Free Life Insurance Comparison
Looking to save on cheap life insurance? Compare quotes from the top life insurance companies and save up to $610.
Free Life Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Life insurance can be difficult to think about because it means you won’t be there for your family.
You’ve spent your life working to take care of your family. One of the most important things you can do for them is to have a plan to take care of them when you’re not there.
Life insurance gives you the peace of mind that your family will have financial stability, even if you aren’t there with them. Whether it will be used to settle your debts, pay off your mortgage, or provide retirement benefits — there are many different choices you can make.
This decision will affect your family’s future, so you don’t want to jump at the first life insurance plan you find. Shop around and compare quotes to get the coverage you need for your family at a price you can afford.
Types of Life Insurance
Compare Term vs. Whole vs. Universal Life Insurance PoliciesDetails | Term life | Whole life | Universal life |
---|---|---|---|
Policy duration | Buyer's Choice | Permanent | Permanent |
Cash value interest calculation | No cash account | Fixed interest rate, non-guaranteed dividends | Bond interest rates |
Flexible premiums | No | No | Yes |
Cash account value can decline | N/A | No | Yes, if rates are low and fees high |
Flexible death benefits | No | No | Yes |
Out of pocket cost | Least | Moderate | Most (Depending on Coverage Choices) |
There are several types of life insurance for you to choose from based on your specific needs. You can also have more than one type of coverage as your needs change. Take a look at the most common life insurance policy types available.
Whole Life Insurance
Whole life insurance is just like it sounds – it’s good for your entire life, as long as you keep up with your payments. Your payments are also always the same amount and don’t increase as you get older. Generally, this is a more expensive form of life insurance.
The policy also offers you a cash value account that accumulates over time and that you can withdraw from or take a loan against. With a whole life policy, part of your payments is invested. In time, this investment creates the cash value amount that grows tax-deferred. In addition to being able to withdraw the cash, you can use it to pay your premiums in the future.
Unfortunately, you can’t roll the cash value into the death benefit for your beneficiaries. However, you can access the cash value that has accrued while you are still paying on your policy.
It’s possible that the cash value will eventually be enough to pay your cost for the policy entirely. This means that at some point, you’ll no longer have to pay for your policy and your family will still receive the benefits. This is known as a policy being “paid up”.
Below you will find whole life insurance rates for males ages 35 and 45 who smoke:
Male Smoker 45-years-old in Good HealthLife Insurance Company | Premium | Cash at 65-years-old | Benefit at 65-years-old |
---|---|---|---|
Nationwide | $424 | $102,418 | $250,000 |
Minnesota Life | $465 | $121,270 | $312,268 |
Penn Mutual | $512 | $147,439 | $338,434 |
MassMutual | $521 | $137,128 | $343,729 |
Ohio National | $618 | $147,129 | $342,344 |
Assurity | $687 | NA | $250,000 |
Foresters | $690 | $154,670 | $359,723 |
Life Insurance Company | Premium | Cash at 65-years-old | Cash at 65-years-old |
---|---|---|---|
Nationwide | $279 | $122,048 | $250,000 |
Minnesota Life | $314 | $166,798 | $361,159 |
MassMutual | $322 | $184,154 | $395,796 |
Penn Mutual | $335 | $214,699 | $415,741 |
Ohio National | $370 | $194,317 | $383,556 |
Foresters | $404 | $206,955 | $413,205 |
Assurity | $433 | NA | $250,000 |
Read more:
- John Hancock vs. Ohio National Financial Services Life Insurance: Understanding the Difference
- MassMutual vs. Allstate Life Insurance: Understanding the Difference
- MassMutual vs. Ameriprise Financial Life Insurance: Understanding the Difference
- Guardian Life vs. Assurity Life Insurance Company Life Insurance: Understanding the Difference
- MassMutual vs. Assurity Life Insurance Company Life Insurance: Understanding the Difference
- MassMutual vs. AXA Equitable Life Insurance Company Life Insurance: Understanding the Difference
- MassMutual vs. Banner Life Life Insurance: Understanding the Difference
- MassMutual vs. Brighthouse Financial Life Insurance: Understanding the Difference
- MassMutual vs. John Hancock Life Insurance: Understanding the Difference
- MassMutual vs. Fidelity Life Life Insurance: Understanding the Difference
- Nationwide vs. Fidelity Life Life Insurance: Understanding the Difference
- Cancelling Your The Penn Mutual Life Insurance Company Life Insurance Policy
- Cancelling Your Assurity Life Insurance Company Life Insurance Policy
Below you will find whole life insurance rates for a preferred plus male and female with A- life insurance company:
Male Whole Life Insurance Monthly Rates by Age and Policy AmountAge | $100,000 Average Monthly Rates | $250,000 Average Monthly Rates | $500,000 Average Monthly Rates | $1,000,000 Average Monthly Rates |
---|---|---|---|---|
20 | $83 | $151 | $293 | $580 |
25 | $92 | $178 | $348 | $689 |
30 | $105 | $216 | $422 | $839 |
35 | $121 | $267 | $522 | $1038 |
40 | $141 | $326 | $639 | $1273 |
45 | $173 | $401 | $789 | $1571 |
50 | $214 | $499 | $982 | $1959 |
55 | $270 | $629 | $1239 | $2473 |
60 | $324 | $802 | $1582 | $3158 |
Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
---|---|---|---|---|
20 | $56 | $132 | $255 | $504 |
25 | $66 | $156 | $304 | $602 |
30 | $79 | $188 | $368 | $729 |
35 | $96 | $230 | $450 | $894 |
40 | $115 | $278 | $544 | $1081 |
45 | $143 | $350 | $685 | $1364 |
50 | $175 | $429 | $843 | $1681 |
55 | $223 | $549 | $1082 | $2158 |
60 | $280 | $700 | $1381 | $2756 |
Read more: How to File a Life Insurance Claim With The Penn Mutual Life Insurance Company
Term Life Insurance
Term life insurance is coverage for a certain amount of time, such as 10, 15, or 20 years. There is no cash value with these policies.
The pros of term life are that your payments are generally very affordable, payments don’t change during the term, and your coverage is guaranteed for the term.
The cons are that when the policy ends at the end of the term, you have to renew it or take out another policy at a new rate, and you get no credit for the money you’ve already paid.
Because the rates for a term life policy are so low, it allows you to purchase enough coverage to be confident your family is provided for. You can purchase enough insurance to cover your mortgage, college tuition for your kids, and your salary.
Below you can compare $100K term life insurance policies for smokers and non-smokers by age.
Average Monthly Term Life Insurance Rates for Non-SmokersAge | $100,000/10-year Average Monthly Rates | $100,000/10-year Average Monthly Rates | $100,000/20-year Average Monthly Rates | $100,000/20-year Average Monthly Rates | $100,000/30-year Average Monthly Rates | $100,000/30-year Average Monthly Rates |
---|---|---|---|---|---|---|
Non-Smoker | Male | Female | Male | Female | Male | Female |
25 | $8.27 | $7.57 | $10.03 | $9.06 | $13.29 | $12.41 |
30 | $8.27 | $7.57 | $10.12 | $9.24 | $14.08 | $12.94 |
35 | $8.27 | $7.57 | $10.12 | $9.42 | $15.31 | $13.11 |
40 | $9.86 | $9.15 | $12.50 | $11.18 | $19.45 | $15.84 |
45 | $13.38 | $12.50 | $17.95 | $14.96 | $28.51 | $21.91 |
50 | $17.78 | $15.40 | $27.19 | $20.50 | $48.58 | $32.12 |
55 | $22.53 | $18.83 | $38.37 | $28.60 | $83.60 | $57.99 |
60 | $37.14 | $25.61 | $68.64 | $46.11 | N/A | N/A |
65 | $59.93 | $37.93 | $113.61 | $72.07 | N/A | N/A |
25 | $18.57 | $15.93 | $22.53 | $17.78 | $35.02 | $28.95 |
30 | $19.80 | $16.28 | $24.46 | $19.62 | $39.86 | $33.35 |
35 | $21.47 | $16.90 | $27.28 | $22.09 | $49.02 | $39.86 |
40 | $26.93 | $22.79 | $38.90 | $30.27 | $69.78 | $57.99 |
45 | $36.26 | $31.68 | $55.53 | $42.06 | $111.67 | $85.27 |
50 | $52.98 | $41.89 | $84.13 | $60.54 | $153.65 | $115.54 |
55 | $78.23 | $56.58 | $126.54 | $88.70 | N/A | N/A |
60 | $113.87 | $84.04 | $195.80 | $131.21 | N/A | N/A |
65 | $173.36 | $117.83 | $299.64 | $209.97 | N/A | N/A |
Universal Life Insurance
Universal life insurance is very similar to whole life. Both policies stay in effect as long as you pay the premiums and offer a cash value account.
A portion of the premiums paid is invested, which creates the cash value of the plan. However, with universal coverage, there is a range of premiums that you can pay and the policy is flexible. Universal policies allow you to adjust premium amounts and coverage amounts over time as needed.
The advantage of paying a higher amount at the beginning of the policy is that your investment grows, which then pays for your premiums in the future.
As you age, your rates may increase depending on the policy. Having accrued a large cash value allows you to use that to pay those higher premiums. This is very helpful if you plan to retire and have a limited income. You can keep your coverage and not worry about paying a high rate.
Below you will find average rates for a non-smoking male with $100K in coverage and no optional riders.
Universal Life Insurance Average Rates by Age (Non-Smoker)Ages | Universal Life Insurance Monthly Rates | Universal Life Insurance Yearly Rates |
---|---|---|
20-years-old | $36 | $434.38 |
30-years-old | $42 | $504.00 |
40-years-old | $63 | $752.93 |
50-years-old | $89.50 | $1,074.09 |
Which coverage is right for you?
Like other insurance, your life situation will determine what coverage you need, and that’s likely to change over time.
For example, if you’re young and single, you might just be looking for enough coverage to pay off your bills. If you have a family, you might want coverage that allows your family to pay off your house and be comfortable. An older person might want an investment opportunity, to pay final expenses, or to leave money to family members.
Another factor in choosing a coverage option is budget. Term life tends to be cheaper, which can make a big difference if you’re starting your career, or paying a mortgage.
Getting quotes from the best life insurance companies will help you decide on the life insurance coverage type that is right for you. Compare rates and coverage limits below to find the perfect plan.
- Recent Articles
- Can you get life insurance while pregnant?
- Transamerica vs. Nationwide Life Insurance: Understanding the Difference
- Transamerica vs. American National Life Insurance: Understanding the Difference
- Nationwide vs. Allstate Life Insurance: Understanding the Difference
- Nationwide vs. Ameriprise Financial Life Insurance: Understanding the Difference
- Nationwide vs. AXA Equitable Life Insurance Company Life Insurance: Understanding the Difference
- American National vs. Assurity Life Insurance Company Life Insurance: Understanding the Difference
- AXA Equitable Life Insurance Company vs. United of Omaha Life Insurance Company Life Insurance: Understanding the Difference
- Nationwide vs. Brighthouse Financial Life Insurance: Understanding the Difference
- Ameriprise Financial vs. Banner Life Life Insurance: Understanding the Difference
- John Hancock vs. Banner Life Life Insurance: Understanding the Difference
- Nationwide vs. Fidelity Life Life Insurance: Understanding the Difference
- Nationwide vs. Assurity Life Insurance Company Life Insurance: Understanding the Difference
- United of Omaha Life Insurance Company vs. Western and Southern Financial Group Life Insurance: Understanding the Difference
- Guardian Life vs. Mutual of Omaha Life Insurance: Understanding the Difference
- AIG vs. Nationwide Life Insurance: Understanding the Difference
- Prudential Financial vs. Ohio National Financial Services Life Insurance: Understanding the Difference
- Nationwide vs. Savings Bank Life Insurance Company of Massachusetts (SBLI) Life Insurance: Understanding the Difference
- Nationwide vs. Primerica Life Insurance: Understanding the Difference
- Brighthouse Financial vs. Teachers Insurance and Annuity Association of America (TIAA) Life Insurance: Understanding the Difference
- Nationwide vs. Western and Southern Financial Group Life Insurance: Understanding the Difference
- Pacific Life vs. Voya Financial Life Insurance: Understanding the Difference
- AIG vs. Brighthouse Financial Life Insurance: Understanding the Difference
- Will You Be Denied Life Insurance Because of Drug Use?
- How does my medical history affect the life insurance underwriting process?
- Life Insurance for Business Owners
- If I use my life insurance policy as collateral for a loan, are there tax consequences?
- No Exam Life Insurance and Rheumatoid Arthritis
- Can you get life insurance when you have rheumatoid arthritis?
- The Truth About Life Insurance With Rheumatoid Arthritis
- Life Insurance and Rheumatoid Arthritis
- Do I need to report a life insurance payout on my tax return even if it's not taxable?
- If I receive a partial payout from a life insurance policy, is it taxable?
- Best Life Insurance Company That Doesn't Require an SSN in 2024
- What life insurance riders does Assurity Life Insurance Company offer?
- Companion Life Insurance Review for 2024
- Best Life Insurance Company That Doesn't Check Credit History in 2024
- Cancelling Your Colonial Penn Life Insurance Company Life Insurance Policy
- How to File a Life Insurance Claim With Capitol Security Life Insurance Company
- How to File a Life Insurance Claim With Capitol Life Insurance Company
- How to File a Life Insurance Claim With Catholic Financial Life
- How to File a Life Insurance Claim With Catholic Holy Family Society
- Cancelling Your Catholic Order of Foresters Life Insurance Policy
- How to File a Life Insurance Claim With Cincinnati Life Insurance Company
- How to File a Life Insurance Claim With Cincinnati Equitable Life Insurance Company
- How to File a Life Insurance Claim With Citizens Security Life Insurance Company
- Cancelling Your Citizens Security Life Insurance Company Life Insurance Policy
- How to File a Life Insurance Claim With Colonial Security Life Insurance Company
- How to File a Life Insurance Claim With Colonial Penn Life Insurance Company
- How to File a Life Insurance Claim With Employers Reassurance Corporation