Best Life Insurance Companies in Maryland

A life insurance policy covers many ongoing expenses after your death and provides financial support to your loved ones. It can also cover any debts you leave behind, saving your family from the burden of paying them off.

To help you choose the best insurance company in Maryland, MoneyGeek categorized different policies according to gender, age and smoking status. We have also analyzed how various factors affect your monthly insurance costs.

This guide will help you compare different insurance companies, making it easier for you to get a life insurance quote from the insurer that best fits your needs.

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Best Cheap Life Insurance in Maryland

Choosing an insurance policy with a low coverage amount will also significantly lower your monthly life insurance costs. However, you’ll get fewer benefits with that policy, which may not be enough to cover ongoing expenses after death.

For $250,000 worth of coverage, MassMutual offers the most affordable life insurance policy for male and female buyers in Maryland at an average monthly cost of $9.99 and $9.41, respectively.

While a policy with the coverage amount of $250,000 may be affordable in terms of monthly premiums, it may not provide enough coverage for ongoing expenses after death.

After considering the average age, average income, cost of living and average personal debt of Maryland, MoneyGeek recommends that you get an insurance policy with $926,000 worth of coverage.

For this coverage amount, MassMutual has the cheapest insurance policy for men at an average monthly cost of $21.11, and Nationwide offers the most affordable option for women at an average monthly cost of $17.87.

Best Cheap Life Insurance Companies in Maryland: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $926k
  • MassMutual
    $9.99
    $21.11
  • Nationwide
    $10.63
    $21.62
  • Mutual of Omaha
    $11.03
    $22.75
  • Transamerica
    $13.93
    $36.73
  • AAA
    $14.85
    $39.37
  • State Farm
    $23.10
    $45.41
  • Progressive Life
    $18.79
    $48.73
  • Prudential
    $26.47
    $56.43
Best Cheap Life Insurance Companies in Maryland: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $926k
  • Nationwide
    $10.43
    $17.87
  • MassMutual
    $9.40
    $18.21
  • Mutual of Omaha
    $11.03
    $18.46
  • Transamerica
    $12.38
    $30.99
  • State Farm
    $19.97
    $43.16
  • AAA
    $16.63
    $48.39
  • Progressive Life
    $18.79
    $48.73
  • Prudential
    $19.34
    $55.74

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Maryland using average buyer profile statistics in Maryland, including average age of 31, average weight of 190 pounds for males and 150 pounds for females, and an average coverage need of $926,000.

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

Insurance companies in Maryland consider gender to be a significant factor in determining the monthly premium of your life insurance policy. Because women have longer lifespans, they get cheaper life insurance quotes in the state than men.

Women pay an average of $16.50 per month for $250,000 worth of coverage and an average of $42.28 per month for the coverage amount of $926,000.

For men, an insurance policy with $250,000 worth of coverage has an average monthly cost of $18.21 and a policy with $926,000 in coverage has an average monthly cost of $44.41.

Compared to a policy with $250,000 worth of coverage, a policy with the coverage amount of $926,000 costs an average of $25.78 more for women and an average of $26.20 more for men.

Most Popular Life Insurance Companies in Maryland

You can find out how popular a company is by calculating its market share. You can calculate the market share of an insurance company by dividing its number of policies written by the total number of policies in the state.

Companies that are popular among consumers and have a high market share tend to be more reliable for a term life insurance policy.

MoneyGeek's data shows that the seven largest companies in Maryland make up 38.35% of the state's life insurance market. Of these companies, Lincoln Financial has the greatest market share and owns 7.21% of the market.

Most Popular Life Insurance Companies in Maryland

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  • Company
    Market Share
  • Lincoln Financial
    7.21%
  • Northwestern Mutual
    6.01%
  • Transamerica
    5.85%
  • New York Life
    5.63%
  • MassMutual
    5.15%
  • Prudential Financial Inc.
    4.48%
  • State Farm
    4.02%

Life insurance market share data for Maryland is based on 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 Maryland?

Insurance companies consider age one of the most important factors while giving a life insurance quote in Maryland, as they first calculate the risk associated with the individual.

Younger people usually have good health, and they are considered less risky by insurers. Therefore, young people pay low rates for life insurance. If you want to save money on insurance premiums, buying a life insurance plan at a young age is a good strategy.

On average, the two most affordable insurance companies for young people in Maryland are:

  • Transamerica: $16.32 per month
  • Mutual of Omaha: $17.95 per month
Best Life Insurance Companies for Young People in Maryland

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  • Company
    Monthly Cost
  • Transamerica
    $16.32
  • Mutual of Omaha
    $17.95
  • MassMutual
    $18.07
  • AAA
    $20.99
  • State Farm
    $22.07
  • Prudential
    $22.46
  • Nationwide
    $23.41
  • Progressive Life
    $26.84

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Maryland who is 5 ft 10 inches and 161 pounds that purchases a 20-year term contract at the average coverage need of $340,000. 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 Maryland?

Insurance companies consider older individuals at high risk, and they tend to have expensive life insurance quotes in Maryland. However, seniors can still find some affordable options by comparing different policies in the market.

We considered coverage of $102,000 for seniors in Maryland. The coverage amount is lower because older people typically don’t have dependent children.

MoneyGeek identified that the two least expensive insurance providers for seniors in Maryland are, on average:

  • MassMutual: $39.01 per month
  • Nationwide: $44.19 per month
Best Life Insurance Companies for Seniors in Maryland

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  • Company
    Monthly Cost
  • MassMutual
    $39.01
  • Nationwide
    $44.19
  • Mutual of Omaha
    $44.23
  • State Farm
    $52.41
  • Transamerica
    $55.83
  • AAA
    $57.99
  • Progressive Life
    $69.17
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Maryland who is 5 ft 10 inches and 190 pounds that purchases a 10-year term contract at the average coverage need of $102,000.

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

Due to the high potential of lung disease and other health hazards, smokers are considered high-risk individuals by insurance companies in Maryland. Thus, they have higher monthly insurance costs as compared to non-smokers.

However, smokers who are in otherwise good health can still find relatively affordable life insurance policies in the market. Our data shows that the least expensive insurance providers for smokers in Maryland are:

  • MassMutual: $155.57 per month
  • State Farm: $157.58 per month
Best Life Insurance Companies for Smokers in Maryland

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  • Company
    Monthly Cost
  • MassMutual
    $155.57
  • State Farm
    $157.58
  • Mutual of Omaha
    $168.63
  • Nationwide
    $170.32
  • Transamerica
    $176.19
  • Prudential
    $188.20
  • Progressive Life
    $243.25
  • AAA
    $302.06

Rates were determined by analyzing quotes for a 31-year-old male smoker in Maryland who is 5 ft 10 inches and 190 pounds that purchases a 20-year term contract at the average coverage need of $926,000. 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.

Maryland Life Insurance Laws You Should Know

The following Maryland life insurance laws should be considered while looking for the best insurance company in the state.

  • The Free Look Period: During this period, you can use your insurance policy’s features and test if they fit your needs. If you change your mind, you can cancel the policy without a penalty. This period is 10 days after signing a new contract.

  • Grace Period: The grace period refers to the number of days you can miss your monthly payment after the deadline. After the grace period has passed, the insurer can cancel your policy for non-payment. You are entitled to a grace period of 30 days in Maryland.

  • Contestable Period: During this period, the insurer can check if the policyholder has lied or misrepresented anything. If any misrepresentation is found, the insurer can cancel the policy. This period is two years in Maryland.

  • Allowable Timelines for Claims Settlement: The Maryland insurance code requires the insurer to pay the insurance amount promptly. If the claims are not settled within 30 days, the insurer would have to pay interest on the payment.

Methodology

In this guide, MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age to determine our recommended life insurance coverage amount of $926,000 in Maryland. However, every person has unique circumstances and might need a different coverage amount according to their situation.

About the Author: Saad Imran is a freelance writer. He has written for a leading insurance consulting firm in the U.S. and has sound knowledge of the U.S. financial industry.

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.