Best Life Insurance Companies in Connecticut

Having a life insurance plan ensures that your debts are not passed on to your loved ones after you pass away, saving them from financial stress after your death. There are many insurance companies in Connecticut. To help you choose the best one according to your needs, MoneyGeek classified different companies’ policies according to gender, age and smoking habits.

We will also discuss some state laws that may influence your decision. Before getting a life insurance quote in Connecticut, read this guide to find a plan that fits your needs.

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Best Cheap Life Insurance in Connecticut

Your average monthly insurance expenses will depend on your policy coverage amount. A plan with a lower coverage amount may cost you less; however, it may not be enough to cover ongoing expenses after death.

For $250,000 worth of coverage, Transamerica is the cheapest insurance company for Connecticut men at an average cost of $9.68 per month. The company also offers the most affordable life insurance policy for women at an average of $8.82 per month.

With a policy worth $250,000, you’ll pay a relatively low monthly premium. However, you may not receive sufficient coverage. MoneyGeek recommends that you get an insurance policy with a coverage amount of $975,000. We have made this recommendation after considering the average age, average income, cost of living and average personal debt in Connecticut.

For the recommended coverage amount of $975,000, Nationwide offers the most affordable policy, which costs $24.02 per month on average for men and $19.16 per month on average for women.

Best Cheap Life Insurance Companies in Connecticut: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $975k
  • Nationwide
    $11.81
    $24.02
  • MassMutual
    $11.10
    $24.34
  • Transamerica
    $9.68
    $24.38
  • Mutual of Omaha
    $12.47
    $26.34
  • AAA
    $13.42
    $30.36
  • State Farm
    $19.14
    $47.63
  • Prudential
    $29.82
    $52.93
  • Progressive Life
    $16.53
    $71.88
Best Cheap Life Insurance Companies in Connecticut: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $975k
  • Nationwide
    $11.59
    $19.86
  • Transamerica
    $8.82
    $20.19
  • MassMutual
    $10.45
    $20.95
  • Mutual of Omaha
    $12.47
    $21.31
  • AAA
    $11.88
    $27.85
  • Prudential
    $10.91
    $37.86
  • State Farm
    $17.39
    $39.14
  • Progressive Life
    $15.88
    $58.31

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Connecticut using average buyer profile statistics in Connecticut, including average age of 33, average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $975,000.

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

The gender of the policyholder has a significant role in determining the average monthly insurance premium. Women usually get cheaper life insurance quotes in Connecticut because they have longer lifespans than men.

Male buyers in Connecticut pay $17.51 monthly on average for $250,000 worth of coverage, while female buyers pay $13.90 monthly on average for the same coverage amount.

For $975,000 worth of coverage, male buyers pay $45.34 per month on average and females pay an average of $37.38 per month. Therefore, men pay an average of $27.83 more and women pay around $23.48 more compared to the coverage level of $250,000.

Most Popular Life Insurance Companies in Connecticut

By calculating the market share of a company, you can determine its popularity among consumers. Buying an insurance policy from a company with a high market share usually ends up being more reliable, as the company is likely quite strong financially.

MoneyGeek’s research shows that the seven largest companies in Connecticut make up 47.72% of the insurance market. Of these companies, Northwestern Mutual has the largest market share — it owns 13.97% of the market.

Most Popular Life Insurance Companies in Connecticut

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  • Company
    Market Share
  • Northwestern Mutual
    13.97%
  • MassMutual
    8.72%
  • Lincoln Financial
    8.17%
  • Prudential Financial Inc.
    4.61%
  • Guardian
    4.26%
  • John Hancock
    4.04%
  • New York Life
    3.95%

Life insurance market share data for Connecticut is based on 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 Connecticut?

Your age plays an important role in determining your average monthly insurance cost. If you’re young and in good health, you’ll be considered low-risk by insurance companies in Connecticut and will pay a lower monthly premium.

Due to this factor, buying a life insurance plan at a young age is considered the most viable way of saving money on monthly insurance costs.

The two most affordable life insurance providers in Connecticut for young people are, on average:

  • Transamerica: $18.75 per month
  • MassMutual: $20.10 per month
Best Life Insurance Companies for Young People in Connecticut

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  • Company
    Monthly Cost
  • Transamerica
    $18.75
  • MassMutual
    $20.10
  • Mutual of Omaha
    $20.17
  • AAA
    $23.23
  • State Farm
    $24.89
  • Nationwide
    $25.81
  • Prudential
    $26.16
  • Progressive Life
    $29.49

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Connecticut who is 5 ft 10 inches and 159 pounds that purchases a 20-year term contract at the average coverage need of $400,000. 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 Connecticut?

As people age, their health typically declines. Due to this, seniors are usually considered high-risk individuals by insurance companies in Connecticut and get expensive life insurance quotes.

However, they may still be able to find reasonable insurance plans that fit their needs. MoneyGeek’s research shows that the two least expensive insurance providers for seniors in Connecticut are, on average:

  • Transamerica: $42.93 per month
  • Nationwide: $44.19 per month

The policies mentioned above offer $120,000 worth of coverage. The coverage amount is lower because older people typically do not have dependent children.

Best Life Insurance Companies for Seniors in Connecticut

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  • Company
    Monthly Cost
  • Transamerica
    $42.93
  • Nationwide
    $44.19
  • MassMutual
    $44.74
  • AAA
    $45.50
  • Mutual of Omaha
    $51.09
  • State Farm
    $60.58
  • Progressive Life
    $69.17
  • Prudential
    $94.76

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Connecticut who is 5 ft 10 inches and 187 pounds that purchases a 10-year term contract at the average coverage need of $120,000.

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

If you’re a smoker, your average monthly insurance costs are going to be higher. Because of your habit, you are in the high-risk category, as you have numerous health hazards due to smoking.

However, smokers with otherwise good health can still find relatively affordable insurance plans in the market. On average, the two least expensive insurance policies for smokers in Connecticut are offered by:

  • Transamerica: $145.13 per month
  • State Farm: $170.67 per month
Best Life Insurance Companies for Smokers in Connecticut

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  • Company
    Monthly Cost
  • Transamerica
    $145.13
  • State Farm
    $170.67
  • MassMutual
    $171.94
  • Nationwide
    $178.63
  • Mutual of Omaha
    $181.46
  • AAA
    $195.89
  • Prudential
    $196.23
  • Progressive Life
    $262.74

Rates were determined by analyzing quotes for a 33-year-old male smoker in Connecticut who is 5 ft 10 inches and 187 pounds that purchases a 20-year term contract at the average coverage need of $975,000. 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.

Connecticut Life Insurance Laws You Should Know

Keeping the following state laws in mind while getting a life insurance quote will help you choose the best insurance company in Connecticut.

  • The Free Look Period: The free look period in Connecticut is 10 days. It allows you to test the insurance policy's features and cancel it without penalty if it doesn't fulfill your requirements.

  • Grace Period: This refers to the number of days you're allowed to miss payments after the deadline has passed. In Connecticut, the grace period is 60 days. After the grace period has passed, the insurer can cancel your policy.

  • Allowable Timelines for Claims Settlement: The Connecticut Insurance Code requires the insurer to settle claims promptly. Usually, claims must be settled within 30 days.

  • Contestable Period: During the contestable period, the insurer can check for any misrepresentation by the policyholder and cancel the policy if any inaccuracies are found. In Connecticut, this period is two years.

Methodology

For this guide, MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age to determine our recommended life insurance coverage amount of $975,000 in Connecticut. However, every person’s situation is unique, so they might need more or less coverage depending on their individual 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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