Best Life Insurance Companies in Alaska

If you have a life insurance policy, your loved ones will receive financial support after your death. It might not be easy to choose the best policy for your requirements because many life insurance companies in Alaska offer competitive rates. MoneyGeek reviewed life insurance quotes in Alaska from various insurers, primarily using gender, age and smoking history as the parameters. Through this research, MoneyGeek found the best life insurance companies in Alaska to help you find a suitable policy. We also evaluated the average monthly premiums from multiple insurers and identified the most affordable ones across various categories.

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Best Cheap Life Insurance in Alaska

The lower your life insurance coverage, the lower your monthly premiums. MassMutual provides the lowest rate for men in Alaska for a policy with $250,000 in coverage, with an average monthly premium of $11.10. Transamerica has the most affordable rate for women seeking $250,000 of coverage, at an average of $9.09 monthly.

Although an insurance policy providing less coverage may be cheaper, it may not cover all essential costs after death. And if your beneficiaries are young, they might require enough cash to sustain their cost of living or pay any debts, bills, etc. You must evaluate your financial condition and see how much coverage works best for you before purchasing a life insurance policy. This way, you can financially secure your loved ones after your death.

MoneyGeek recommends an $860,000 life insurance policy for the average Alaskan, regardless of gender, to cover the necessary expenditures after death. This considers the cost of living in Alaska and the state's average incomes, personal debts, age and other factors.

MassMutual and Nationwide are the most affordable life insurance companies in Alaska for men and women, respectively, for a policy providing MoneyGeek's recommended coverage of $860,000. MassMutual's average monthly rate of $22.24 is the most affordable for a man, while Nationwide's average monthly quote of $17.29 is the cheapest for an Alaskan woman.

Best Cheap Life Insurance Companies in Alaska: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $860k
  • MassMutual
    $11.10
    $22.24
  • Nationwide
    $12.03
    $22.93
  • Mutual of Omaha
    $12.04
    $23.87
  • Transamerica
    $11.40
    $26.99
  • AAA
    $16.50
    $39.69
  • Prudential
    $14.46
    $45.92
  • State Farm
    $20.44
    $47.28
  • Progressive Life
    $16.10
    $60.03
Best Cheap Life Insurance Companies in Alaska: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $860k
  • Nationwide
    $10.63
    $17.29
  • MassMutual
    $9.40
    $17.32
  • Mutual of Omaha
    $10.65
    $17.49
  • Transamerica
    $9.09
    $22.45
  • State Farm
    $19.57
    $38.46
  • Progressive Life
    $17.81
    $42.05
  • AAA
    $16.63
    $43.79
  • Prudential
    $18.67
    $60.67

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Alaska using average buyer profile statistics in Alaska, including average age of 28, average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $860,000.

What Is the Average Cost of Life Insurance for Companies in Alaska?

Life insurance quotes in Alaska can vary greatly, and gender is one of the factors that can influence your insurance premiums. Women in Alaska have longer lifespans than men, so their life insurance rates are typically cheaper.

In Alaska, female policyholders pay a monthly premium of about $15.59 for a policy with $250,000 coverage. Male policyholders, on the other hand, spend around $16.37 per month for a similar policy. Although this is only a difference of $0.78, it may vary considerably depending on other circumstances.

Selecting the $860,000 coverage recommended by MoneyGeek for Alaska’s residents may result in higher monthly rates. The average quotes for females rise to $38.10 per month for this coverage, an increase of $22.51, whereas men get an average rate of around $43.25, which is $26.88 more than what they typically pay for a $250,000 policy.

Most Popular Life Insurance Companies in Alaska

Always make sure you choose a financially strong insurance provider that can pay your insurance claims promptly. The company's market share is a good demonstration of its financial strength.

A life insurance company's market share is derived by dividing the number of premiums it has written by the total number of policies sold in Alaska to determine what portion of the state's policies belong to the company.

The seven largest life insurance companies in Alaska comprise roughly 69% of all policies in the state. Lombard International is the most popular insurer with a market share of 35.44% in Alaska.

Most Popular Life Insurance Companies in Alaska

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  • Company
    Market Share
  • Lombard International
    35.44%
  • New York Life
    12.73%
  • Prudential Financial Inc.
    7.60%
  • Lincoln Financial
    7.26%
  • State Farm
    4.18%
  • Zurich
    3.06%
  • Northwestern Mutual
    1.74%

Life insurance market share data for Alaska is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Alaska?

Younger buyers have a lower risk of death. Because age is one of the factors influencing the cost of a life insurance policy, young policyholders in Alaska usually pay lower life insurance premiums. Therefore, getting a life insurance policy when you're younger can save you a lot of money on premiums.

If you’re young and looking for the most affordable life insurance companies in Alaska, the following two are the cheapest:

  • Transamerica: $15.51 per month
  • Mutual of Omaha: $17.21 per month
Best Life Insurance Companies for Young People in Alaska

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  • Company
    Monthly Cost
  • Transamerica
    $15.51
  • Mutual of Omaha
    $17.21
  • MassMutual
    $17.39
  • AAA
    $18.74
  • Nationwide
    $21.00
  • State Farm
    $21.13
  • Prudential
    $21.23
  • Progressive Life
    $25.51

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Alaska who is 5 ft 10 inches and 164 pounds that purchases a 20-year term contract at the average coverage need of $320,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Alaska?

While Alaska's insurers offer lower rates to younger customers, the state's elderly frequently pay higher monthly premiums for their life insurance policies. This is because insurers consider seniors to be high-risk customers.

Seniors generally require less insurance coverage than younger people because they rarely need to financially support their children. Seniors expect their life insurance policy to cover burial expenses and other unpaid liabilities. If you are a senior in Alaska, you can get a low-cost policy by shopping around.

Since seniors typically require lesser coverage, MoneyGeek compared life insurance policies covering $97,000 and found that the following two insurers in Alaska offer the most affordable rates for seniors:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Alaska

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $46.20
  • AAA
    $57.99
  • Progressive Life
    $69.17
  • Prudential
    $79.39
  • Transamerica
    $92.50

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Alaska who is 5 ft 10 inches and 193 pounds that purchases a 10-year term contract at the average coverage need of $97,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Alaska?

Smokers in Alaska must be ready to pay higher amounts for life insurance premiums. Their premiums can be more than double what the average person pays. Furthermore, if you are a senior male who smokes, your life insurance premiums could be much higher due to the major health risks you pose. However, smokers can still get a relatively low-cost insurance quote by comparing prices from several insurers in the state.

The following two life insurance companies in Alaska offer the most affordable premiums to the state’s smokers:

  • Transamerica: $113.52 per month
  • Mass Mutual: $135.22 per month
Best Life Insurance Companies for Smokers in Alaska

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  • Company
    Monthly Cost
  • Transamerica
    $113.52
  • MassMutual
    $135.22
  • State Farm
    $135.50
  • Nationwide
    $138.21
  • Mutual of Omaha
    $151.82
  • Prudential
    $171.28
  • Progressive Life
    $207.93
  • AAA
    $253.62

Rates were determined by analyzing quotes for a 28-year-old male smoker in Alaska who is 5 ft 10 inches and 193 pounds that purchases a 20-year term contract at the average coverage need of $860,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Alaska Life Insurance Laws You Should Know

It is advisable to compare rates from as many insurers as possible while looking for the best life insurance quotes in Alaska. In addition, you should become acquainted with Alaska Statutes Title 21.

Before purchasing a life insurance policy in Alaska, you need to be aware of a few essential phrases from the state’s insurance laws.

  • Free look period: This is the time between purchasing a policy and fully committing to it. This time, usually 10 days, can be utilized to examine the policy and decide whether or not to keep it. If you are dissatisfied with the coverage, you may cancel it within 10 days without penalty and receive a full refund from the company.
  • Grace period: The grace period is the period following the premium due date during which the policyholder may pay a missed premium without penalty. During this time, the insurance coverage remains in effect. When the premium is paid, the firm will acknowledge that it was paid on time. The grace period in the state of Alaska is 30 days.
  • Timely settlement of claims: When a life insurance claim is submitted in Alaska, the amount must be paid to the beneficiary as soon as possible. Failure to settle claims in a fair and timely manner can result in the insurer facing severe penalties. In most cases, the beneficiary receives the settlement amount within two months of submitting the proof of death.
  • Contestable period and incontestability: This is the two-year period during which your insurance company can challenge the claim application for any inconsistencies or misinterpretations. The company may refuse payment if you die within this period. However, if the policyholder dies after two years of holding the policy, it becomes incontestable.

Methodology

Before proposing $860,000 in life insurance coverage for Alaskans, MoneyGeek took into consideration numerous aspects. In order to assess the recommended coverage, we utilized information from the United States Bureau of Economics, as well as the state’s average mortgage debt, personal debt and age. Note that each buyer is unique and may need more or less coverage than we proposed, based on their circumstances.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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