Best Life Insurance Companies in Delaware

Having a life insurance policy is a guarantee that your family will be financially supported even after you die. Many life insurance companies in Delaware offer competitive rates to their policyholders, and it may not be easy to choose the best policy for your needs. An analysis from MoneyGeek looked at life insurance quotes in Delaware from different insurers based on gender, age and smoking history. Using the data, MoneyGeek rated the best insurance companies in Delaware to help you select the right policy. Our data on the insurers' average monthly premiums can help you find the most affordable insurance plan.

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Best Cheap Life Insurance in Delaware

If you choose less life insurance coverage, you will likely get lower monthly insurance premiums. For a life insurance policy covering $250,000, MassMutual has the lowest prices in Delaware, according to MoneyGeek’s research. The company quotes an average of $9.99 monthly for men and $10.45 monthly for women.

While a policy with less coverage may be cheaper, it might not cover all expenses after death. In addition, if your beneficiaries are young, you may need enough coverage to support their living expenses or pay outstanding bills and liabilities. You should analyze your financial status and determine the amount of coverage that is right for you before you purchase a life insurance policy. This guarantees that after your death, your loved ones are safeguarded financially.

In Delaware, MoneyGeek recommends an average life insurance coverage of $740,000 to cover the essential costs after death, regardless of gender. This proposal is based on the cost of living in the state, average income, personal debts, age and other key factors.

For the MoneyGeek-recommended coverage of $740,000, MassMutual and Nationwide are the cheapest life insurance companies in Delaware. MassMutual quotes the most reasonable monthly average of $18.05 for men, whereas Nationwide charges $17.06 a month for women in the state for a similar policy.

Best Cheap Life Insurance Companies in Delaware: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $740k
  • MassMutual
    $9.99
    $18.05
  • Nationwide
    $10.63
    $18.31
  • Mutual of Omaha
    $11.22
    $19.16
  • Transamerica
    $14.13
    $29.82
  • State Farm
    $18.98
    $37.39
  • AAA
    $19.21
    $46.33
  • Progressive Life
    $22.51
    $51.48
  • Prudential
    $26.84
    $58.49
Best Cheap Life Insurance Companies in Delaware: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $740k
  • Nationwide
    $11.59
    $17.06
  • MassMutual
    $10.45
    $17.47
  • Mutual of Omaha
    $12.47
    $17.47
  • Transamerica
    $10.54
    $20.40
  • AAA
    $14.52
    $31.02
  • State Farm
    $18.72
    $34.43
  • Prudential
    $13.42
    $36.64
  • Progressive Life
    $15.88
    $46.76

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Delaware using average buyer profile statistics in Delaware, including average age of 33, average weight of 199 pounds for males and 157 pounds for females, and an average coverage need of $740,000.

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

Gender is one of the factors that can affect your insurance costs in Delaware. Women in the state generally pay lower rates than men because they have a longer average lifespan.

In Delaware, female policyholders pay about $15.17 per month for a $250,000 insurance policy. Male policyholders, on the other hand, pay an average of $19.05 per month for a comparable life insurance policy, a $3.89 monthly difference.

Choosing the MoneyGeek-recommended $740,000 coverage in Delaware will result in higher monthly premiums. Women typically get a quote of around $33.29 a month, which is $18.12 more than what they pay for a $250,000 policy, while men usually receive a monthly quote of around $41.86, which is $22.81 more than what they pay for a $250,000 policy.

Most Popular Life Insurance Companies in Delaware

Always go with a financially stable insurance company that's capable of paying your loved ones’ claim promptly and fairly. Before selecting an insurer in Delaware, consider its market share, which is a good sign of its financial stability.

The market share of a life insurance company in Delaware is calculated by dividing the number of premiums written by the company by the total number of policies sold in the state. The written premium is the total amount of monthly payments that consumers must pay on policies issued by a company during a given time period.

The top seven life insurance companies in Delaware hold more than 47% of the market. Lincoln Financial is the most popular insurer, with a 12.19% market share in the state.

Most Popular Life Insurance Companies in Delaware

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  • Company
    Market Share
  • Lincoln Financial
    12.19%
  • John Hancock
    10.60%
  • Prudential Financial Inc.
    7.15%
  • Great-West
    4.83%
  • AXA Equitable
    4.62%
  • Pacific Life
    4.23%
  • Nationwide
    3.64%

Life insurance market share data for Delaware 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 Delaware?

Most insurers believe the risk of death is lower for younger buyers. Delaware's young policyholders generally pay lower life insurance premiums because the costs of life insurance policies are influenced by age. You can thus save a considerable amount of money by purchasing a life insurance policy when you are younger.

The following two life insurance companies in Delaware offer the most affordable average life insurance quotes for young people:

  • Transamerica: $13.90 per month
  • Mutual of Omaha: $15.73 per month
Best Life Insurance Companies for Young People in Delaware

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  • Company
    Monthly Cost
  • Transamerica
    $13.90
  • Mutual of Omaha
    $15.73
  • MassMutual
    $16.03
  • AAA
    $18.74
  • Prudential
    $18.76
  • Nationwide
    $21.00
  • State Farm
    $22.67
  • Progressive Life
    $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Delaware who is 5 ft 10 inches and 169 pounds that purchases a 20-year term contract at the average coverage need of $280,000. 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 Delaware?

While Delaware's life insurance companies offer lower rates to younger customers, seniors in the state often pay higher monthly premiums for comparable life insurance policies. This is because insurers consider seniors to be high-risk customers. Keep in mind that life insurance premiums rise as you get older.

However, seniors generally require less insurance coverage because they are less likely to need to provide financial assistance to their children. In their absence, they anticipate their life insurance policy to cover burial expenses and other unpaid liabilities. If you are a senior in Delaware, you can still get a low-cost policy by shopping around.

Because seniors often opt for lower insurance coverage, MoneyGeek compared policies offering $85,000 in the state and found that the following companies offer the cheapest rates for Delaware's seniors:

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

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Prudential
    $79.39
  • Transamerica
    $81.70

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Delaware who is 5 ft 10 inches and 199 pounds that purchases a 10-year term contract at the average coverage need of $85,000.

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

If you’re a smoker living in Delaware, your life insurance premiums will be significantly higher than the average person's. Furthermore, if you are a senior man who smokes, your life insurance rates may be substantially higher due to the significant health risks you represent. Smokers still may obtain a relatively affordable quote by comparing costs from different insurance companies in the state.

The following two are the cheapest life insurance companies in Delaware for individuals who smoke:

  • State Farm: $131.00 per month
  • MassMutual: $132.07 per month
Best Life Insurance Companies for Smokers in Delaware

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  • Company
    Monthly Cost
  • State Farm
    $131.00
  • MassMutual
    $132.07
  • Mutual of Omaha
    $139.02
  • Nationwide
    $142.41
  • Transamerica
    $150.22
  • Prudential
    $203.69
  • Progressive Life
    $204.02
  • AAA
    $251.46

Rates were determined by analyzing quotes for a 33-year-old male smoker in Delaware who is 5 ft 10 inches and 199 pounds that purchases a 20-year term contract at the average coverage need of $740,000. 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.

Delaware Life Insurance Laws You Should Know

When looking for the most affordable quotes and the best life insurance companies in Delaware, you should compare premiums from as many providers as possible. You should also be acquainted with Delaware's Title 18 Insurance Code, which provides all of the information you need to know about obtaining a life insurance policy in the state.

The following are some essential phrases from the Delaware life insurance glossary:

  • Grace period: The grace period is the amount of time a policyholder can take to pay a missed premium without incurring a penalty. During this time, the insurance coverage will remain in force. Insurers must give Delaware's policyholders a grace period of at least 30 days, or four weeks if it's an industrial life insurance plan.
  • Time period for claims settlement: In the event of a life insurance claim in Delaware, the policyholder's insurance provider must pay the claim to the beneficiary within 60 days of obtaining evidence of death. Failure to make timely and fair payments may result in the insurer facing fines or penalties.
  • Incontestability: A life insurance policy in Delaware becomes incontestable if it remains active for at least two years after its date of issue. The company cannot challenge the application for any inaccuracies or discrepancies after this two-year period. The exceptions are only for policies with pending premiums or if the policyholder is eligible for accidental death benefits.

Methodology

MoneyGeek considered a number of factors before suggesting $740,000 in life insurance coverage for Delaware's residents. To analyze the recommended coverage, we used data from the U.S. Bureau of Economics, as well as the state's average mortgage debt, personal debt and age. Remember that each buyer is unique and may require more or less coverage than we recommend, based 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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