Best Life Insurance Companies in Nebraska

When you get life insurance, you’re making sure that your family’s financial needs are met even after you pass away. Several life insurance companies in Nebraska offer excellent coverage at an affordable cost. Here at MoneyGeek, we compared the average rates of life insurance quotes in Nebraska based on age, gender and smoking history. In calculating these rates, we are able to identify cheap policies from the best life insurance companies in Nebraska.

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Best Cheap Life Insurance in Nebraska

As you look for affordable policies in Nebraska, remember that a low coverage amount also means low monthly premiums. Among the life insurance companies in Nebraska, Transamerica is the most affordable with a $250,000 policy for men with an average monthly premium of $9.68. For women, MassMutual is the most affordable for this coverage amount with an average monthly premium of $9.41.

Depending on your current financial situation, you might find that you need more coverage than this. Consider ongoing expenses, average incomes, lost wages, average personal debt and other factors that could affect the amount your family needs to cover your final expenses. Based on MoneyGeek’s research, in Nebraska, an average person needs to have a policy worth $710,000 to adequately cover ongoing family expenses.

Among the life insurance companies in Nebraska, the most affordable options for a policy worth $710,000 are Transamerica and Nationwide. For male buyers, Transamerica’s policies cost an average of $18.46 per month. The cheapest option for female buyers seeking $710,000 of coverage in Nebraska is Nationwide, with an average cost of $14.72 per month.

Best Cheap Life Insurance Companies in Nebraska: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $710k
  • Transamerica
    $9.68
    $18.46
  • Nationwide
    $11.81
    $19.43
  • MassMutual
    $11.10
    $19.50
  • Mutual of Omaha
    $12.47
    $20.64
  • AAA
    $13.42
    $23.76
  • State Farm
    $19.14
    $36.34
  • Prudential
    $29.82
    $37.38
  • Progressive Life
    $16.53
    $53.94
Best Cheap Life Insurance Companies in Nebraska: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $710k
  • Nationwide
    $10.43
    $14.72
  • Mutual of Omaha
    $11.22
    $15.28
  • MassMutual
    $9.40
    $15.33
  • Transamerica
    $12.77
    $27.60
  • State Farm
    $20.18
    $34.94
  • AAA
    $16.63
    $36.91
  • Progressive Life
    $19.19
    $39.78
  • Prudential
    $19.41
    $52.45

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Nebraska using average buyer profile statistics in Nebraska, 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 Nebraska?

Whether a buyer is male or female can affect life insurance quotes in Nebraska. Since women statistically have a longer life expectancy than men, they tend to pay less on premiums. On average, women pay $16.97 in monthly premiums for $250,000 coverage, while men pay an average of $17.51.

To reach the recommended life insurance coverage level of $710,000, you will need to pay higher monthly premiums. On average, life insurance quotes in Nebraska worth $710,000 in coverage cost $35.57 per month for women and $34.10 for men. This is an average increase of $18.60 for women and $16.59 for men.

Most Popular Life Insurance Companies in Nebraska

You may want to target a company with a large market share, as these companies tend to be more financially secure. A company’s market share is the number of premiums it has written in the state divided by the total number of policies in the state. The top three most popular life insurance companies in Nebraska hold an approximate 21.67% of the market. Northwestern Mutual is the most popular in the state with a market share of 10.43%.

Most Popular Life Insurance Companies in Nebraska

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  • Company
    Market Share
  • Northwestern Mutual
    10.43%
  • Pacific Life
    6.35%
  • State Farm
    4.89%
  • New York Life
    4.84%
  • Prudential Financial Inc.
    4.15%
  • Principal Financial Group Inc.
    4.15%
  • Lincoln Financial
    3.66%

Life insurance market share data for Nebraska 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 Nebraska?

A person’s age significantly affects the cost of life insurance policies. Buying life insurance at a young age is a great strategy to get low rates and save money on your policy. As a younger buyer, you are considered a low-risk individual, and you will be able to find cheaper life insurance quotes in Nebraska. The most affordable options for young people in this state include, on average:

  • Transamerica: $13.49 per month
  • Mutual of Omaha: 15.36 per month
Best Life Insurance Companies for Young People in Nebraska

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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 Nebraska 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 Nebraska?

Senior buyers almost always pay higher monthly premiums for life insurance than young people. However, seniors rarely have dependent children and can therefore get away with a lower coverage amount. Therefore, MoneyGeek looked for life insurance companies in Nebraska with a policy for seniors worth $80,000, which is expected to at least cover death benefits and other final burial expenses.

Based on our study, the most affordable life insurance companies in Nebraska for seniors include, on average:

  • MassMutual: $38.37 per month
  • State Farm: $41.59 per month
Best Life Insurance Companies for Seniors in Nebraska

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • State Farm
    $41.59
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • AAA
    $45.50
  • Progressive Life
    $69.17
  • Transamerica
    $77.19
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Nebraska 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 Nebraska?

A person’s smoking history also increases their monthly premiums. Life insurance companies in Nebraska charge higher premiums for smokers than non-smokers as they have a much higher risk profile. To ensure you get the best rates, MoneyGeek compared prices from different life insurance companies in Nebraska and determined the most affordable policies for a smoker.

If you’re a smoker, these are the cheapest options in Nebraska, on average:

  • Transamerica: $106.38 per month
  • State Farm: $125.94 per month
Best Life Insurance Companies for Smokers in Nebraska

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  • Company
    Monthly Cost
  • Transamerica
    $106.38
  • State Farm
    $125.94
  • MassMutual
    $126.98
  • Nationwide
    $133.35
  • Mutual of Omaha
    $133.60
  • Prudential
    $144.03
  • AAA
    $145.73
  • Progressive Life
    $190.97

Rates were determined by analyzing quotes for a 32-year-old male smoker in Nebraska 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.

Nebraska Life Insurance Laws You Should Know

The data presented by MoneyGeek will help you look for policies with the best rates. Life insurance quotes in Nebraska will vary for each buyer as this depends on personal factors such as age, gender and smoking history. When shopping for life insurance companies in Nebraska, take note of the following laws that could benefit you.

  • The “free look period” allows you to test drive a policy without paying a fee. Within 10 days, ask questions you may have to help you decide whether it is the policy that actually meets your expectations. This law entails that you can get your money back within this period should you decide to cancel the policy.
  • The grace period is an extended time given to policyholders to settle missed payments. This usually lasts no longer than 30 days from the due date. Under this law, the provider will not be able to cancel the policy because of missed payments.
  • Allowable timelines to settle a claim is a deadline given to life insurance companies to process a claim, usually within 30 days of the submission of proof of death documents. Failure to follow the timeline charges the provider with interest on the unpaid amount.
  • The contestable period is a right given to providers to file a dispute or investigate a claim further if they need clarification on documents or think they’ve been falsified. Under this law, they can reduce the amount of claims, or even deny coverage if the policyholder provided any untrue information.
  • The Nebraska Insurance Fraud Act is a law that prohibits all parties from falsifying a claim or committing any fraudulent insurance activity which grants them an unjustified financial gain.

Methodology

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

Because these quotes are based on personal profiles with several factors affecting the amount, you may pay more or less per month compared to these averages.

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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