Best Life Insurance Companies in Montana

Life insurance can financially support your beneficiaries after you pass away. In Montana, there are many life insurance companies with unique prices and benefits. The most challenging part is to find the best company for your needs and budget. MoneyGeek compared policies from various insurance providers to get the standard rates of life insurance quotes in Montana based on gender, age and smoking history. Further, we’ve established the best life insurance companies in Montana for various categories to help you find the most suitable policy for you.

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Best Cheap Life Insurance in Montana

It’s important to understand that the lower your policy amount, the lower your monthly life insurance expenses will be. In other words, lower coverage is much more affordable. MoneyGeek found that Transamerica and Mass Mutual are the cheapest life insurance companies in Montana for a $250,000 policy for men and women, respectively. The average man in Montana pays $9.68 per month for Transamerica coverage, while the average woman pays $9.79 for Mass Mutual coverage.

A lower coverage level might be cheaper. However, it might not cover all the necessary ongoing expenses after death. Based on the cost of living, average incomes, average personal debt, average age and other related factors, MoneyGeek found that a regular person would need a life insurance policy of about $710,000 to fully cover all the outgoing expenses after death in Montana.

The most affordable life insurance companies in Montana for a policy worth $710,000 are Transamerica and Mutual of Omaha. For males, Transamerica’s policies cost an average of $18.46 per month. The most affordable policy for women in Montana is Mutual of Omaha at around $15.28 per month.

Best Cheap Life Insurance Companies in Montana: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $710k
  • Transamerica
    $9.68
    $18.46
  • MassMutual
    $10.88
    $18.88
  • Nationwide
    $11.81
    $19.43
  • Mutual of Omaha
    $12.47
    $20.64
  • AAA
    $12.76
    $23.14
  • State Farm
    $18.72
    $33.92
  • Prudential
    $29.82
    $37.38
Best Cheap Life Insurance Companies in Montana: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $710k
  • Mutual of Omaha
    $11.22
    $15.28
  • MassMutual
    $9.79
    $16.99
  • Nationwide
    $10.63
    $17.49
  • Transamerica
    $15.09
    $32.54
  • AAA
    $18.02
    $40.23
  • State Farm
    $22.13
    $41.65
  • Prudential
    $26.95
    $73.74

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Montana using average buyer profile statistics in Montana, including average age of 32, average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $710,000.

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

Average life insurance quotes in Montana can vary greatly. Gender is one of the primary factors affecting policy costs. Due to women’s longer life expectancy, life insurance quotes in Montana are cheaper for women than for men.

On average, women pay a monthly premium of $18.46 for a policy with $250,000 coverage, while men pay an average of $16.93 per month.

Increasing coverage to the recommended $710,000 level of insurance in Montana leads to higher monthly premiums. The rates for women increase by $22.05 per month to an average cost of $40.51 per month. Costs for men go up by $12.41 to an average monthly premium of $29.34.

Most Popular Life Insurance Companies in Montana

When shopping for a life insurance provider, it’s crucial to consider the financial stability of the company to determine whether it can pay claims whenever your beneficiaries need them. The best way to determine a company’s financial stability is by assessing its market share.

Market share is the number of premiums written by a life insurance company against the total number of policies written in the state. The seven most popular life insurance companies in Montana cover about 37% of the market. The most popular provider is Northwestern Mutual with a market share of 11.24%.

Most Popular Life Insurance Companies in Montana

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  • Company
    Market Share
  • Northwestern Mutual
    11.24%
  • State Farm
    5.81%
  • Lincoln Financial
    5.11%
  • Prudential Financial Inc.
    4.58%
  • New York Life
    3.91%
  • Pacific Life
    3.26%
  • MassMutual
    3.08%

Life insurance market share data for Montana 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 Montana?

Life insurance companies in Montana assess various factors when determining premiums. Age is one of the primary factors that determine the cost of a policy in Montana. Younger life insurance buyers will pay less for their insurance premiums per month.

One of the best strategies to save money on a policy is buying life insurance at a young age. The life insurance companies in Montana with the cheapest policies for young people are, on average:

  • Transamerica: $13.49 per month
  • Mass Mutual: $15.12 per month
Best Life Insurance Companies for Young People in Montana

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  • Company
    Monthly Cost
  • Transamerica
    $13.49
  • MassMutual
    $15.12
  • Mutual of Omaha
    $15.36
  • AAA
    $15.84
  • State Farm
    $17.59
  • Prudential
    $18.14
  • Nationwide
    $18.59

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Montana who is 5 ft 10 inches and 156 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.

Which Companies Have the Best Life Insurance Rates for Seniors in Montana?

Life insurance companies in Montana typically charge senior insurance buyers a higher rate per month for a policy. That is because older people have a higher risk to insure. Even so, you can still get monthly coverage options at affordable costs from various companies.

Seniors are less likely to add life insurance coverage for their future income, as their children are usually adults who no longer depend on their parents. Instead, their insurance is mainly used to cover burial expenses once they pass away. For this reason, we calculated rates depending on a policy with $100,000 in coverage.

On average, MoneyGeek found the most affordable life insurance companies in Montana to be:

  • AAA: $38.46 per month
  • State Farm: $38.54 per month
Best Life Insurance Companies for Seniors in Montana

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  • Company
    Monthly Cost
  • AAA
    $38.46
  • State Farm
    $38.54
  • MassMutual
    $38.74
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • Transamerica
    $77.19
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Montana who is 5 ft 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $80,000.

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

Apart from age and gender, smoking is another primary factor that life insurance companies in Montana use to determine your coverage rates. A smoker pays higher rates for a life insurance policy as a result of the extensive health risks caused by smoking.

However, you can still find a policy at a relatively affordable monthly premium from some of the best life insurance companies in Montana. The two least expensive companies are, on average:

  • Transamerica: $106.38 per month
  • State Farm: $116.64 per month
Best Life Insurance Companies for Smokers in Montana

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  • Company
    Monthly Cost
  • Transamerica
    $106.38
  • State Farm
    $116.64
  • MassMutual
    $122.04
  • AAA
    $132.79
  • Nationwide
    $133.35
  • Mutual of Omaha
    $133.60
  • Prudential
    $144.03

Rates were determined by analyzing quotes for a 32-year-old male smoker in Montana who is 5 ft 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $710,000. 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.

Montana Life Insurance Laws You Should Know

You can find the right coverage rate by comparing various life insurance quotes in Montana. It’s also important to understand the state’s insurance laws. Here are the definitions of some glossary terms from Montana’s life insurance statutes.

  • Free look period: Unlike most states, Montana does not have a free look period, which gives policyholders a chance to get a full refund if they’re not pleased with their coverage. However, many life insurance companies in Montana will still give you 7–30 days, within which you can back out of the policy and still get a refund. You should confirm this with your insurance company to understand their policies regarding the free look period.
  • Grace period for missed payments: All life insurance companies in Montana give their policyholders a 30-day grace period to process their bill payments. This law is meant to help consumers by ensuring policies are not terminated due to unreasonable late payments. It means, if you are late on payments, you still have a 30-day period where you can make your payment before the provider legally cancels your policy.
  • Time allowable to settle a claim: After filing a claim for a life insurance policy, the insurer has 30 days to pay. If your provider fails to pay your benefit on time, your beneficiary’s account will accrue interest from the insurer.
  • Contestable period: After you file a claim, life insurance companies in Montana have the right to review the deceased’s existing medical records for accuracy and consistency in your application. The insurer cannot contest the claim if the deceased purchased the policy more than two years ago.

Methodology

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 level in Montana.

Please note that every person’s situation is different and may need more or less coverage.

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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