Best Life Insurance Companies in Maine

A cheaper policy means lower death benefits for your beneficiaries. MoneyGeek found that among the most affordable life insurance companies in Maine, MassMutual is the cheapest option for a $250,000 policy, with an average monthly premium of $11.75 for males and $9.79 for females.

While low coverage is cheaper, you might need a policy with a higher monthly premium to obtain more coverage. If you have young dependents, you may want to think about their ongoing expenses. Consider different factors such as your current savings and debt. Lost wages when you pass away also affect the needed amount. Knowing the average monthly cost of life insurance in your state should help give you an estimate of how much coverage you need. Save money on life insurance by choosing the right policy based on your needs.

MoneyGeek recommends that an average person living in Maine should have a life insurance policy worth $645,000. This amount takes into consideration the cost of living, average incomes and other state-specific factors.

For a coverage level of $645,000, Nationwide offers the most affordable average policy, with typical monthly premiums of $19.64 for men and $15.12 for women. For women’s coverage, two other life insurance companies in Maine offer competitive pricing. MassMutual offers a policy worth $645,000 for $15.47 in average monthly premiums, while Mutual of Omaha offers it at $15.82 per month on average.

Best Cheap Life Insurance Companies in Maine: Males

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• Company
  $250K Coverage
  Suggested Coverage: $645k
• Nationwide
  $12.69
  $19.64
• MassMutual
  $11.75
  $20.00
• Mutual of Omaha
  $13.12
  $20.35
• Transamerica
  $11.83
  $21.99
• AAA
  $16.50
  $31.59
• State Farm
  $21.74
  $36.99
• Prudential
  $31.28
  $44.27
• Progressive Life
  $26.32
  $53.51

Best Cheap Life Insurance Companies in Maine: Females

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• Company
  $250K Coverage
  Suggested Coverage: $645k
• Nationwide
  $11.22
  $15.12
• MassMutual
  $9.79
  $15.47
• Mutual of Omaha
  $11.81
  $15.82
• Transamerica
  $10.20
  $17.95
• State Farm
  $20.76
  $34.27
• AAA
  $16.63
  $34.61
• Progressive Life
  $20.75
  $41.53
• Prudential
  $20.10
  $50.09

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Maine using average buyer profile statistics in Maine, including average age of 36, average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $645,000.

Life insurance quotes in Maine vary greatly based on different factors. One of the most basic considerations is your gender. Because women statistically have longer lifespans compared to men, they tend to get more affordable premiums.

Let’s consider a $250,000 policy coverage. To get this coverage, women in Maine pay an average monthly premium of $17.49, while men pay roughly $20.89.

Of course, a higher monthly premium is required to reach the recommended life insurance coverage level of $645,000. Life insurance quotes in Maine offering $645,000 of coverage cost an average of $37.87 for men and $34.29 for women.

Before you buy a policy from any life insurance companies in Maine, you want to consider the company’s financial stability and ability to pay your loved ones’ claims. Larger companies with a larger market share are typically more stable.

To know a company’s market share, divide the number of premiums the company has written by the total number of policies written in the state. The top three most popular life insurance companies in Maine hold approximately 22.2% of the market. Lincoln Financial is the most popular life insurance company in the state with a market share of 7.72%.

Most Popular Life Insurance Companies in Maine

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• Company
  Market Share
• Lincoln Financial
  7.72%
• Prudential Financial Inc.
  7.37%
• Northwestern Mutual
  7.11%
• MassMutual
  5.25%
• MetLife
  3.97%
• State Farm
  3.52%
• New York Life
  3.38%

Life insurance market share data for Maine is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Life insurance policies are generally cheaper for younger buyers. A young buyer considering affordable life insurance quotes in Maine will find lower rates because their age makes them a low-risk individual. On average, the least expensive options for young people in this state are:

• Transamerica: $13.49 per month
• Mutual of Omaha: $15.36 per month

Best Life Insurance Companies for Young People in Maine

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• Company
  Monthly Cost
• Transamerica
  $13.49
• Mutual of Omaha
  $15.36
• MassMutual
  $15.69
• AAA
  $16.50
• Prudential
  $18.14
• Nationwide
  $18.59
• State Farm
  $18.78
• Progressive Life
  $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Maine who is 5 ft 10 inches and 159 pounds that purchases a 20-year term contract at the average coverage need of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Seniors are riskier to insure, which is why they typically pay higher monthly premiums for life insurance. However, thanks to the fact that older buyers are less likely to require coverage for adult dependents, you can still find low-cost life insurance policies. MoneyGeek calculated rates based on a $100,000 policy coverage expected to cover death benefits and final burial costs.

According to our research, the most affordable life insurance companies for seniors in Maine are:

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

Best Life Insurance Companies for Seniors in Maine

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• Company
  Monthly Cost
• MassMutual
  $38.37
• Mutual of Omaha
  $43.47
• Nationwide
  $44.19
• State Farm
  $51.50
• AAA
  $57.99
• Progressive Life
  $69.17
• Transamerica
  $78.09
• Prudential
  $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Maine who is 5 ft 10 inches and 187 pounds that purchases a 10-year term contract at the average coverage need of $81,000.

The insured's smoking history is another determining factor that affects monthly premiums. Because smokers have a higher risk profile, life insurance companies in Maine charge higher premiums for these individuals than they do for non-smokers. Comparing prices from various life insurance companies in Maine ensures you get the best rates.

The most affordable policies you can purchase in this state if you’re a smoker are, on average:

• Transamerica: $109.08 per month
• State Farm: $124.51 per month

Best Life Insurance Companies for Smokers in Maine

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• Company
  Monthly Cost
• Transamerica
  $109.08
• State Farm
  $124.51
• Mutual of Omaha
  $136.28
• MassMutual
  $138.40
• Nationwide
  $145.34
• Prudential
  $159.30
• Progressive Life
  $200.54
• AAA
  $247.81

Rates were determined by analyzing quotes for a 36-year-old male smoker in Maine who is 5 ft 10 inches and 187 pounds that purchases a 20-year term contract at the average coverage need of $645,000. 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.

When you finally decide to buy life insurance, always be wary of common life insurance scams by researching the company, or even hiring an independent broker to shop for your options. Take advantage of these laws on life insurance that may be able to help before, during and after buying one.

• The “free look period” is essentially a chance to try out a policy without having to pay anything. During this time, remember to address all the questions about your policy that are unclear to you. Under this law, you are entitled to a full refund if you decide that it’s not the right match.
• The grace period is the allowable time to settle any missed payments, usually not longer than 30 days from the due date. This law protects buyers so the provider cannot cancel policies due to missed payments.
• Allowable timelines to settle a claim is another law in favor of the buyer as it requires providers to process a claim within 30 days after death documents are submitted. Going over this timeframe penalizes the provider with interest on the unpaid amount.
• The contestable period is the right given to providers to contest a claim if they deem it falsified or ineligible. After investigating a claim further, they have the right to reduce the amount in the claim, or even deny coverage.
• Concealing information on an insurance application is strictly prohibited when buying life insurance, especially if this could have an effect on your policy rates and coverage, or might affect the insurance company’s decision to provide insurance.

MoneyGeek used the U.S. Bureau of Economics' per capita income, average mortgage debt, average personal debt and average age to determine the recommended life insurance coverage amount in Maine.

Aside from these considerations, life insurance rates can vary, and you may get more or less coverage depending on your personal and financial situation.