Cheapest online life insurance companies for 2023

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More than half of Americans overestimate the cost of life insurance by as much as threefold. This is especially true for younger generations who prefer to shop online.

However, life insurance premiums can be fairly competitive and costs can be surprisingly low. And getting this affordable coverage doesn’t have to be difficult — life insurance today can be bought online, with no medical exam, and coverage goes in place almost immediately.

To help you find a policy that might be right for you, Insure.com put together a list of companies that offer the cheapest policies online. We pulled rates from 10 online life insurance companies and determined how much online life insurance costs by age, gender, and smoking status.

Each company listed provides coverage completely online. The application process begins with an online questionnaire, excludes a medical exam, and coverage becomes active once you sign an online document.

While cost is important, it shouldn’t be your only criteria for picking a policy. You should consider how much coverage you need and what special features your policy should include. And to be sure you get the best possible rate, you should shop around and compare quotes from at least three to five insurers.

The cheapest online life insurance companies for females

For female non-smokers in excellent health, Wyshbox offered the best rates for 25-year-olds. Haven Life provides the best rates for 35-year-olds and 45-year-olds. But once applicants reach age 55, the most affordable online life insurance companies were Fabric and Ethos. Fabric had the best rate for 55-year-old females buying $500,000 in coverage, while Ethos had the best rate for 55-year-old females buying $1 million in coverage.

Age	25		35		45		55
Coverage amount	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million
Bestow	$18	$29	$26	$47	$60	$115	$176	$338
Ethos	$16	$24	$20	$36	$44	$83	$106	$199
Fabric	$19	$32	$21	$35	$57	$97	$104	$201
Haven Life	$15	$23	$18	$29	$36	$67	$110	$217
Ladder	$18	$29	$19	$32	$46	$80	$78	$131
SoFi	$21	$34	$22	$37	$53	$92	$78	$131
Lemonade	$18	$29	$23	$39	$44	$83	$81	$156
Sproutt	$20	$36	$23	$43	$50	$97	$67	N/A
TruStage	$56	N/A	$80	N/A	$122	N/A	$266	N/A
Wyshbox	$12	$20	$21	$41	$40	$78	N/A	N/A

The cheapest online life insurance companies for males

For male non-smokers, Haven Life offers the most affordable rates up to age 55. But once applicants reach 55, Fabric by Gerber Life takes the lead.

Age	25		35		45		55
Coverage amount	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million
Bestow	$37	$66	$36	$66	$88	$169	$159	$311
Ethos	$21	$37	$25	$46	$57	$106	$150	$283
Fabric	$23	$39	$24	$41	$71	$126	$143	$278
Haven Life	$19	$31	$21	$34	$42	$80	$151	$297
Ladder	$21	$35	$22	$37	$58	$104	$116	$218
SoFi	$24	$41	$25	$42	$67	$119	$116	$218
Lemonade	$29	$51	$30	$54	$58	$109	$113	$220
Sproutt	$24	$44	$30	$57	$67	$130	$93	N/A
TruStage	$92	N/A	$98	N/A	$185	N/A	$377	N/A
Wyshbox	$21	$38	$30	$58	$54	$101	N/A	N/A

The cheapest online life insurance companies for female smokers

Ethos offered the best rates to female smokers across the board, regardless of age.

Age	25		35		45		55
Coverage amount	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million
Bestow	$50	$94	$85	$163	$202	$302	$479	$749
Ethos	$30	$52	$36	$62	$80	$149	$188	$363
Fabric	$70	$133	$105	$203	$312	$605	$519	$984
Haven Life	$39	$69	$61	$112	$153	$299	$331	$657
Ladder	$41	$71	$74	$137	$164	$310	$262	$491
SoFi	$47	$82	$85	$157	$189	$357	$301	$564
Lemonade	$56	$106	$86	$167	$220	$434	$478	$950
Sproutt	N/A	N/A	$93	$181	N/A	N/A	$388	N/A
TruStage	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Wyshbox	$47	$82	$73	$144	$180	$357	N/A	N/A

The cheapest online life insurance companies for male smokers

Like the pricing offered to female smokers, male smokers received the best rates from Ethos.

Age	25		35		45		55
Coverage amount	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million	$500,000	$1 million
Bestow	$95	$183	$153	$299	$328	$648	$764	$1,520
Ethos	$39	$70	$46	$84	$106	$197	$278	$535
Fabric	$97	$187	$129	$251	$407	$782	$774	$1,532
Haven Life	$51	$94	$90	$172	$211	$414	$460	$955
Ladder	$65	$119	$94	$173	$208	$397	$396	$779
SoFi	$74	$137	$108	$199	$239	$456	$456	$896
Lemonade	$101	$196	$138	$270	$301	$595	$690	$1,374
Sproutt	$84	$163	$109	$213	$284	$565	$617	N/A
TruStage	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Wyshbox	$57	$115	$112	$221	$236	$468	N/A	N/A

The cheapest online life insurance companies for each age group

Life insurance premiums tend to go up as you age. A 25-year-old applicant for online life insurance will see premiums that are a lot lower than a 55-year-old applicant would.

Because of this, it’s best to buy coverage as soon as you know you need it. The earlier you buy coverage, the more you’ll save.

You’ll find the cheapest life insurance companies for multiple age groups below. Each premium is based on a policy for a non-smoker buying a 20-year term.

The cheapest online life insurance companies for 25-year-olds

Haven Life offers the most affordable premiums for 25-year-old males, while Wyshbox provides the most affordable rates for females.

The cheapest online life insurance companies for 25-year-old males

Insurance company	Coverage amount	Average monthly premium
Haven Life	$500,000	$19
Haven Life	$1 million	$31

The cheapest online life insurance companies for 25-year-old females

Insurance company	Coverage amount	Average monthly premium
Wyshbox	$500,000	$12
Wyshbox	$1 million	$20

The cheapest online life insurance companies for 35-year-olds

Haven Life offers the most affordable online life insurance rates for 35-year-old males and females.

The cheapest online life insurance companies for 35-year-old males

Insurance company	Coverage amount	Average monthly premium
Haven Life	$500,000	$21
Haven Life	$1 million	$34

The cheapest online life insurance companies for 35-year-old females

Insurance company	Coverage amount	Average monthly premium
Haven Life	$500,000	$18
Haven Life	$1 million	$29

The cheapest online life insurance companies for 45-year-olds

Haven Life offers the most affordable online life insurance rates for 45-year-old males and females.

The cheapest online life insurance companies for 45-year-old males

Insurance company	Coverage amount	Average monthly premium
Haven Life	$500,000	$42
Haven Life	$1 million	$80

The cheapest online life insurance companies for 45-year-old females

Insurance company	Coverage amount	Average monthly premium
Haven Life	$500,000	$36
Haven Life	$1 million	$67

The cheapest online life insurance companies for 55-year-olds

Fabric offers the most affordable online life insurance rates for 55-year-old males. Fabric also offers the most affordable rates for 55-year-old females purchasing $500,000 in coverage, but Ethos offers the best premium for 55-year-old females purchasing $1 million in coverage.

The cheapest online life insurance companies for 55-year-old males

Insurance company	Coverage amount	Average monthly premium
Fabric	$500,000	$143
Fabric	$1 million	$278

The cheapest online life insurance companies for 55-year-old females

Insurance company	Coverage amount	Average monthly premium
Wyshbox	$500,000	$104
Wyshbox	$1 million	$199

How to save on online life insurance premiums

Life insurance premiums are determined by multiple factors, including your age, gender, health history, and lifestyle choices. While some factors are outside of your control, there are some steps you can take to get the best price for your coverage.

Buy coverage as soon as you know you need it: Life insurance premiums increase with age, so the sooner you buy coverage, the less you’ll be paying for the duration of the policy. Additionally, if you experience any negative changs in your health due to age, your rates will also get more expensive.
Get healthy: Applicants in good or excellent health pay less than applicants who are in moderate or poor health. For example, if you are overweight, reaching a healthy weight will help you attain a lower life insurance premium.
Quit smoking: Smokers pay significantly less than non-smokers. If you quit smoking, it is worthwhile to shop around for a new life insurance policy to see if you can get a lower rate.
Compare quotes from multiple insurers: Insurance companies underwrite applications differently. This means you might get lower rates from one insurer and high rates from another. To get the best possible rate, compare quotes from multiple insurers to see who offers you the best rates.
Get the right amount of coverage: Determine exactly how much coverage you need so you’re not overpaying for coverage. Most people need 10 to 15 times their income, but you can work with a financial advisor to get a precise dollar amount.

The most affordable online life insurance company for one person might not be the best for another. Because of this, it’s important to do your research and compare quotes before buying a policy. By shopping around, you can get the most affordable rate for your unique profile.

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