Policies: Term life, whole life Age limits: 18 to 75 for term life, up to 80 for whole life Terms: 10, 15, 20, 25 or 30 Coverage amount: $100,000 to $5 million for term life, $25,000 to $1 million , Cheap life insurance isn't out of reach, especially if you're healthy. 8 Best Term Life Insurance Companies in June 2025 Guardian and MassMutual top our list of the best term life insurance , Term life insurance is a cost-effective option for temporary coverage, while permanent life insurance (e.g. universal life insurance, whole life insurance) offers lifelong protection and potential cash value growth. Term life insurance is often best for those anticipating a decrease in financial obligations over time and just want pure protection., Best Cheap Life Insurance Companies. The most affordable provider for you will vary depending on your coverage level and personal profile. Allstate, Yes, term life insurance is almost always significantly cheaper than whole life insurance for the same coverage amount. A term policy might cost $15 to $30 per month, while a comparable whole , Penn Mutual offered the cheapest average life insurance rate of $20.71 per month for healthy 35- to 45-year-olds seeking a 20-year term policy with $250,000 in coverage, based on the MarketWatch , Based on our analysis of term life insurance rates, the following insurers have the cheapest life insurance for shoppers in their 30s, 40s and 50s looking for a 20-year $250,000 term life policy..