Best Life Insurance Companies in New Hampshire

A life insurance policy financially protects your beneficiaries after your death, giving them a death benefit to pay for a funeral or ongoing expenses. With several life insurance companies in New Hampshire offering this solution, it is a good idea to shop around and find an affordable policy that matches your needs. MoneyGeek compared policies from different companies to provide average rates for life insurance quotes in New Hampshire based on factors like age, gender and health history. The best life insurance companies in New Hampshire are listed here to help you find the policy you need.

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Best Cheap Life Insurance in New Hampshire

It is important to know that the lower your life insurance coverage amount, the lower your monthly costs. MoneyGeek found that the cheapest option in the state for a $250,000 policy is MassMutual, with an average monthly premium of $10.19 for men and $9.41 for women.

However, a lower coverage policy might not always be the best option. For example, customers with young families might require more coverage to cover ongoing expenses due to factors like lost wages after death. Therefore, to financially protect your loved ones, make sure you choose a policy with the right coverage for your situation.

Based on factors in New Hampshire like average income, cost of living and average age, MoneyGeek determined that for an average person, a life insurance policy worth $808,000 would be adequate to cover ongoing expenses after death.

For a policy coverage amount of $808,000, the cheapest life insurance company in New Hampshire is Nationwide. For men, a Nationwide policy has an average monthly cost of $19.13. For women, Nationwide is also the cheapest option, with an average monthly cost of $15.98.

Best Cheap Life Insurance Companies in New Hampshire: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $808k
  • Nationwide
    $10.63
    $19.13
  • MassMutual
    $10.19
    $19.80
  • Mutual of Omaha
    $11.42
    $21.10
  • Transamerica
    $10.65
    $24.21
  • AAA
    $14.85
    $33.89
  • State Farm
    $19.39
    $40.31
  • Prudential
    $27.96
    $51.55
  • Progressive Life
    $23.10
    $55.67
Best Cheap Life Insurance Companies in New Hampshire: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $808k
  • Nationwide
    $10.43
    $15.98
  • MassMutual
    $9.40
    $17.26
  • Mutual of Omaha
    $11.61
    $17.34
  • Transamerica
    $13.16
    $27.96
  • AAA
    $13.07
    $29.47
  • State Farm
    $17.23
    $34.57
  • Prudential
    $20.10
    $40.75
  • Progressive Life
    $20.16
    $47.53

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in New Hampshire using average buyer profile statistics in New Hampshire, including average age of 34, average weight of 188 pounds for males and 149 pounds for females, and an average coverage need of $808,000.

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

Life insurance rates in New Hampshire can differ significantly, with gender being a prime factor that affects pricing. Women usually pay less for life insurance than men on account of having longer life expectancies.

On average, for a policy with $250,000 coverage, women pay a monthly premium of $16.40 while men spend about $18.31 per month on life insurance.

Increasing the coverage to $808,000, which is the recommended amount for New Hampshire, also increases monthly premiums. For women, the rate increases by $18.74 per month, costing a monthly average of $35.14. Men pay $21.58 more, with a monthly average premium of $39.89.

Most Popular Life Insurance Companies in New Hampshire

Selecting a financially stable company to pay out a legitimate claim on time without hassle when choosing a life insurance provider is crucial. To establish the financial stability of a company, evaluating its market share can be a good indicator. The market share value of a particular company is the number of premiums written by the company divided by the total number of premiums written in the state. Thus, a market share is the portion of an insurance company’s market and a good indication of its reliability.

The top seven life insurance providers in New Hampshire cover more than 45% of the market. The most popular insurer in the state is Northwestern Mutual, with a market share of 10.05%.

Most Popular Life Insurance Companies in New Hampshire

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  • Company
    Market Share
  • Northwestern Mutual
    10.05%
  • Lincoln Financial
    8.06%
  • MassMutual
    6.92%
  • New York Life
    5.74%
  • John Hancock
    4.98%
  • Prudential Financial Inc.
    4.94%
  • Guardian
    4.48%

Life insurance market share data for STATE 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 New Hampshire?

Life insurance providers in New Hampshire assess several factors when calculating premiums for individual policies. Here, age can be a primary determining factor. As a result, younger customers pay lower premiums. Young people present a lower risk for insurance companies because they have a higher life expectancy.

This means that you can save money by purchasing a life insurance policy at an early age. For young people, the life insurance companies in New Hampshire with the most affordable policies on average are:

  • Transamerica: $15.92 per month
  • Mutual of Omaha: $17.58 per month
Best Life Insurance Companies for Young People in New Hampshire

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  • Company
    Monthly Cost
  • Transamerica
    $15.92
  • Mutual of Omaha
    $17.58
  • MassMutual
    $17.73
  • AAA
    $20.99
  • State Farm
    $21.60
  • Prudential
    $21.84
  • Nationwide
    $23.41
  • Progressive Life
    $25.51

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in New Hampshire who is 5 ft 10 inches and 159 pounds that purchases a 20-year term contract at the average coverage need of $330,000. 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 New Hampshire?

The older you are, the more risk you present to insurance providers. For this reason, life insurance companies in New Hampshire usually charge higher monthly premiums for seniors. However, it is still possible to find providers with reasonable rates. Since seniors are less likely to require coverage of future income or support young families after death, MoneyGeek calculated rates based on a $100,000 policy.

Based on MoneyGeek’s study, the best life insurance companies in New Hampshire for seniors are:

  • MassMutual: $38.37 per month
  • Transamerica: $41.97 per month
Best Life Insurance Companies for Seniors in New Hampshire

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Transamerica
    $41.97
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • 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 New Hampshire who is 5 ft 10 inches and 188 pounds that purchases a 10-year term contract at the average coverage need of $100,000.

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

For smokers, life insurance companies in New Hampshire usually charge higher monthly premiums. Along with age and gender, smoking also affects insurance rates because smokers present a higher risk profile for insurance providers.

On average, if you are a smoker, you can purchase the cheapest policies from these life insurance companies in New Hampshire:

  • Transamerica: $131.13 per month
  • Nationwide: $144.46 per month
Best Life Insurance Companies for Smokers in New Hampshire

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  • Company
    Monthly Cost
  • Transamerica
    $131.13
  • Nationwide
    $144.46
  • State Farm
    $150.24
  • Mutual of Omaha
    $158.94
  • MassMutual
    $160.48
  • Prudential
    $178.28
  • Progressive Life
    $228.20
  • AAA
    $291.81

Rates were determined by analyzing quotes for a 34-year-old male smoker in New Hampshire who is 5 ft 10 inches and 188 pounds that purchases a 20-year term contract at the average coverage need of $808,000. 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.

New Hampshire Life Insurance Laws You Should Know

To find the best rate for your requirements, you can compare quotes from different life insurance companies in New Hampshire. It is also a good idea to familiarize yourself with the relevant laws as written under Title 37 of the Statutes of the state. These laws include provisions to help customers and companies.

  • The Free Look Period: During this period, a customer can return their policy and get a full refund, with no penalties or fees involved. This allows customers to understand the insurance contract terms better and decide if the policy meets all their needs. According to Title 37, this period is 10 days after the day of delivery.
  • Grace Period: New Hampshire mandates a grace period of a minimum of 30 days. During this time, you can settle missed payments even after a premium due date to bring your policy back to good standing. In addition, the policy remains active for this time, and the provider cannot refuse a claim if the policyholder passes away.
  • Contestable Period: Life insurance policies in New Hampshire become incontestable after a maximum of two years unless there has been non-payment of premiums and certain other cases. Insurers can review the claim and the policyholder’s records for inconsistencies or inaccuracies during the contestable period.
  • Time Allowed for Settlement: Once a life insurance provider in New Hampshire receives adequate documents regarding proof of death, they must settle the payment within a maximum period of 30 days, beyond which the provider would need to pay interest on the unpaid amount.
  • Guarantee of Payment: Policyholders who are residents of New Hampshire remain protected, up to certain limits, regarding policies issued by insolvent providers or declare bankruptcy through the New Hampshire Life and Health Insurance Guaranty Association, established by the New Hampshire legislation.

Methodology

MoneyGeek considered several factors while determining the recommended $808,000 life insurance coverage amount for residents of New Hampshire. Our data took into account per capita income from the U.S. Bureau of Economics, average age, average personal debt and average mortgage debt to determine recommended coverage. However, each buyer is unique and specific individual circumstances might determine more or less coverage.

About the Author


expert-profile

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.


sources
  • New Hampshire Insurance Department. "Legal Information." Accessed August 4, 2021.
  • New Hampshire Insurance Department. "Requirements Checklist." Accessed August 4, 2021.
  • New Hampshire Life and Health Insurance Guaranty Association. "FAQ." Accessed August 4, 2021.