Best Life Insurance Companies in Kentucky

A life insurance policy takes care of your beneficiaries financially after you pass away, allowing them to cover your funeral costs and other expenses. In Kentucky, the cost of life insurance will vary depending on the level of coverage you want and various rating factors such as age and gender. Therefore, if you are looking for affordable life insurance companies in Kentucky, it is important to shop around before buying a policy. Comparing life insurance quotes in Kentucky will help you identify the most affordable options for your needs. MoneyGeek’s analysis has rated the cheapest and best insurance companies in Kentucky for different profiles to help you find the best policy.

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Best Cheap Life Insurance in Kentucky

In Kentucky, the amount of coverage you choose is one of the key factors in the cost of life insurance. A coverage value of $250,000 or lower is often more affordable in terms of monthly premiums. However, low-cost options may not provide the coverage you need to satisfy ongoing expenses, funeral costs and other expenses when you pass.

For a life insurance policy with $250,000 in coverage, the cheapest option for men in Kentucky is MassMutual, costing $9.99 monthly. MassMutual is also the most affordable option for Kentucky women, costing $9.41 monthly.

For adequate coverage, MoneyGeek recommends a life insurance policy with $566,000 in coverage. This amount is based on the living standards in Kentucky, average ages and incomes in the state and other state-specific data.

Nationwide is the cheapest option for the recommended coverage of $566,000 in Kentucky at $15.00 monthly for men and $12.83 monthly for women.

Best Cheap Life Insurance Companies in Kentucky: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $566k
  • Nationwide
    $10.63
    $15.00
  • MassMutual
    $9.99
    $15.18
  • Mutual of Omaha
    $11.03
    $15.79
  • Transamerica
    $15.09
    $26.41
  • AAA
    $19.21
    $35.24
  • State Farm
    $23.10
    $36.96
  • Progressive Life
    $22.32
    $40.30
  • Prudential
    $26.47
    $58.61
Best Cheap Life Insurance Companies in Kentucky: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $566k
  • Nationwide
    $10.43
    $12.83
  • Mutual of Omaha
    $11.03
    $13.16
  • MassMutual
    $9.40
    $13.41
  • Transamerica
    $13.29
    $24.61
  • State Farm
    $19.97
    $28.50
  • AAA
    $16.63
    $30.02
  • Progressive Life
    $18.79
    $33.10
  • Prudential
    $19.34
    $42.37

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Kentucky using average buyer profile statistics in Kentucky, including average age of 31, average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $566,000.

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

In Kentucky, the cost of life insurance differs between men and women. This is because the disparity in life spans between men and women makes gender a factor in life insurance costs. Women generally have longer lifespans, so they pay lower rates for life insurance.

In Kentucky, men will pay an average of $19.57 monthly for a $250,000 coverage policy, while women will pay $16.72 per month. However, to get a higher coverage of $566,000 the monthly rates increase to an average of $35.68 for men and $29.25 for women. Therefore, to get the recommended coverage in Kentucky, men will pay $16.11 more monthly while women’s monthly premiums increase by $12.53.

Most Popular Life Insurance Companies in Kentucky

The total number of life insurance policies that an insurer underwrites makes up its market share. Northwestern Mutual has the most significant percentage of the life insurance market in Kentucky, covering 9.62%. This makes it the most popular life insurance company in Kentucky. The seven most popular life insurance companies in Kentucky make up a significant 38% of all the life insurance policies in the state.

As an indicator of financial stability, an insurer’s market share or popularity can help determine how reliable an insurer is and is, therefore, something to consider when looking for a life insurance policy.

Most Popular Life Insurance Companies in Kentucky

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  • Company
    Market Share
  • Northwestern Mutual
    9.62%
  • Transamerica
    8.43%
  • State Farm
    5.45%
  • Lincoln Financial
    5.36%
  • New York Life
    3.50%
  • AIG
    3.11%
  • Prudential Financial Inc.
    3.02%

Life insurance market share data for Kentucky 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 Kentucky?

In Kentucky, age is a significant rating factor in the cost of life insurance. Younger people will typically pay less for life insurance because they have a longer lifespan and are thus classified as low-risk. If you would like to save on life insurance costs, consider purchasing a policy when you are still young.

In Kentucky, the most affordable life insurance companies for young people are:

  • MassMutual: $15.33 per month
  • Nationwide: $18.59 per month
Best Life Insurance Companies for Young People in Kentucky

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  • Company
    Monthly Cost
  • MassMutual
    $15.33
  • Nationwide
    $18.59
  • Transamerica
    $19.99
  • Mutual of Omaha
    $20.01
  • AAA
    $21.56
  • Progressive Life
    $24.71
  • State Farm
    $25.50
  • Prudential
    $42.73

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Kentucky who is 5 ft 10 inches and 168 pounds that purchases a 20-year term contract at the average coverage need of $230,000. 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 Kentucky?

As a senior resident of Kentucky, your life insurance premiums are likely to be more costly than rates for younger people. This is because older people have a lower life expectancy and classify as a higher risk for insurance companies. However, seniors in Kentucky can still find reasonably priced life insurance policies in the state.

The least expensive life insurance companies for seniors in Kentucky are:

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

The suggested policies for seniors in this analysis have a $100,000 coverage. MoneyGeek used lower coverage values for seniors because, in most cases, seniors do not have young dependents, so they may not need as much coverage for ongoing expenses. Therefore, a low coverage will be more affordable, but it covers fewer funeral expenses and ongoing expenses after death.

Best Life Insurance Companies for Seniors in Kentucky

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Transamerica
    $68.19
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Kentucky who is 5 ft 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $70,000.

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

The state of your health can be a factor in how much you pay for life insurance in Kentucky. People at high risk for diseases, such as people who smoke, will pay more for life insurance because they are classified as high risk. For example, if you are a smoker in Kentucky, your life insurance premiums will be higher than those of a non-smoker. However, there are affordable options for smokers in Kentucky who are in good health.

The most affordable life insurance companies in Kentucky for smokers are:

  • MassMutual: $97.63 per month
  • Nationwide: $101.37 per month
Best Life Insurance Companies for Smokers in Kentucky

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  • Company
    Monthly Cost
  • MassMutual
    $97.63
  • Nationwide
    $101.37
  • Mutual of Omaha
    $105.16
  • Transamerica
    $108.69
  • State Farm
    $125.74
  • Prudential
    $153.91
  • Progressive Life
    $154.34
  • AAA
    $177.10

Rates were determined by analyzing quotes for a 31-year-old male smoker in Kentucky who is 5 ft 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $566,000. 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.

Kentucky Life Insurance Laws You Should Know

Like many other states, Kentucky has laws and regulations that protect consumers when they buy a life insurance policy. These are some of the insurance laws you should be aware of when you purchase life insurance in Kentucky.

  • Free look period: Depending on the type of insurance policy you buy, Kentucky insurance laws allow you a 10–30 day free look period. During this period, you can choose to cancel your policy and get a full refund from the insurer at no extra cost. This free look period is designed to allow consumers to evaluate their policies and decide to either keep or cancel the policy.
  • Grace period: An insurer cannot cancel your life insurance policy immediately if you miss a payment because Kentucky insurance laws allow you a 30-day grace period. If you miss a premium payment, you have 30 days from the due date to make the payment. This grace period protects consumers from having their policies canceled in case of a missed payment.
  • Claim settlement period: Insurers in Kentucky are required by state insurance laws to settle life insurance claims within 30 days of receiving the claim. This ensures that there are no delays in settlement of claims after the insured has passed on.
  • Incontestable period: In Kentucky, your life insurance policy will be incontestable if it has been in force for two years or more after its date of issue, provided all payments are up to date.

Methodology

MoneyGeek used Kentucky’s per capita income data from the U.S. Bureau of Economics, average mortgage debt, average personal debt, and Kentucky’s average age to determine Kentucky’s recommended life insurance coverage. However, you may find that you require less or more coverage than the amount we have recommended depending on your specific 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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