The Most Affordable Life Insurance Companies


A+ (from A.M. Best)

  • Affordable
  • Flexible underwriting

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A+ (from A.M. Best)

  • Affordable
  • No medical exam needed

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Lincoln Financial

A+ (from A.M. Best)


A+ (from A.M. Best)

  • Affordable
  • Accelerated underwriting

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Pacific Life

A+ (from A.M. Best)

  • Affordable
  • Accepts tobacco users

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Are you shopping for affordable life insurance?

At TermLife2Go we work with dozens of top-rated life insurance companies, helping consumers find providers that meet their needs. Some are looking for a highly rated company. Some want providers that require no medical exam. Others want a life insurance company that pays claims quickly.

The 10 most affordable whole life insurance companies*  

  • Banner – Free accelerated death benefit riders
  • The Principal – Affordable, exam-free policies
  • Lincoln Financial Group – among the most affordable plans for seniors
  • Protective – Wide variety of affordable policies
  • Pacific Life – especially low cost if the policy is bought before age 45
  • American General – high-quality guaranteed life plans
  • North American Company – affordability recently made a top priority
  • American National – cost-effective, long-term policies
  • Mutual of Omaha – unique age-versus-life pricing model
  • SBLI – great customer service at affordable prices

* “Affordability” based on comparison of rates for a 50-year old male seeking $500,000 of coverage for 20 years.

Affordable life insurance is something almost everyone is after, which is why we created this list of companies offering the most affordable life insurance policies. Keep reading to find out why we selected these companies. We’ve also included is an A.M. Best rating to help you assess the organization’s financial strength.

Keep in mind, this list is designed to give you a head start in finding the lowest life insurance rates for a variety of situations. However, since everyone’s needs are different, the list reflects the best rates for a 50-year-old man seeking $500,000 worth of coverage for 20 years.

If, after reading our article, you still want other options to consider, check out our best life insurance rates with charts to see how inexpensive term life insurance  can be.

In the meantime, here’s our detailed list of the 10-top affordable life insurance companies.

Banner Life

A.M. Best Rating: A+

Banner Life is a great choice for people with type 1  or type 2 diabetes. The company also offers a free accelerated death benefit rider, a rider enabling the policyholder to get a cash advance should he or she be diagnosed with a terminal condition.

Additionally, Banner Life is less strict than many other carriers when it comes to underwriting a policy. That can be a huge benefit to someone who has a preexisting health condition. Banner consistently ranks as one of the most affordable providers.

For more information, check out our Banner Life Insurance Review


A.M. Best Rating: A+

For years, Principal has been recognized as one of the most affordable life insurance companies doing business. However, what really sets this company apart from its competitors is the fact that Principal offers attractive prices without requiring an exam and blood work (i.e. No Exam Life Insurance). Principal even offers coverage for up to one million dollars for those clients that meet the company’s health requirements.

For more information, read our The Principal Financial Group Life Insurance Review.

Lincoln Financial Group

A.M. Best Rating: A+

Lincoln National has made affordability its mission when offering life insurance to seniors. This effort has paid off as the company consistently ranks as a top choice for older adults. Even better, Lincoln National also has some of the most accommodating underwriting requirements for individuals 70 and older, making Lincoln National one of the best overall choices for seniors.

For more information, check out our Lincoln National Life Insurance Review.


A.M. Best Rating: A+

Because this is a list of affordable life insurance companies, we made it a point to include Protective Life Insurance Company on our roster. Protective is easily the most cost-efficient life insurance provider, and it offers a wide variety of plans. The only drawback for some applicants is that Protective may not be an ideal choice for consumers dealing with complicated medical situations. The company has a reputation for being highly selective when screening high-risk applicants.

For more information please check out our Protective Life Insurance Review.

Pacific Life

A.M. Best Rating: A+

Pacific Life is based in California and has been doing business since 1868. Since its founding, the company has carved out a reputation as a leading innovator in the industry with its affordable rates and the quality of two of its policy types: indexed universal and universal life insurance sales. Two important things to consider: Pacific Life is affordable for clients who purchase a policy early in life (45 and under). The company is also known for offering some of the lowest rates for tobacco users.

American General Life Companies

A.M. Best Rating: A

American General offers high quality guaranteed universal policies. The company also provides life insurance to people with type 2 diabetes.  If you are looking for the company’s most affordable permanent life insurance, ask about its “GUL to 121” policy.

For more information please check out our American General Life Insurance Review.

North American Company

A.M. Best Rating: A+

Known for excellent customer service, North American Company offers a wide range of products. In the past, some of its policies were price-prohibitive; however, in recent years the company has made an effort to make its life insurance more affordable.

For more information, read our North American Company for Life and Health Insurance Review.

American National

A.M. Best Rating: A

American National Insurance Company consistently ranks as one of the most affordable life insurance companies, especially for longer-term policies, such as 30-year term life coverage.

Also, American National may work for consumers who wish to bypass the need for a pre-qualifying medical examination. ANICO offers a variety of no medical exam policies, but keep in mind, policies that do not require medical exams are typically more expensive than those with mandated exams.

For more information, please check out our American National Life Insurance Review.

Mutual of Omaha

A.M. Best Rating: A+

Mutual of Omaha employs an actual age-versus-life insurance model. The way this works is the company bases your costs on your actual age. (Many other providers base plan costs on your age plus six months). So, if your birthday is within the next six months, you may save money purchasing a policy from Mutual of Omaha.

To learn more, check out our Mutual of Omaha review.


A.M. Best Rating: A+

The Savings Bank Life Insurance Company of Massachusetts (SBLI) is known for providing excellent customer service and coverage at an affordable price. Better still, if you can afford to pay for your policy on an annual basis, SBLI offers additional discounts.

SBLI is also worth considering if you have a complicated medical history or situation, but SBLI does have a reputation for scrutinizing preexisting conditions, meaning it is not uncommon for some applicants to be turned down.

For more information, please check out our SBLI Life Insurance Review.

Next Steps

If you’re looking for affordable life insurance, there are many companies to consider. However, a variety of factors will ultimately determine your out-of-pocket costs.

If you still have questions about the companies mentioned in this article—or you wish to discuss other ways to save money on life insurance — give us a call.

About TermLife2Go

We specialize in helping consumers across the country find the most affordable life insurance policy. We accomplish this by taking a few minutes to ask you some questions about your life and needs. We then can identify those companies and policies that may be the best fit. We customize our recommendations for each specific situation and combination of factors.

If you want to know more about how TermLife2Go can help you secure the best and most affordable life insurance policy for your situation, contact us today for a free consultation.

Questions or comments? Feel free to leave them below.

4 comments... add one
    • TermLife2Go

      Hi Terri,

      Thank you for reaching out. We’d be happy to talk with you about getting a life insurance quote. An agent will be reaching out to you via email or you can call us at 888-234-8376.

      Thank you!

  1. dante a. v.

    i am a 92 year old man in good health with a wife who is 18 years younger than me.We live in a retirement community for people over 55. I have approximately $390,000money left and I am worried that if I die shortly, there will not be enough money for my wife to continue to live in our self standing condominium for the rest of her life. At present I think she will only be able to live here for maybe 5 to7 years before all my money will be gone. I am thinking my only recourse is a reverse mortgage. Is there any kind of insurance policy that I can add to my $390,000 when I die. If I can get her to age 78 before applying for a reverse mortgage that will give her enough money per month in addition to my monthly soc.sec. of$2177. At present it is costing us about $5000 to $6000 per month to live here. She is against downsizing. I want to downsize by selling the house and renting an apartment. This will get her into her eighties. But if you want to respond, email me only. I have hearing aids and I don’t do well on a phone.
    Your thoughts will be appreciated.

    • TermLife2Go


      We appreciate you reaching out to us and fully understand your concern for you wife. Unfortunately, we don’t have any life insurance companies that we work with that would be willing to take on a new client at age 92.

      Additionally, because we only offer life insurance products, we fee it would be inappropriate for us to comment on some of the other options you suggested. That said, we do wish you the best of luck and would advise you to seek out a financial adviser prior to making any final decisions.



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