Best Life Insurance Companies in Massachusetts

A life insurance policy provides your immediate family members with financial support after you die. Most life insurance companies in Massachusetts offer a variety of competitive premiums, so finding the right insurance for your needs can be difficult. MoneyGeek analyzed the life insurance quotes in Massachusetts from various insurers based on gender, age and smoking history. MoneyGeek also selected the best life insurance companies in Massachusetts to help you find the best insurance products. Our analysis on the monthly average prices charged by insurers can also assist you in locating the most affordable insurance plan.

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Best Cheap Life Insurance in Massachusetts

If you obtain a life insurance policy with less coverage, you will pay lower monthly premiums. According to MoneyGeek’s research, MassMutual gives the most affordable quotes for both men and women in Massachusetts for policies offering $250,000 in coverage. Men get an average quote of $11.10 per month, while women pay $9.41 per month, on average.

Insurance policies with lower coverage may be cheaper but might not cover all essential costs after death. Also, if your family members are young, you may need sufficient insurance to cover their living expenses or to pay off your existing obligations and responsibilities. Before buying life insurance, you should evaluate your financial situation and determine the amount of coverage that is right for you. This will ensure the financial safety of your loved ones even after your death.

After evaluating the state's cost of living, average income, average personal debt, age and other crucial factors, MoneyGeek recommends an average life insurance premium of $1,030,000 for the residents of Massachusetts to cover the essential and unavoidable expenses after death.

For MoneyGeek-recommended coverage of $1,030,000, Transamerica offers the cheapest average quote of $19.41 a month for men. For women, MassMutual's quote of roughly $18.78 a month is the cheapest option.

Best Cheap Life Insurance Companies in Massachusetts: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $1k
  • Transamerica
    $9.68
    $19.41
  • Nationwide
    $11.81
    $23.19
  • MassMutual
    $11.10
    $24.45
  • Mutual of Omaha
    $12.26
    $26.85
  • AAA
    $13.42
    $29.92
  • Prudential
    $29.41
    $53.98
  • Progressive Life
    $16.31
    $64.82
Best Cheap Life Insurance Companies in Massachusetts: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $1k
  • MassMutual
    $9.40
    $18.78
  • Mutual of Omaha
    $11.03
    $19.53
  • Nationwide
    $10.43
    $30.32
  • Transamerica
    $12.77
    $34.21
  • Progressive Life
    $18.79
    $45.81
  • AAA
    $16.63
    $49.10
  • Prudential
    $19.34
    $59.82

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Massachusetts using average buyer profile statistics in Massachusetts, including average age of 31, average weight of 174 pounds for males and 138 pounds for females, and an average coverage need of $1,030,000.

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

Several factors affect the cost of the insurance policy in Massachusetts and gender is one of them. Women often pay cheaper premiums in the state than males, as their life expectancy is longer.

For example, in Massachusetts, women pay around $15.99 a month for a $250,000 policy. In comparison, for equivalent life insurance policies, men pay an average of $16.94 per month. Although this is a difference of less than a dollar, the rates can change significantly based on other factors.

However, selecting the $1,030,000 state coverage recommended by MoneyGeek can lead to higher monthly premiums. Women may see an increase of roughly $27.03, costing them an average of $43.02 a month. Men's average rate of $43.44 a month is not that different from the average women's quote. However, this quote is $26.50 more than what they pay on average for a $250,000 policy.

Most Popular Life Insurance Companies in Massachusetts

Always look for a financially stable insurance provider that will pay your insurance claim promptly. Before deciding on an insurance provider, it is critical to evaluate the market share of the companies you are evaluating. The market share of a firm in the state provides you a good picture of its financial strength.

A life insurance company's market share in Massachusetts is derived by dividing the total amount of premiums written by the company by the total number of policies sold in the state.

The top seven life insurance companies in Massachusetts comprise about 49.15% of the market share. With a 9.80% market share, Northwestern Mutual is the state's most financially sound insurer.

Most Popular Life Insurance Companies in Massachusetts

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  • Company
    Market Share
  • Northwestern Mutual
    9.80%
  • New York Life
    8.57%
  • Lincoln Financial
    8.04%
  • MassMutual
    6.46%
  • John Hancock
    5.76%
  • SB Mutual Life Insurance Co. of MA
    5.28%
  • Prudential Financial Inc.
    5.24%

Life insurance market share data for Massachusetts 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 Massachusetts?

Purchasing life insurance at a young age can help you save money. Most insurance companies believe that younger people have a lower risk of death than older buyers. Because age influences the cost of life insurance, young policyholders in Massachusetts may benefit from lower premiums.

When comparing average premium quotes to young people in Massachusetts, the following companies are the most affordable, on average:

  • Transamerica: $18.75 per month
  • Mutual of Omaha: $20.10 per month
Best Life Insurance Companies for Young People in Massachusetts

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  • Company
    Monthly Cost
  • Transamerica
    $18.75
  • MassMutual
    $20.10
  • Mutual of Omaha
    $20.17
  • AAA
    $23.23
  • Nationwide
    $25.81
  • Prudential
    $26.16
  • Progressive Life
    $29.49

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Massachusetts who is 5 ft 10 inches and 148 pounds that purchases a 20-year term contract at the average coverage need of $400,000. 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 Massachusetts?

In Massachusetts, life insurance firms provide a cheaper rate for younger people, but for equivalent life insurance policies in the state, older individuals frequently receive a higher monthly premium. The reason is that insurers consider seniors to be at high risk. Be aware that your life insurance rates will increase as you become older.

Seniors typically have grown children and rarely need to continue supporting them. As such, they require less insurance coverage and count on their life insurance policy to cover funeral expenses and other outstanding obligations while they are gone. If you are a senior and live in Massachusetts, you may be able to get a low-cost insurance policy if you shop around.

Because older people usually look for less coverage, MoneyGeek compared policies in Massachusetts that provide $120,000 in coverage. For seniors in the state, the following companies offer the cheapest rates on average:

  • Transamerica: $42.93 per month
  • Nationwide: $44.19 per month
Best Life Insurance Companies for Seniors in Massachusetts

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  • Company
    Monthly Cost
  • Transamerica
    $42.93
  • Nationwide
    $44.19
  • MassMutual
    $44.74
  • AAA
    $45.50
  • Mutual of Omaha
    $51.09
  • Progressive Life
    $69.17
  • Prudential
    $94.76

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Massachusetts who is 5 ft 10 inches and 174 pounds that purchases a 10-year term contract at the average coverage need of $120,000.

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

Smokers in Massachusetts normally face higher insurance prices. Most insurers quote them rates that are twice as high as the average person in the state because smokers are riskier to insure. In addition, life insurance prices for seniors who smoke may skyrocket because of the significant health concerns they present. Nonetheless, you can shop around and compare insurance costs from several companies to find a low-cost quote.

For smokers, the following two companies offer the cheapest life insurance quotes in Massachusetts on average:

  • Transamerica: $140.76 per month
  • MassMutual: $168.72 per month
Best Life Insurance Companies for Smokers in Massachusetts

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  • Company
    Monthly Cost
  • Transamerica
    $140.76
  • MassMutual
    $168.72
  • Nationwide
    $172.81
  • Mutual of Omaha
    $181.50
  • AAA
    $193.60
  • Prudential
    $202.25
  • Progressive Life
    $238.82

Rates were determined by analyzing quotes for a 31-year-old male smoker in Massachusetts who is 5 ft 10 inches and 174 pounds that purchases a 20-year term contract at the average coverage need of $1,030,000. 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.

Massachusetts Life Insurance Laws You Should Know

When looking for the best life insurance companies in Massachusetts, it is critical to compare quotes. But before you make a choice, it's important to familiarize yourself with life insurance laws.

Make sure you understand the following:

  • Free look period: The time between purchasing and committing to an insurance policy is usually referred to as the free look period. Massachusetts residents have 10 days to review the life insurance coverage they purchased. If they are dissatisfied, they may return it within this time frame and receive a refund.

  • Grace period: As with most US states, policyholders of Massachusetts also get a grace period of 30 days on their life insurance policies to pay their outstanding premiums.

  • Time period for claim settlement: In the event of a life insurance claim in Massachusetts, the policyholder's insurance provider must pay the claim to the beneficiary within one month of receiving proof of death.

  • Incontestability and contestable period: In Massachusetts, a life insurance policy becomes incontestable when it has been in force for at least two years from the date of issue. After two years, the company will be unable to dispute the application for any mistakes or inconsistencies. bold text

Methodology

Before proposing $1,03,000 in life insurance coverage for Massachusetts's residents, MoneyGeek considered a number of variables. To analyze the proposed coverage, we looked at data from the U.S. Bureau of Economics as well as the state's average mortgage debt, personal debt and age. However, you may require more or less coverage than we recommended based on your financial circumstances and your quote may vary.

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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