Conventional wisdom often has it that Americans don't do things by halves—except, apparently, when it comes to life insurance. According to Policygenius, only 52% of American adults have life insurance. Meanwhile, nearly half of those Americans (26%) only have group coverage. While that may be better than nothing, group coverage does have its downsides. "For a start, most group policies tend to be one-size-fits-all with limited customization, which may not suit employees with specialized needs," writes Bob Gaydos of Pendella. "Another issue is the meager payouts, often between $10,000 and $50,000, amounts that typically wouldn't even cover one year's salary for the family of a departed insuree." Worse than that, group coverage rarely follows employees when they leave for another job. Comparing group to individual life insurance, Gaydos says that many Americans "hold the mistaken belief that individual life insurance is too expensive, even though the average cost of a life insurance premium per U.S. household is just $993 a year, or less than $100 a month." Unsurprisingly, life insurance costs vary by state, and in their recently released Cheapest States to Live in the U.S. study for 2023, education management company Scholaroo reveals where those costs are the least—and the most. Rhode Island tops the list as the state with the most expensive average life insurance cost at $140. Montana ($134), Colorado ($118), Hawaii ($116), and California ($110) round out the top five states where life insurance has a heftier price tag. Overall, the report states, the southeastern part of the country (minus Florida and South Carolina) has the lowest life insurance cost figures, averaging $79 per capita. That tracks for four out of the five states that Scholaroo says are cheapest overall to live: South Dakota ($78), Indiana ($79), Arkansas ($78), and Mississippi ($77). Nebraska, the fifth least expensive state to live, has an average life insurance cost of $100. None of those states have the lowest life insurance costs in the nation. See our slideshow above for those, and click here for the full study.