Best Life Insurance Companies That Don’t Raise Premiums (2021)
Northwestern Mutual and Lincoln Heritage Funeral Advantage are two life insurance companies that don't raise rates. However, fixed life insurance rates are only available for their whole life insurance policies. The lowest average for whole life insurance is $178/mo. But your rates will vary. Shop around and compare multiple life insurance companies to secure the best rates.
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Written by
D. Gilson, PhD
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Reviewed by
Leslie Kasperowicz
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UPDATED: Dec 14, 2021
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- Northwestern Mutual and Lincoln Heritage Funeral Advantage don’t increase whole life insurance rates
- Most life insurance companies increase rates as you get older
- On average, whole life insurance policies are $169 more than term life insurance policies
Are you searching for life insurance companies that don’t raise premiums? It’s challenging to find a life insurance company that doesn’t increase rates. But there are a few companies that do.
Don’t worry – we’re here to help. Our guide explores which insurance companies don’t increase life insurance rates, and which life insurance companies raise premiums.
After you learn more about life insurance companies that don’t raise rates, enter your ZIP code in the free online quote tool above to compare multiple insurance companies near you.
Table of Contents
Which life insurance companies don’t raise life insurance rates?
Northwestern Mutual and Lincoln Heritage Funeral Advantage are two life insurance companies that don’t increase life insurance rates for whole life insurance policies.
Life insurance rates usually increase as you get older. Therefore, Northwestern Mutual and Lincoln Heritage may have other policies that increase life insurance costs as you age.
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What are the best life insurance companies that do increase rates?
Most life insurance companies increase rates every five years. The reason why is because life expectancy changes as you get older.
Life insurance companies raise rates based on gender, also. That’s because men have lower life expectancies than women.
According to Statista, the average woman will outlive the average man by about five years.
But which companies are known for increasing rates based on age and gender. Here’s a list of companies that do.
- Auto-Owners
- Banner Life
- Guardian Life
- Haven Life
- John Hancock
- MassMutual
- MetLife
- Mutual of Omaha
- Nationwide
- New York Life (associated with AARP)
- Northwestern Mutual
- Pacific Life
- Primerica
- Principal
- Protective
- Prudential
- State Farm
- USAA
Each life insurance company on the list has an A.M. Best rating of “A” or better, which means each company pays out claims effectively and keeps most customers satisfied.
How much are life insurance rates on average?
Have you ever asked, “Why are my life insurance rates so high?” Life insurance varies for each person.
Term life insurance rates are about $9 a month on average. However, the whole life insurance rates are $178 per month.
Permanent life insurance usually costs more per month, but they have more perks than term life insurance.
Life insurance rates vary for each company. Here’s an example of how life varies for the best insurance companies in the United States.
| Company | Average Monthly Term Life Insurance Rates | A.M. Best Rating |
|---|---|---|
| Allstate | $15 | A+ |
| Banner Life | $9 | A+ |
| Guardian Life | $10 | A++ |
| Haven Life | $11 | A++ |
| John Hancock | $11 | A+ |
| MassMutual | $10 | A++ |
| MetLife | $9 | A+ |
| Mutual of Omaha | $12 | A+ |
| Nationwide | $13 | A+ |
| New York Life | $11 | A++ |
| Northwestern Mutual | N/A | A++ |
| Pacific Life | N/A | A+ |
| Primerica | N/A | A+ |
| Principal | $9 | A+ |
| Protective | $9 | A+ |
| Prudential | $16 | A+ |
| State Farm | $15 | A++ |
| USAA | $12 | A++ |
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These rates reflect term life insurance with $100,000 policy amounts and 10-year terms. Policyholders in their 20s will likely see term life insurance rates around $9 per month.
But what about whole life insurance? Life insurance rates by age charts are difficult to find. However, our guide has one.
How much are whole life insurance rates?
Whole life insurance is a type of permanent life insurance policy. You could pay lower than $180 a month for whole life insurance.
Let’s look at a whole life insurance rate by age chart to give you an idea of how much you’ll pay for the policy at different coverage amounts.
| Age & Gender | $250K Policy Limit | $500K Policy Limit | $750K Policy Limit | $1M Policy Limit | $2M Policy Limit |
|---|---|---|---|---|---|
| 25-Year-Old Male | $178 | $351 | $524 | $688 | $1,179 |
| 25-Year-Old Female | $156 | $307 | $458 | $600 | $1,196 |
| 30-Year-Old Male | $213 | $421 | $629 | $827 | $1,650 |
| 30-Year-Old Female | $189 | $374 | $558 | $733 | $1,462 |
| 35-Year-Old Male | $261 | $517 | $773 | $1,020 | $2,035 |
| 35-Year-Old Female | $219 | $433 | $647 | $852 | $1,699 |
| 40-Year-Old Male | $328 | $652 | $975 | $1,289 | $2,574 |
| 40-Year-Old Female | $264 | $523 | $782 | $1,032 | $2,059 |
| 45-Year-Old Male | $416 | $827 | $1,239 | $1,641 | $3,277 |
| 45-Year-Old Female | $329 | $653 | $978 | $1,293 | $2,581 |
| 50-Year-Old Male | $531 | $1,057 | $1,584 | $2,101 | $4,198 |
| 50-Year-Old Female | $421 | $837 | $1,254 | $1,661 | $3,317 |
| 55-Year-Old Male | $678 | $1,351 | $2,024 | $2,688 | $5,372 |
| 55-Year-Old Female | $544 | $1,084 | $1,623 | $2,153 | $4,302 |
| 60-Year-Old Male | $865 | $1,725 | $2,586 | $3,437 | $6,869 |
| 60-Year-Old Female | $705 | $1,406 | $2,107 | $2,799 | $5,593 |
| 65-Year-Old Male | $1,123 | $2,241 | $3,360 | $4,468 | $8,932 |
| 65-Year-Old Female | $935 | $1,865 | $2,796 | $3,717 | $7,429 |
| 70-Year-Old Male | $1,518 | $3,031 | $4,544 | $6,047 | $12,090 |
| 70-Year-Old Female | $1,274 | $2,544 | $3,814 | $5,074 | $10,143 |
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Several factors determine affordable life insurance rates. These factors include age, gender, health, policy amount, and policy type.
Which life insurance company has the cheapest rates for women?
Women generally pay less for life insurance than men. Let’s start by looking at the cheapest life insurance companies for women.
- Banner Life – $47/month
- Pacific Life – $47/month
- Principal – $47/month
- Protective – $57/month
- Mutual of Omaha – $61/month
These monthly life insurance rates reflect policies with a 20-year term and a $1M policy limit for 35-year-old women.
Banner Life, Pacific Life, and Principal Life are the cheapest companies for females.
Which life insurance company is cheapest for men?
Men pay more for life insurance, but you can access more affordable rates if you’re a nonsmoker. Here’s a list of companies with the cheapest life insurance rates for men.
- Banner Life – $62/month
- Pacific Life – $62/month
- Principal – $63/month
- John Hancock – $71/month
- Mutual of Omaha – $74/month
These rates were determined by a 20-year term and a policy limit of $1M. Compared to females, male policyholders pay at least $15 more for life insurance.
What are the cheapest life insurance companies for seniors?
Older policyholders pay significantly more. We researched life insurance rates for seniors who are 65 years old with a 10-year term and a $500,000 policy limit. Here are the monthly life insurance rates.
- Protective – $279/month
- Pacific Life – $282/month
- Principal – $287/month
- MassMutual – $321/month
Expect your life insurance rates to go up every five years. If you think you’re paying too much for life insurance, shop around for a cheaper policy.
Can I find cheap life insurance companies for smokers?
Smokers usually pay more for life insurance. Here are two life insurance companies with the lowest monthly rates.
- Banner Life – $143/month
- Pacific Life – $149/month
Any smokers who have good health are identified as preferred, but smokers who have questionable health are listed as standard. Preferred life insurance policyholders have more affordable rates.
Do life insurance companies provide coverage for children?
The answer is yes. Most life insurance companies have an add-on called a child rider. But riders add a few dollars to your monthly life insurance rates. Here are the cheapest companies for child riders.
- Nationwide – $4/month
- Banner Life – $5/month
- Pacific Life – $5/month
- Protective – $5/month
- Mutual of Omaha – $6/month
These life insurance rates reflect policy limits from $1,000 to $25,000. Shop around and see if you can buy a child rider with a higher policy limit.
Where can I find cheap no-medical-exam life insurance policies?
Life insurance rates with no medical exam are usually more expensive than standard life insurance. But we found a few life insurance companies that provide cheaper than average life insurance rates.
| Companies | A.M. Best Ratings | Coverage Capacity | Issue Ages | Premiums | Life Insurance Policies Offered |
|---|---|---|---|---|---|
| AIG | A | $10 million | Up to 80 | Contact agent | Term, whole, universal, and accidental death |
| Colonial Penn | A- | Contact agent | Up to 85 | $9.95+/month | Guaranteed acceptance, whole, and term |
| Globe Life | A | $100,000 | Contact agent | $3.98+/month | Term, whole, and mortgage protection |
| Prudential Veterans’ Group Life Insurance | A+ | Over $750,000 | Contact agent | $12.08+/month | Term and universal |
| State Farm | A++ | Contact agent | Up to 45 with no medical exam | Contact agent | Term, whole, and universal |
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Globe Life is the cheapest company for younger policyholders. However, your life insurance rates will increase if you’re older.
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How much life insurance do I need?
We recommend purchasing life insurance limits that are ten times your current salary.
For example, a person who earns $45,000 a year should buy a policy limit of $500,000.
If the recommended policy limit generates expensive life insurance rates, look at other options.
Check with your employer to see if a group life insurance policy is available for employees. Or continue to shop around until you find the best life insurance company that’s within your budget.
Life Insurance Companies That Don’t Raise Premiums: What’s the bottom line?
Only a few life insurance companies don’t raise rates. Most life insurance companies increase rates as you age. Also, your rates are based on policy limits and what type of life insurance coverage you have.
Now that you know more about life insurance companies that don’t raise rates, use our free online quote tool below to compare multiple companies in your area.