Best Life Insurance Companies in Pennsylvania

Life insurance guarantees that your family will receive financial support after you die. Most life insurers in Pennsylvania offer different premiums, so finding the insurance that suits your needs may not be that easy. MoneyGeek analyzed life insurance premiums from various life insurance companies in Pennsylvania based on gender, age and smoking history. MoneyGeek has also selected the best life insurance companies in Pennsylvania to help you find the right insurance policy. Our data on the insurer’s monthly average premiums can also help you find the most affordable insurance plan.

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Best Cheap Life Insurance in Pennsylvania

You will pay lower monthly premiums if you buy a life insurance policy with less coverage. According to a MoneyGeek research, MassMutual offers the most affordable quotes for both men and women for policies covering $250,000 in Pennsylvania. The company quotes an average of $9.99 per month for men and roughly $10.45 per month for women.

While a lower coverage insurance policy may be cheaper, it may not cover all costs incurred after death. Also, if your family members are young, you may need enough insurance to cover their living expenses or to deal with existing obligations and responsibilities. Before purchasing a life insurance policy, you need to evaluate your financial situation and determine the coverage amount that is right for you. This ensures financial security for your loved ones after you pass away.

MoneyGeek recommends an average life insurance premium of $718,000 in Pennsylvania, regardless of gender, to cover necessary expenses after death. This recommendation is based on the state's cost of living, average income, personal debt, age and other important considerations.

Best Cheap Life Insurance Companies in Pennsylvania: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $718k
  • Nationwide
    $10.63
    $17.49
  • MassMutual
    $9.99
    $17.68
  • Mutual of Omaha
    $11.22
    $18.73
  • Transamerica
    $14.13
    $29.00
  • State Farm
    $18.98
    $36.43
  • AAA
    $19.21
    $43.56
  • Progressive Life
    $22.51
    $50.01
  • Prudential
    $20.74
    $56.95
Best Cheap Life Insurance Companies in Pennsylvania: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $718k
  • Nationwide
    $11.59
    $16.36
  • Mutual of Omaha
    $12.47
    $17.11
  • MassMutual
    $10.45
    $17.15
  • Transamerica
    $10.54
    $19.87
  • AAA
    $14.52
    $29.30
  • State Farm
    $18.72
    $33.59
  • Prudential
    $21.49
    $35.69
  • Progressive Life
    $15.88
    $45.48

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Pennsylvania using average buyer profile statistics in Pennsylvania, including average age of 33, average weight of 194 pounds for males and 153 pounds for females, and an average coverage need of $718,000.

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

Gender is one of the factors that can affect the cost of your insurance in Pennsylvania. Women in the state often pay less than men because they have a longer life expectancy.

In Pennsylvania, for example, female policyholders pay about $16.23 per month for a $250,000 policy. In contrast, insured men pay an average of $18.37 per month for a comparable life insurance policy.

However, choosing the MoneyGeek-recommended $718,000 coverage in the state may result in higher monthly premiums. Women may receive a quote of about $32.23 a month, which is $16 more than what they pay for a $250,000 insurance policy. Men, on the other hand, may receive a quote of around $40.43 per month, which is $22.06 more than their average quote for a $250,000 policy.

Most Popular Life Insurance Companies in Pennsylvania

Always find a financially sound insurance company that can pay your insurance claim promptly and fairly. Before choosing an insurance company, it’s important to consider the market share of the companies that you’re comparing. A company’s market share in the state gives you a fair idea of its financial strength.

Market share in Pennsylvania is computed by dividing the total amount of premiums written by the company by the total number of policies sold in the state. I

The seven best life insurance companies in Pennsylvania control around 38% of the market. Prudential Financial Inc. is the state's most financially stable insurer occupying 7.02% of the market share.

Most Popular Life Insurance Companies in Pennsylvania

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  • Company
    Market Share
  • Prudential Financial Inc.
    7.02%
  • Lincoln Financial
    6.98%
  • Northwestern Mutual
    6.33%
  • MassMutual
    5.4%
  • New York Life
    4.46%
  • John Hancock
    3.96%
  • State Farm
    3.85%

Life insurance market share data for Pennsylvania 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 Pennsylvania?

Most insurers consider the risk of death for younger people to be lower than older adults. Because age affects the cost of life insurance policies, young policyholders in Pennsylvania benefit from lower premiums. By purchasing a life insurance policy at a young age, you can save a significant amount of money.

Considering the average life insurance quotes to young people in Pennsylvania, the following companies are the cheapest:

  • Transamerica: $15.11 per month
  • Mutual of Omaha: $16.84 per month
Best Life Insurance Companies for Young People in Pennsylvania

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  • Company
    Monthly Cost
  • Transamerica
    $15.11
  • Mutual of Omaha
    $16.84
  • MassMutual
    $17.05
  • AAA
    $18.74
  • Prudential
    $20.61
  • State Farm
    $20.66
  • Nationwide
    $21.00
  • Progressive Life
    $24.19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Pennsylvania who is 5 ft 10 inches and 165 pounds that purchases a 20-year term contract at the average coverage need of $310,000. 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 Pennsylvania?

While life insurance companies in Pennsylvania provide lower rates to younger consumers, seniors in the state often pay higher monthly premiums for comparable life insurance plans. This is because insurers regard elderly people to be high-risk consumers.

Seniors frequently have grown children and rarely need to support them financially. As a result, they need less insurance coverage.

Since senior Pennsylvania residents typically look for lower coverage, MoneyGeek compared policies that offer $93,000 in the state. On average, the following companies offer the cheapest quotes to the seniors in the state:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Pennsylvania

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Prudential
    $79.39
  • Transamerica
    $88.90

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Pennsylvania who is 5 ft 10 inches and 194 pounds that purchases a 10-year term contract at the average coverage need of $93,000.

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

Higher insurance premiums usually apply to smokers residing in Pennsylvania. This is because smokers tend to be riskier to insure. Regardless, you can shop around and compare insurance costs from various companies to find an affordable quote.

On average, the following two companies provide the cheapest life insurance quotes in Pennsylvania for smokers:

  • State Farm: $127.29 per month
  • MassMutual: $128.34 per month
Best Life Insurance Companies for Smokers in Pennsylvania

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  • Company
    Monthly Cost
  • State Farm
    $127.29
  • MassMutual
    $128.34
  • Nationwide
    $133.35
  • Mutual of Omaha
    $135.05
  • Transamerica
    $145.84
  • Progressive Life
    $197.49
  • Prudential
    $198.22
  • AAA
    $235.05

Rates were determined by analyzing quotes for a 33-year-old male smoker in Pennsylvania who is 5 ft 10 inches and 194 pounds that purchases a 20-year term contract at the average coverage need of $718,000. 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.

Pennsylvania Life Insurance Laws You Should Know

It is necessary to compare prices while searching for the best life insurance companies in Pennsylvania. Title 31 of the Pennsylvania Code regulates the insurance industry in the state, so it's also important to understand the laws mentioned in it.

  • Free look period: Pennsylvania residents get a 10-day period to review the life insurance policy they purchased and make a decision. If they're unhappy with the policy, they can claim a full refund from the company without facing a penalty.

  • Grace period: For Pennsylvania residents, the grace period of an insurance policy is set to 30 days. This means that if the policyholder fails to pay their monthly premiums, the company cannot cancel the policy for 30 days.

  • Time period for claim settlement: In the case of a life insurance claim in Pennsylvania, the insurance provider of a policyholder must pay the claim to the beneficiary within one month of obtaining the proof of death.

  • Incontestability of insurance: In Pennsylvania, a life insurance policy becomes incontestable if it has been in force for at least two years from the date of issue. After two years, the company will be unable to challenge the application for any mistakes or inconsistencies.

Methodology

MoneyGeek considered a number of variables before suggesting $718,000 in life insurance coverage for Pennsylvania's residents. To assess the suggested coverage, we analyzed data from the U.S. Bureau of Economics, as well as the state's average mortgage debt, personal debt and age. Each person is unique and may require more or less coverage than we suggested based on their individual circumstances. Rates will also vary by your unique circumstances.

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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