Best Life Insurance Companies in Indiana

A life insurance policy helps your loved ones and dependents by taking care of ongoing expenses after you pass away. Life insurance quotes in Indiana vary based on factors such as age, gender and health status. Life insurance companies in Indiana also charge varying rates, so it is vital to shop around before settling on a policy. To help you find the best life insurance companies in Indiana, MoneyGeek found the most affordable companies to help you choose the best and cheapest life insurance policy for your needs.

tip icon

Best Cheap Life Insurance in Indiana

Life insurance premiums in Indiana will vary depending on the level of coverage you need. If you purchase a policy with a high coverage value, your premiums will be high, while low coverage policies tend to be more affordable. However, the trade-off for low-cost life insurance policies is that the coverage amount may not be enough to cover all ongoing expenses after death.

For a policy with $250,000 in coverage, the cheapest life insurance company in Indiana is MassMutual which costs $9.99 monthly for men and $9.41 monthly for women.

Based on the average incomes in Indiana, cost of living and other factors such as average age, MoneyGeek found that Indiana residents need a life insurance coverage of at least $597,000. However, this recommended coverage comes at a higher cost. The cheapest option for men with a $597,000 coverage is MassMutual at $15.70 monthly, while Nationwide, which costs $13.46 per month, is the most affordable option for women.

Best Cheap Life Insurance Companies in Indiana: Males

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $597k
  • MassMutual
    $9.99
    $15.70
  • Nationwide
    $10.63
    $15.83
  • Mutual of Omaha
    $10.84
    $16.39
  • Transamerica
    $14.90
    $27.74
  • State Farm
    $18.60
    $31.22
  • AAA
    $19.21
    $38.02
  • Progressive Life
    $21.92
    $41.27
  • Prudential
    $26.47
    $61.62
Best Cheap Life Insurance Companies in Indiana: Females

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $597k
  • Nationwide
    $10.43
    $13.46
  • Mutual of Omaha
    $10.84
    $13.62
  • MassMutual
    $9.40
    $13.82
  • Transamerica
    $12.20
    $20.81
  • State Farm
    $19.77
    $29.34
  • AAA
    $16.63
    $32.31
  • Progressive Life
    $18.41
    $32.80
  • Prudential
    $18.97
    $36.43

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Indiana using average buyer profile statistics in Indiana, including average age of 30, average weight of 202 pounds for males and 160 pounds for females, and an average coverage need of $597,000.

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

On average, men in Indiana pay more for life insurance than women because women tend to have longer lifespans, posing a lower risk to the insurer. The average cost of a $250,000 life insurance policy in Indiana for men is $18.80 monthly, higher than the average $16.19 per month for women.

To get an increased coverage of $597,000, men will pay $16.74 more per month at $35.54 monthly. Women will also need to increase their premiums by up to $12.17 more to get the recommended coverage of $597,000, which costs $28.36 monthly.

Most Popular Life Insurance Companies in Indiana

In Indiana, the total number of life insurance policies underwritten by a company constitutes its market share. This means that the most popular companies are the ones that command the largest market share. Therefore, you can use market share as one of the indicators of a company’s financial stability is an important consideration when determining the best life insurance companies in Indiana.

With 11.18% of the total life insurance market share in Indiana, Northwestern Mutual is the most popular company for life insurance in the state. Up to 39% of the total life insurance market share in Indiana is taken up by the seven most popular insurers in the state.

Most Popular Life Insurance Companies in Indiana

Scroll for more

swipe icon
  • Company
    Market Share
  • Northwestern Mutual
    11.18%
  • State Farm
    5.40%
  • Lincoln Financial
    5.32%
  • Indiana Farm Bureau
    5.18%
  • Prudential Financial Inc.
    4.94%
  • MassMutual
    4.34%
  • Transamerica
    2.90%

Life insurance market share data for Indiana 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 Indiana?

Buying life insurance in Indiana at a young age can help you save money on your policy. This is because age is one of the key factors that impact the cost of life insurance. In addition, younger people typically pay less for life insurance because they have a higher life expectancy.

The cheapest life insurance companies in Indiana for young people are:

  • Mutual of Omaha: $14.99 per month
  • MassMutual: $15.35 per month
Best Life Insurance Companies for Young People in Indiana

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Mutual of Omaha
    $14.99
  • MassMutual
    $15.35
  • Transamerica
    $16.22
  • Prudential
    $17.53
  • Nationwide
    $18.59
  • State Farm
    $21.48
  • Progressive Life
    $21.53
  • AAA
    $21.56

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Indiana who is 5 ft 10 inches and 172 pounds that purchases a 20-year term contract at the average coverage need of $260,000. 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 Indiana?

Seniors in Indiana pay more for life insurance since they have a lower life expectancy which poses a higher risk for the insurer. However, because senior people typically do not have young dependents to support, a lower coverage of $100,000 can be sufficient. This lower coverage comes at a more affordable rate, but it will cover less burial and ongoing expenses.

For seniors in Indiana, the most affordable life insurance companies are:

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

Scroll for more

swipe icon
  • 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
  • Transamerica
    $74.49
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Indiana who is 5 ft 10 inches and 202 pounds that purchases a 10-year term contract at the average coverage need of $77,000.

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

If you smoke, the cost of your life insurance policy in Indiana will be significantly higher than that of non-smokers. Smoking is considered a risk factor for ill-health, making smokers a high-risk category for the insurer. However, if you are a smoker in sound health, there are affordable life insurance options in Indiana.

For smokers, the least expensive life insurance companies in Indiana are:

  • MassMutual: $98.46 per month
  • State Farm: $101.13 per month
Best Life Insurance Companies for Smokers in Indiana

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $98.46
  • State Farm
    $101.13
  • Nationwide
    $105.26
  • Transamerica
    $107.83
  • Mutual of Omaha
    $108.57
  • Progressive Life
    $156.51
  • Prudential
    $161.94
  • AAA
    $183.74

Rates were determined by analyzing quotes for a 30-year-old male smoker in Indiana who is 5 ft 10 inches and 202 pounds that purchases a 20-year term contract at the average coverage need of $597,000. 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.

Indiana Life Insurance Laws You Should Know

If you are looking for life insurance in Indiana, it is important to understand state insurance laws and regulations. In Indiana, life insurance is regulated by Title 27 of the state code. Some of the key regulations include:

  • Free Look period: Indiana insurance laws do not mandate insurance companies to give you a free look period to test the policy. Unlike in other states where insurers have to provide you with 10 days to cancel your policy, insurers in Indiana are not required to do so. However, most companies will still offer a free look period. You will need to check with the particular insurer since it is not a requirement by law.
  • Grace period for late payments: Indiana insurance laws give you a grace period of 30 days in case you miss a premium payment on your policy. This means that your insurer cannot cancel your policy if you miss a payment provided you pay within the 30-day grace period.
  • Time allowable to pay a claim: Indiana insurance laws require life insurance companies to settle a claim within 60 days of it being filed. Should the insurer fail to pay within the 60 days, the policy starts to accrue interest, and the insurer may be fined for delaying payment.
  • Life insurance protection: In the unlikely scenario that your insurer becomes insolvent, the Indiana Life & Health Insurance Guaranty Association protects your life insurance policy for up to $300,000 in death benefits and up to $100,000 for cash surrender per insured person.

Methodology

The life insurance coverage amount recommended by MoneyGeek for Indiana is calculated based on per capita income data from the U.S. Bureau of Economics, average mortgage debt, average personal debt and the average age of the state. Since every person’s circumstances are unique, you may require a higher or lower coverage amount depending on your specific situation.

About the Author


expert-profile

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.


sources