Best Life Insurance Companies in Iowa

A life insurance policy allows you to continue providing for your family or other dependents after you pass away. Although there are several options for life insurance in Iowa, costs vary depending on the insurer and factors such as age and gender. If you are looking for affordable life insurance, comparing life insurance quotes in Iowa can help you find the best life insurance policy for your needs. MoneyGeek has analyzed quotes and rated the best companies for different buyer profiles to help you find the best life insurance companies in Iowa.

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Best Cheap Life Insurance in Iowa

Costs of life insurance in Iowa vary depending on the level of coverage you need. If you are looking for a low-cost policy, lower coverage amounts will be more affordable. However, a low coverage policy may not cover all your funeral and other expenses, depending on your circumstances. This means it is vital to weigh affordability against adequate coverage when choosing the best policy for your needs.

For $250,000 worth of coverage, the cheapest company in Iowa is MassMutual which costs an average of $9.99 monthly for men and $9.41 monthly for women.

For most people in Iowa, $250,000 may not be sufficient coverage. Therefore, MoneyGeek used state-specific factors such as the cost of living, average incomes and average personal debt to calculate the most appropriate coverage for Iowa. Based on this analysis, MoneyGeek recommends a life insurance policy with at least $644,000 in coverage for people living in Iowa.

For the recommended $644,000 coverage, the most affordable life insurance companies in Iowa are MassMutual for men at $16.47 monthly, while the cheapest option for women is Nationwide, costing $14.09 monthly.

Best Cheap Life Insurance Companies in Iowa: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $644k
  • MassMutual
    $9.99
    $16.47
  • Nationwide
    $10.63
    $16.66
  • Mutual of Omaha
    $10.84
    $17.30
  • Transamerica
    $13.54
    $26.24
  • State Farm
    $18.60
    $33.25
  • AAA
    $19.21
    $40.79
  • Progressive Life
    $21.92
    $44.08
  • Prudential
    $26.47
    $50.29
Best Cheap Life Insurance Companies in Iowa: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $644k
  • Nationwide
    $10.43
    $14.09
  • Mutual of Omaha
    $10.84
    $14.31
  • MassMutual
    $9.40
    $14.45
  • Transamerica
    $11.74
    $23.54
  • State Farm
    $19.77
    $31.21
  • AAA
    $16.63
    $34.61
  • Progressive Life
    $18.41
    $34.92
  • Prudential
    $18.97
    $46.45

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Iowa using average buyer profile statistics in Iowa, including average age of 30, average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $644,000.

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

Life insurance costs in Iowa vary depending on the gender of the person being insured. For example, men generally have shorter lifespans than women, so insurers charge them higher life insurance policies.

The average male in Iowa will pay $18.57 monthly for a policy with $250,000 coverage, while women pay $16.26 per month for similar coverage. So, to get the recommended $644,000 coverage, men will need to pay an additional 17.59 per month, and women will pay an extra 15.13 monthly. Therefore, the average monthly cost for a policy with $644,000 in coverage is $36.16 for men and $31.39 for women.

Most Popular Life Insurance Companies in Iowa

There are many life insurance companies in Iowa, and the most popular command up to 42% of the total life insurance market share. The most popular life insurance company in Iowa is Northwestern Mutual, with 12.67% of the life insurance market share in the state.

The market share of insurers is one of the indicators of how financially stable an insurance company is. Insurers with more significant market shares are more likely to be economically secure, and you can trust them to pay your policy on maturity.

Most Popular Life Insurance Companies in Iowa

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  • Company
    Market Share
  • Northwestern Mutual
    12.67%
  • Iowa Farm Bureau Federation
    6.06%
  • New York Life
    5.70%
  • Lincoln Financial
    5.22%
  • Principal Financial Group Inc.
    5.19%
  • State Farm
    4.58%
  • Prudential Financial Inc.
    3.50%

Life insurance market share data for Iowa 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 Iowa?

The higher that your life expectancy is, the lower the cost of life insurance will be. This is why young people in Iowa pay much less for life insurance compared to older people. If you want to save on life insurance costs, consider buying a policy while you are young to save on your premiums.

For young people in Iowa, the most affordable life insurance companies are:

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

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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 Iowa who is 5 ft 10 inches and 167 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 Iowa?

If you are a senior resident in Iowa, the cost of your life insurance will be higher. However, it is still possible to find inexpensive life insurance options for seniors in Iowa. Since seniors typically will not have young dependents to support, they can afford to get a lower coverage amount of $100,000. However, it is essential to note that a lower coverage means the life insurance policy will cover less funeral and ongoing expenses.

For $100,000 in coverage, the most affordable life insurance companies in Iowa for seniors are:

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

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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
    $79.89

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Iowa who is 5 ft 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $83,000.

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

The higher risk of diseases associated with smoking means that smokers are rated a high-risk category for life insurance companies. This means that if you are a smoker in Iowa, you will pay higher life insurance rates than non-smokers. However, if you are a smoker in good health, you can still find affordable life insurance options in Iowa.

The cheapest life insurance companies in Iowa for smokers are:

  • MassMutual: $105.70 per month
  • State Farm: $108.61 per month
Best Life Insurance Companies for Smokers in Iowa

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  • Company
    Monthly Cost
  • MassMutual
    $105.70
  • State Farm
    $108.61
  • Nationwide
    $113.49
  • Transamerica
    $116.12
  • Mutual of Omaha
    $116.70
  • Progressive Life
    $168.87
  • Prudential
    $175.31
  • AAA
    $198.62

Rates were determined by analyzing quotes for a 30-year-old male smoker in Iowa who is 5 ft 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $644,000. 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.

Iowa Life Insurance Laws You Should Know

If you would like to purchase life insurance in Iowa, it is crucial to understand how the state’s insurance laws protect you. Some of the main Iowa insurance regulations that you need to be aware of include:

  • Free Look period: Iowa, like most other states, gives life insurance policyholders 10 days to opt-out of their policy and get a full refund. This free look period allows you time to evaluate your policy and get a full refund from the insurer if you choose to cancel it within the 10-day free look period.
  • Grace period for premium payment: If you miss a premium payment for your life insurance policy, Iowa insurance laws state that you have 30 days to make the payment. This means your insurer cannot cancel your policy if you are within the 30-day grace period mandated by the state.
  • Claim settlement period: If you have a life insurance policy in Iowa, your insurer will be required to pay the claim within 30 days of being filed. If they fail to pay within 30 days, the policy will start accruing interest, and the insurer will have to pay the policy’s value plus the interest.
  • Personal information protection: Iowa insurance laws require the insurer to notify you on request if they have accessed your medical information or credit report.
  • Guaranteed claim payment: Iowa, like most states, has a Guaranty Association to protect you if your insurer becomes insolvent. The Iowa Life and Health Insurance Guaranty Association will compensate your policy up to $300,000 for lost death benefits and $100,000 for lost cash value provided you are up to date with your premiums.

Methodology

MoneyGeek used data on per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age statistics for Iowa to calculate the recommended life insurance coverage in Iowa. However, every individual has unique life circumstances, which means that you may need a higher or lower coverage value depending on your specific needs.

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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