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
Best Cheap Life Insurance Companies in Maryland: Females
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.