Best Life Insurance Companies in Idaho

When you purchase life insurance, you help provide some financial security for your beneficiaries when you pass away. In Idaho, your age, gender and risk factors such as smoking will determine the cost of your life insurance policy. Life insurance quotes in Idaho will also vary depending on the insurer that you choose. Shopping around and comparing quotes can help you find life insurance companies in Idaho that meet your needs. To help you find the most affordable options, MoneyGeek has analyzed the best life insurance companies In Idaho for different buyer categories.

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Best Cheap Life Insurance in Idaho

If you are looking for a low-cost life insurance policy, you can choose one with a lower coverage amount. A policy with low coverage will cost less in premiums, but it is important to ensure that the coverage you choose is enough to cover funeral expenses and your dependent’s ongoing expenses.

The most affordable option in Idaho for a life insurance policy with $250,000 in coverage is Transamerica. On average, it costs $9.68 monthly for men and $8.60 monthly for women.

While a $250,000 policy may be affordable for most people, it may not be enough to cater to the burial expenses and other living expenses for their dependents. Based on factors such as the cost of living in Idaho, the average income and age in the state, MoneyGeek recommends a policy with $667,000 in coverage for people in Idaho.

On average, Transamerica is the cheapest option for both men and women in Idaho who want to purchase the recommended coverage of $667,000. It costs roughly $16.92 monthly for men and $14.63 for women.

Best Cheap Life Insurance Companies in Idaho: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $667k
  • Transamerica
    $9.68
    $16.92
  • Nationwide
    $11.81
    $18.51
  • MassMutual
    $11.10
    $18.72
  • Mutual of Omaha
    $12.04
    $19.72
  • AAA
    $13.42
    $22.44
  • State Farm
    $18.49
    $33.37
  • Prudential
    $28.57
    $36.10
  • Progressive Life
    $16.10
    $49.96
Best Cheap Life Insurance Companies in Idaho: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $667k
  • Transamerica
    $8.60
    $14.63
  • Nationwide
    $11.59
    $15.66
  • Mutual of Omaha
    $11.83
    $16.27
  • MassMutual
    $10.45
    $16.39
  • AAA
    $11.88
    $20.72
  • Prudential
    $10.91
    $26.61
  • State Farm
    $18.27
    $29.90
  • Progressive Life
    $15.01
    $38.80

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Idaho using average buyer profile statistics in Idaho, including average age of 30, average weight of 189 pounds for males and 149 pounds for females, and an average coverage need of $667,000.

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

Gender is one of the rating factors that impact the cost of life insurance in Idaho. Since men typically have shorter lifespans, they pay more for life insurance than women. The average cost of a life insurance policy with $250,000 in coverage for men in Idaho is $17.14 monthly compared to $13.82 per month for women.

For those who want to get the recommended coverage of $667,000, the premiums will increase by $14.82 for men to $31.96 monthly. Women will pay $12.93 more to get the recommended coverage, which costs an average of $26.75 monthly.

Most Popular Life Insurance Companies in Idaho

Northwestern Mutual commands the highest share of the life insurance market share in Idaho at 14.55%. The seven most popular life insurance companies in Idaho take up 38.63% of the life insurance market share in the state.

An insurer’s market share is the total number of life insurance policies they underwrite. This means that the more popular an insurer is, the higher its market share is likely to be. Looking at a company’s market share will help you understand the insurer’s financial stability. This is important when you want to find a reliable company.

Most Popular Life Insurance Companies in Idaho

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  • Company
    Market Share
  • Northwestern Mutual
    14.55%
  • MassMutual
    4.72%
  • New York Life
    4.34%
  • State Farm
    4.10%
  • Iowa Farm Bureau Federation
    3.91%
  • Pacific Life
    3.70%
  • Sammons Enterprises Inc.
    3.31%

Life insurance market share data for Idaho 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 Idaho?

Young people in Idaho pay lower rates for life insurance compared to seniors. This is because the younger you are, the higher your life expectancy and the lower the risk to the insurer. This means if you purchase a life insurance policy at a young age, your premiums will be significantly lower than someone who buys a policy later in life.

On average, the cheapest life insurance companies in Idaho for young people are:

  • MassMutual: $15.72 per month
  • AAA: $16.50 per month
Best Life Insurance Companies for Young People in Idaho

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  • Company
    Monthly Cost
  • MassMutual
    $15.72
  • AAA
    $16.50
  • Nationwide
    $18.59
  • Transamerica
    $20.54
  • Mutual of Omaha
    $20.65
  • State Farm
    $21.11
  • Progressive Life
    $21.53
  • Prudential
    $44.48

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Idaho who is 5 ft 10 inches and 160 pounds that purchases a 20-year term contract at the average coverage need of $240,000. 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 Idaho?

If you are a senior in Idaho, you will find that life insurance costs will be higher than those for younger people. This is because age is a key rating factor for life insurance costs. However, there are still affordable options for seniors in Idaho.

On average, the least expensive life insurance companies for seniors in Idaho are:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month

The life insurance policies used for seniors have $100,000 in coverage, which is lower than what is used for younger people. This is because most seniors have grown up dependents, so there is less need for life insurance to cover future income.

Best Life Insurance Companies for Seniors in Idaho

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • AAA
    $45.50
  • State Farm
    $46.20
  • Progressive Life
    $69.17
  • Transamerica
    $70.89
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Idaho who is 5 ft 10 inches and 189 pounds that purchases a 10-year term contract at the average coverage need of $73,000.

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

Smokers in Idaho pay higher rates for life insurance compared to non-smokers. Insurers use smoking as a rating factor because it is a risk factor for certain illnesses. While smokers are rated as a high-risk category, you can still find affordable life insurance options if you are a smoker in Idaho.

If you smoke, the most affordable life insurance companies in Idaho are, on average:

  • Transamerica: $90.34 per month
  • Nationwide: $107.80 per month
Best Life Insurance Companies for Smokers in Idaho

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  • Company
    Monthly Cost
  • Transamerica
    $90.34
  • Nationwide
    $107.80
  • MassMutual
    $109.24
  • State Farm
    $109.40
  • Mutual of Omaha
    $119.53
  • AAA
    $125.40
  • Prudential
    $136.00
  • Progressive Life
    $170.35

Rates were determined by analyzing quotes for a 30-year-old male smoker in Idaho who is 5 ft 10 inches and 189 pounds that purchases a 20-year term contract at the average coverage need of $667,000. 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.

Idaho Life Insurance Laws You Should Know

When you purchase life insurance in Idaho, the state has insurance laws that offer you some protections. The most important Idaho insurance laws that consumers should know about include:

  • Grace period: In Idaho, your insurance company cannot cancel your life insurance policy for late payment of premiums. The state allows you a 30-day grace period from the due date.

  • Free look period: In Idaho, the state insurance laws allow you a 20-day free look period within which you can cancel your policy and get a full refund.

  • Claim settlement period: Idaho insurance laws require insurance companies to settle life insurance claims within 60 days. If the insurer exceeds this timeframe, they will be subject to fines and penalties.

  • Guaranteed benefits: In case your insurer becomes insolvent, the Idaho Life and Health Insurance Guaranty Association will cover your policy for up to $300,000 death benefits and $100,000 lost cash surrender. This guarantee is only valid if your premiums are up to date.

  • Contestability period: In Idaho, your insurer can contest the life insurance policy within the first two years after purchase. After two years, the life insurance policy becomes incontestable unless the insurer does not pay the required premiums.

Methodology

To determine our recommended life insurance coverage amount in Idaho, MoneyGeek used data on per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt, average personal debt and average ages in Idaho. However, depending on your circumstances, the most appropriate coverage for your needs may vary. Your rates may also vary from the data found in MoneyGeek’s research.

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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