Life Insurance Quote Comparison (2025)

If you have loved ones who depend on you, life insurance is critical for financial protection and peace of mind. Shopping around and getting quotes from several life insurance companies can help ensure you get the right life insurance policy for your needs.

This article will help you understand the types of life insurance that are available, how you can get multiple quotes, and how to buy a life policy that works for you.

What is a life insurance quote?

Life insurance quotes are a basic estimate of how much a policy would cost. Using some simple details — such as your age, gender, and tobacco usage — insurance companies can give you an idea of how much your policy would cost.

Quotes can vary significantly between insurers since they all have their own underwriting formulas. Comparing quotes can give you an idea of which insurer might offer you the best price for your desired coverage.

How to compare life insurance quotes

Comparing quotes is more than just looking at price. Follow these tips as you consider your life insurance policy options:

• Collect your information. Insurance companies will typically ask for your age, height, weight, and a gauge of your overall health. They’ll usually ask if you’re in poor, fair, good, or excellent health and whether you’ve used tobacco in the past few years.

• Shop around or work with a broker. You can get quotes on your own by requesting them from one or more insurance companies, or you can work with a broker to handle the process for you. Insurers, not individual customers, pay brokers.

• Decide on a policy type. Some companies offer online quotes only for certain types of coverage, such as term life insurance. For other types, particularly permanent life insurance policies, you’ll need to work with an insurance agent.

• Set coverage limits and add-ons. To make sure you’re comparing apples to apples, ensure the quotes are for the same coverage type, the same policy benefit amount, and the same riders and add-ons.

• Consider financial stability and customer satisfaction. Life insurance policies can be in force for decades. This means it’s important to choose an insurer that’ll be financially stable for the long term and has a reputation for customer satisfaction. When researching insurers, look at the companies’ AM Best financial strength ratings and customer satisfaction ratings from J.D. Power.

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Types of life insurance to consider

Many different types of life insurance are available, and they vary substantially by cost and structure. All life insurance falls into two main categories — term and permanent life insurance.

Term life insurance

Term life insurance pays a death benefit to your beneficiary only if you pass away while the policy is in force. Terms can range from 10 to 30 years. Because the coverage ends when the term ends, term life insurance is usually much less expensive than other forms of life coverage.^[2]

Types of term life insurance include:

• Level term: Your premiums will remain the same throughout the policy term.

• Renewable term: Premiums hold steady through the initial term of the policy. When that term ends, you can extend your coverage for another term. But the premium will likely be higher.

• Return of premium term: At the end of the term, you can get some or all of the premium you paid back if you’re still alive. But premiums are typically higher for this type of term policy.

• Increasing/decreasing term: Increasing term policies provide an increasing death benefit amount, with a slight increase in premium as you grow older. Decreasing term policies lower your premium payments over time, resulting in a lower death benefit amount.

• Guaranteed issue: You won’t need to take a medical exam to secure guaranteed life insurance. But you’ll face higher premiums, and the policy might only pay a reduced death benefit for the first few years it’s in force.

Permanent life insurance

Permanent life insurance lasts for your lifetime. In addition to a death benefit that pays out to your beneficiaries, permanent policies generally have a cash value component. You may be able to tap that cash value while you’re still alive, depending on the type of permanent policy you buy.

Permanent life is usually more expensive than term life insurance.

Permanent life insurance can come in different forms as well, including:

• Whole life: Whole life policies have a death benefit, and they also can build cash value. When you pay premiums for a whole life policy, your insurer sets aside a portion of your premiums, and you can borrow against that money while you’re still alive.^[2]

• Universal life: Universal life insurance also has a death benefit and cash value, and it also lasts throughout your life — as long as you pay your premiums. But universal life insurance allows you to opt for more flexible premium payments.

• Variable life: Variable life policies differ from other types of permanent policies in that you can invest your cash value in stocks, bonds, or money market funds.^[3] But keep in mind that if your investments lose money, the policy’s cash value and death benefit could decrease.

How life insurance works

All life insurance types have the same basic purpose and work in the same essential way.

The purpose of life insurance is to provide your loved ones with financial protection in case you pass away. You pay a monthly premium to the insurer, and in exchange, the insurance company agrees to pay out a death benefit to your beneficiaries if you die while the policy is in effect.

Life insurance policies can get more complex with insurance riders that add living benefits, such as terminal illness riders. And some types of life insurance offer additional benefits, like a cash value component.

Average life insurance quotes

The cost of life insurance will play a role in the type of policy you choose. Generally, permanent life insurance — such as whole life — is more expensive than most term life insurance products. Insurify’s analysis found that whole life policies with $250,000 of coverage usually cost about five times more than term life coverage.

Average quotes for term life insurance

Term life coverage is the most affordable form of life insurance. Depending on your age, you can purchase a 20-year, $250,000 policy for $10–$60 per month. The following table shows the average monthly rates for term life insurance.

Average quotes for whole life insurance

Whole life coverage is generally costlier than term life, but it’s permanent and lasts for your entire life, as long as you keep up with the premium payments. Premiums are more affordable if you buy a policy in your 20s; a $250,000 policy will cost $60–$70 per month but will be hundreds of dollars if you purchase coverage later in life.

The following table shows average monthly rates for whole life insurance.

Factors that affect life insurance quotes

During the underwriting process, insurers look at several factors to determine your eligibility for coverage and set your rates. These are some key factors that affect your quote:

• 

  Age

  In general, insurance is cheaper when you’re young. Premiums will be cheapest for people in their 20s and 30s.

• 

  Gender

  Men generally pay more for life insurance than women. Statistically, men die at a younger age and are more likely to have major health issues, like heart disease.

• 

  Overall health

  If you have a history of past or current health issues, such as high cholesterol or high blood pressure, you’ll likely pay a higher rate than someone with a clear health history.

• 

  Occupation

  Your work can also affect your premiums. People in higher-risk professions, such as construction workers, pilots, and drivers, will pay a higher rate.

• 

  Smoking

  People who use tobacco products are at higher risk of developing issues like lung cancer and COPD, so they’ll have higher premiums than non-smokers.

• 

  High-risk activities

  High-risk sport enthusiasts, such as people who participate in bungee jumping or skydiving, will pay a higher rate for life insurance.

How to apply for life insurance

Once you’ve compared quotes from several insurers and identified a good life insurance policy and death benefit amount, you can apply in a few simple steps:

1. Collect your medical information. The application will ask for your medical and health details, so you can make the process easier by collecting the following information ahead of time:

   • Age, weight, and height

   • A list of current prescription medications you take and their dosages

   • Any current or past medical diagnoses

   • Details about your family’s medical history

2. Fill out the application. Many insurance companies allow you to apply online or over the phone, or you can apply through an agent. Once you submit the application, the insurer will kick off the underwriting process. In some cases, the insurer can complete the process digitally, but some people will need a medical exam.

3. Take a medical exam. You may have to undergo a physical exam, complete with blood work. In most cases, the insurer will arrange for a representative to visit you at your home or office.

4. Wait for notification. The insurer will take some time — anywhere from a few hours to a few weeks — to review your application and information. If everything looks good, you’ll receive a packet with your policy information, including your rate. You’ll have to sign and return the form and pay your first premium to complete the purchase. Once you do, the policy is in effect.

Life insurance quote comparison FAQs