The Cheapest Life Insurance Companies

Shawn Plummer

CEO, The Annuity Expert

When it comes to finding the best life insurance policy, price is always a factor. You want to find the company that will offer you the best coverage at the lowest possible price. This guide will discuss the cheapest life insurance companies in 2023. We will also provide information on factors you should consider when shopping for a life insurance policy.



  • Limited riders for term policies

Banner Life

Banner Life is the cheapest life insurance company in 2023. It offers both term life and universal life insurance policies. Consumers can receive a quote online and apply too.

Banner offers a wide range of policy terms for their term policies, between 10 and 40 years. In addition, applicants can choose from several riders, including ones for children’s coverage, waiver of premium, and the accelerated death benefit rider.

Banner Life’s universal insurance policy offers lifetime coverage for people aged 20-80. The policy has a starting coverage amount of $50,000. However, this policy is more limited in scope because it only has the accelerated death benefit available. Like other types of permanent life insurance policies, you’ll need to pay a premium load fee to get the policy. Make sure you can afford this fee before getting the policy. Banner Life is a company that has an A+ rating from AM Best.

For more information, shop Banner Life Insurance Quotes.

American General (AIG)


  • Offers term, whole, and universal life insurance policies
  • Online quotes available
  • Apply online without an insurance agent


  • Not all policy types have riders.

AIG is one of the cheapest life insurance companies. It offers a wide variety of policies, including term, universal, and whole life policies. It also provides some policies that don’t require a medical exam.

There are different insurance policies, and each one has a different coverage amount. You can determine how much coverage you need by getting an estimate online. AIG is a company that has an A rating from AM Best.

AIG offers term life insurance policies with terms from 10 to 35 years. You can choose a policy that fits your needs and add riders like the accelerated death benefit, accidental death benefit, terminal illness, and waiver of premium. The coverage you get depends on the term life policy you choose.

The permanent life insurance options are more limited. You will not find as many available riders or add-ons. If you want to avoid the medical exam, you can choose AIG’s guaranteed issue whole life insurance.

For more information, shop American General (AIG) Life Insurance Quotes.

Transamerica Life Insurance


  • Apply for coverage amounts up to $10 million
  • Wider variety of riders for universal life policies
  • Online quotes available
  • Apply without a life insurance agent


  • Limited riders for term life policies

Transamerica offers term, whole, and universal life policies. They have an A rating from AM Best. In addition, the insurer provides two-term life policies: Trendsetter Super Series and Trendsetter LB. The first type offers coverage of up to $10 million and can convert to a permanent life policy without any additional fees or medical exams. The latter provides lower coverage amounts but comes with living benefits.

If you want to customize a Transamerica policy, the TransAmerica Financial Foundation IUL is your best option. This policy offers coverage options, like overloan protection and accelerated death benefits. You can also choose riders like concierge planning, and terminal illness accelerated death benefits.

If you are interested in getting final-expense insurance, Transamerica offers flexible coverage amounts, no medical exam requirement, and the opportunity for immediate coverage. In addition, Transamerica is a company that has an A rating from AM Best.

For more information, shop Transamerica Life Insurance Quotes.

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Frequently Asked Questions

Who offers the best cheap life insurance?

Banner Life, AIG, and Transamerica offer the best cheap life because of their affordable rates and strong financial ratings.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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