often cheapest for healthy applicants
These carriers are commonly named as competitively priced for healthy applicants. We found no independent published source for this figure as of September 2026. The attributes below are what each carrier publishes about its own products:
Banner Life (Legal & General America)
- AM Best: A+ (Superior)
- Strong preferred-plus rate class — very competitive for healthy applicants
- Reliable underwriting (no surprises after applying)
- Term lengths as published by the carrier
- Generally the carrier to beat for healthy buyers
Pacific Life
- AM Best: A+
- Often the lowest quote for preferred-plus applicants in their 30s
- Strong with athletes and active applicants
- Slower underwriting than some
Protective
- AM Best: A+
- Term lengths as published by the carrier
- Strong with older applicants (50s-60s)
- Solid claim-paying reputation
Haven Life (MassMutual)
- AM Best: A++ (Superior — backed by MassMutual)
- Online-only, accelerated underwriting
- Accelerated underwriting available without an exam up to the carrier’s published ceiling
- Fastest issuance — sometimes minutes
Bestow
- AM Best: A (Excellent — issued by North American Company)
- Online-only, no medical exam for most applicants
- Accelerated underwriting available up to the carrier’s published ceiling
- Very fast issuance (often same-day for healthy applicants)
SBLI (Savings Bank Life Insurance)
- AM Best: A (Excellent)
- Often very competitive for moderate coverage amounts
- Strong in Massachusetts and the Northeast
AIG / Corebridge Direct
- AM Best: A (Excellent)
- Term lengths as published by the carrier
- Strong with budget-focused buyers
Mutual of Omaha
- AM Best: A+
- Reasonable pricing across age and health spectrum
- Strong company for buyers who want a recognizable brand
Rates are filed separately by each carrier with each state’s insurance department, so the same applicant can be quoted different premiums in different states by the same carrier. We found no independent published source for this figure as of September 2026.
What it costs, and who sets it
We found no independent published source for premiums on this product as of September 2026. The rate tables that exist are published by insurers and by sites paid to refer customers to them, so this page states no premium.
No law sets the price. Each carrier files its own rates with the insurance department of each state it sells in, and files them separately for each state, so the same applicant can be quoted different premiums in different states by the same carrier. The rating factors carriers apply are set out below. What any of them costs is not published by an independent source.
The four things that drive your rate
In rough order of impact:
1. Age (the biggest factor)
Age at issue is the rating factor carriers apply first, and a term policy’s premium is level for the term once issued. We found no independent published source for this figure as of September 2026; the figures that are published come from insurers, from agencies, or from sites paid to refer customers to them, so none is cited here. Lock in your rate as young as you can, even if the coverage need isn’t fully developed yet.
Age at issue is a rating factor every carrier applies, and a term policy’s premium is level for the term once issued. We found no independent published source for this figure as of September 2026.
2. Health classification
Carriers offer 4-6 health classes:
- Preferred Plus (or “Preferred Best”): the healthiest applicants. No tobacco, ideal height/weight, low cholesterol, no family history of certain conditions, no risky hobbies.
- Preferred: very healthy, but not quite “preferred plus” — maybe slightly above ideal weight or borderline blood pressure.
- Standard Plus (or “Select”): healthy but with one or two minor issues.
- Standard: acceptable health, but with conditions that prevent the preferred classes.
- Substandard (often broken into “Table A, B, C…”): conditions that make you higher risk; pricing adds a percentage above standard for each table rating.
The classes are priced in order:
Each class is priced above the one before it — Preferred Plus, then Preferred, then Standard, then each substandard table. We found no independent published source for this figure as of September 2026. for the size of any of those steps.
What each class turns on is set out in each carrier’s own underwriting guide:
- Tobacco. Each carrier’s underwriting guide states the tobacco-free period it requires for a non-tobacco class; no independent published source for a common figure is cited here.
- Blood pressure and cholesterol. Carriers underwrite the controlled reading, as each carrier’s underwriting guide states.
- Build. Each carrier publishes height and weight thresholds for its preferred classes.
- Treated conditions. Carrier underwriting guides state how a treated and compliant condition is classified.
3. Carrier
Carriers price the same applicant differently, and the carrier that prices one profile lowest is not necessarily the one that prices another lowest. We found no independent published source for this figure as of September 2026. for the size of the spread.
A single quote is one carrier’s view of one profile. Premiums depend on the applicant’s age, health, state and other factors the insurer uses, and each insurer sets its own rates.
4. Term length and coverage amount
- Shorter terms are priced below longer ones for the same face amount and health class. We found no independent published source for this figure as of September 2026.
- Longer terms cost more because more of the term is in higher-risk years.
- A larger face amount costs more in total. Carriers publish price breaks at face-amount bands, so the rate per unit of coverage changes at each break. We found no independent published source for this figure as of September 2026; the figures that are published come from insurers, from agencies, or from sites paid to refer customers to them, so none is cited here.
Term length is priced separately at each duration. Where coverage is sought for a defined period — for example until a mortgage amortises or children complete education — the rate for the matching duration is the one the carrier publishes for it. A longer term covers more years, including higher-risk ones, and is priced above a shorter one at the same face amount and health class. The size of that difference is not stated here.
How to actually get the lowest rate
A simple sequence that works for most buyers:
1. Calculate your honest need first
The two published sizing formulas are the income multiple (10–15× annual income) and DIME (Debt, Income, Mortgage, Education). Both, with worked arithmetic and what each publisher states it excludes, are in How Much Life Insurance Do You Need? The Standard Formulas.
2. Independent comparison sites and independent brokers
Sites that quote multiple carriers in parallel:
- Policygenius
- NerdWallet Life Insurance
- Quotacy
- SelectQuote
Each quotes a panel of carriers it has appointments with. The number of carriers on a panel, and whether a site is paid for the referral, is stated by the site itself.
A captive agent represents a single carrier and can quote only that company; an independent broker can quote several.
3. The application
The application is completed with the carrier or the broker. Premiums depend on the applicant’s age, health, state and other factors the insurer uses, and each insurer sets its own rates.
4. Be honest on the application
Material misrepresentation permits rescission during the contestability period. Cal. Ins. Code §10113.5(a) requires an individual life policy issued in California to be incontestable “after it has been in force, during the lifetime of the insured, for a period of not more than two years after its date of issue, except for nonpayment of premium” — a statutory maximum, not a fixed period, and set by each state’s own insurance code rather than federally. Tell the truth about smoking, height/weight, medical conditions, and hobbies.
5. Complete the medical exam (if required)
For fully underwritten policies, schedule the paramedical exam promptly. For accelerated underwriting (no exam), the carrier checks prescription history and other electronic databases instead.
6. Accept (or shop again) the carrier’s offer
If the carrier issues at the price quoted, accept. If they offer a higher rate than quoted (because underwriting revealed something), evaluate whether the new price is still competitive — sometimes another carrier would have offered better.
Specific tactics that save real money
Age at issue sets the rate for the whole term
A term policy’s premium is level for the term once issued, so the rate is set by the age at issue rather than the age at any later point. We found no independent published source for this figure as of September 2026; the figures that are published come from insurers, from agencies, or from sites paid to refer customers to them, so none is cited here.
Tobacco use and the rate class
Carriers rate tobacco use separately from the health class. The tobacco-free period, and whether an existing policy is reclassified, are set out in each carrier’s own underwriting guide rather than by any common rule. We found no independent published source for this figure as of September 2026; the figures that are published come from insurers, from agencies, or from sites paid to refer customers to them, so none is cited here. Some carriers reclassify after the period their guide states; others state a longer one. Each guide is the source for its own carrier.
Carrier pricing varies by profile
Different carriers price differently for different demographics. A 35-year-old female may get the best quote from Banner; a 55-year-old male may get the best quote from Protective.
Health class at the time of application
If you’re considering buying, do it before any major health diagnosis. Conditions like type 2 diabetes, heart disease, or cancer dramatically increase rates or rule out preferred classes entirely. Buying healthy is much cheaper than buying after a diagnosis.
Bundle coverage on partners
Some carriers offer modest discounts for couples applying together. Carriers publish whether they offer one.
Accelerated underwriting
Many carriers offer accelerated underwriting below a published face-amount ceiling and age, with no medical exam. See No Medical Exam Life Insurance.
What “cheap” doesn’t mean
A few honest cautions:
Cheaper isn’t always better
AM Best publishes a financial-strength rating for each carrier and the NAIC publishes a complaint index. Carriers rated A or A+ by AM Best (and their NAIC complaint index) and check the NAIC complaint index.
The cheapest carrier for healthy applicants may not be cheapest for you
Banner is often cheapest for healthy 30-year-olds. They may not be cheapest for a 55-year-old with controlled diabetes. Pricing is profile-specific, so the cheapest carrier for one applicant is not the cheapest for another.
The rate per unit of coverage changes at each band break
Carriers publish price breaks at face-amount bands, so the rate per unit of coverage and the total premium move in opposite directions as the face amount rises. We found no independent published source for this figure as of September 2026; the figures that are published come from insurers, from agencies, or from sites paid to refer customers to them, so none is cited here. The published sizing formulas that produce a target face amount are documented in How Much Life Insurance Do You Need?.
Watch for surprise underwriting downgrades
Some carriers quote attractive preferred-plus rates but then issue policies at “standard” after underwriting, citing borderline lab values or undisclosed conditions. Ask the carrier or broker how often quoted rates match issued rates.
What the application process involves
- The coverage amount, which the DIME method computes from debt, income, mortgage and education.
- The term length. Carriers write terms in fixed durations and price each duration separately.
- The quotes. Rates for the same applicant differ between carriers, because each insurer files its own rate table.
- The application, made to one carrier. Premiums depend on the applicant’s age, health, state and other factors the insurer uses.
- The answers given on it. A material misrepresentation in the application is the ground on which an insurer may contest a claim; each state’s insurance code sets a contestability maximum, after which it may not.
- Issue. Once the policy is issued, the premium is level for the term stated in the contract.
Frequently asked questions
What is the cheapest term life insurance?
We found no independent published source for this figure as of September 2026. The rate tables that exist are published by insurers and by sites paid to refer customers to them, so this page names no cheapest carrier and states no premium. What is published is each carrier’s AM Best financial-strength rating and its NAIC complaint index.
What decides a term life rate?
Six rating factors, each of which every carrier applies: age at issue, term length, face amount, health class, tobacco use, and the carrier’s own filed rates in the applicant’s state. Each is documented in the sections above.
Is term life insurance cheaper than whole life?
Term is priced below whole life for the same face amount. Term has no cash value and pays only if death occurs within the term; whole life pays whenever death occurs and part of the premium funds cash value. We found no independent published source for this figure as of September 2026. for the size of the difference.
Can I get term life insurance with no medical exam?
Many carriers offer accelerated underwriting below a published face-amount ceiling and age, with no paramedical exam, checking prescription and other databases instead. Each carrier publishes its own ceiling.
Related reading
- How Much Life Insurance Do You Need? The Standard Formulas
- Term vs. Whole Life Insurance
- No Medical Exam Life Insurance
- Life Insurance for Seniors
- How Much Life Insurance Do I Need for a Mortgage?
- Is Life Insurance Taxable to the Beneficiary?
Educational information only — not insurance, financial, or legal advice. We are not a licensed insurance agent or broker. Premiums depend on the applicant’s age, health, state and other factors the insurer uses, and each insurer sets its own rates. Sources: AM Best Financial Strength Ratings; NAIC Consumer Information Source; Policygenius; NerdWallet; major carrier published data (Banner Life, Pacific Life, Protective, Haven Life, Bestow, SBLI, AIG).