Cheapest life insurance companies for 2022

If you are concerned about the cost of life insurance, you are not alone. According to a study by LIMRA, a life insurance trade association, the main reason most people don't buy life insurance is because they think it's expensive. But, life insurance may be as affordable and inexpensive as you think. The same study revealed that more than half of Americans overestimate the cost of a life insurance policy.

Our list of the cheapest life insurance companies for 2022 can help you find a policy that gives you peace of mind and fits your budget.

Cheapest life insurance companies for 2022

#1 Banner Life

#2 AIG

#3 Guardian Life

#4 State Farm

#5 Transamerica

Banner life

With lower monthly premium rates than other companies in our ranking, Banner Life is the #1 company on the list of cheapest life insurance companies for 2022. Banner Life offers comprehensive life and life insurance policies. The company also allows customers to get a quote online.

Banner's term life policies offer terms between 10 and 40 years, some of the broadest ranges of terms in our ratings. Although there are a limited number of riders available, applicants can still choose from multiple child life insurance riders and an accelerated death benefit rider.

Banner Life's comprehensive insurance policy provides lifetime coverage for those aged 20 to 80, with coverage amounts starting at $50,000. However, global life policy is more limited than the term life policy because there is only one contestant: the accelerated death benefits contestant.

AIG

AIG ranked second cheapest life insurance company for 2022, and AIG's sample prices can be compared with Banner Life. Coverage amounts vary based on the policy you choose, and range from $5,000 to $10 million.

AIG offers life insurance with 18 options for periods ranging from 10 years to 35 years. You can convert a term life policy into a permanent policy without the need for a medical exam.

AIG permanent life insurance policies include comprehensive life and case guaranteed for life, which do not require a medical examination.

You can request a quote online, however, you will eventually need to speak with an agent to complete the application process.

AIG has been rated by AM Best. For more information, check out the full AIG review.

Guardian life insurance 

Guardian Life offers different types of policies, including comprehensive term, comprehensive and variable life. Whole life policies start at $25,000 of coverage, and term, comprehensive, and variable policies start at $100,000 of coverage.

The insurance company's permanent life policies provide flexible or guaranteed premiums as well as various ways to customize coverage with passengers. Its comprehensive life policies offer riders, such as long-term care, charitable benefits, monthly discount waivers, and an enhanced rider promotion. Guardian Life pays dividends on its policies throughout its life. While their terms policies are available for tenures ranging from 10 to 30 years.

For all types of policies, you will need to work with an agent. Guardian Life does not include details of its available policies or online features. However, you can use the online instant quote tool to estimate the life insurance policy, after which you still have to contact the agent.

Guardian Life has received an A++ rating from AM Best. For more information on Guardian Life, check out our full review.

State Farm insurance 

State Farm offers final, inclusive, lifetime, and final expense policies. Depending on the policy, you can get joint coverage where death compensation is paid based on the deceased insured. Some policies do not require a medical exam.

One downside to State Farm is that the company does not offer quotes or the ability to apply for a policy online. Instead, you will need to contact an agent directly. However, depending on the policy, you may be able to get a policy on the same day. Also, be sure to check if State Farm is offered in your area as there are some state-specific licensing restrictions.

State Farm has also received an A++ rating from AM Best.

Transamerica

Transamerica offers comprehensive, world-wide life policies. It has two lifetime policies, Trendsetter Super and Trendsetter LB. Trendsetter LB is a non-medical screening policy with coverage up to $2 million, while Trendsetter Super coverage is up to $10 million or more (and no medical exam in some cases). Transamerica also offers three permanent policies: Index Universal Life Insurance, Whole Life Insurance, and Final Expense Life Insurance.

A selection of riders are available for Transamerica life insurance policies. However, the offer is more limited compared to other companies that have made our cheapest life insurance companies in the 2022 rating. Transamerica offers an online quote tool to get a cost estimate, but to purchase a policy, you will have to speak with a local agent. The company has received an AM Best Financial Security rating from A.