Best Life Insurance Companies in Rhode Island

Having a life insurance plan can save your loved ones from financial suffering and cover many ongoing expenses after your death. A life insurance policy usually covers funeral expenses, mortgage and any personal loans of the deceased person.

MoneyGeek understands that everyone has different needs. This guide presents the best life insurance companies in Rhode island for young people, seniors and smokers. We have also analyzed how gender can affect the average cost of life insurance.

Reading this guide before getting a life insurance quote in Rhode Island can help you make an informed decision about choosing an insurance company.

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Best Cheap Life Insurance in Rhode Island

While choosing an insurance policy, you can opt for paying a low insurance premium every month. However, this will result in fewer life insurance benefits.

For $250,000 worth of coverage, MassMutual has the most affordable life insurance policy for Rhode Island men, at an average monthly premium of $11.10. The company also offers the cheapest option for female buyers, with an average monthly premium of $9.41 for the same amount of coverage.

Although a policy with a lower coverage amount will cost you less, it may not be enough to cover all ongoing expenses after your death.

MoneyGeek recommends that you get an insurance policy with $772,000 worth of coverage. We determined this amount after analyzing the average income, average personal debt, cost of living and the average age of the residents of Rhode Island.

For this coverage amount, Nationwide offers the most affordable life insurance policy for male and female buyers in Rhode Island at an average monthly premium of $20.34 and $15.35, respectively.

Best Cheap Life Insurance Companies in Rhode Island: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $772k
  • Nationwide
    $11.81
    $20.34
  • MassMutual
    $11.10
    $20.63
  • Mutual of Omaha
    $12.47
    $21.97
  • Transamerica
    $11.61
    $25.15
  • AAA
    $16.50
    $35.64
  • Prudential
    $29.82
    $41.91
  • Progressive Life
    $16.53
    $58.83
Best Cheap Life Insurance Companies in Rhode Island: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $772k
  • Nationwide
    $10.43
    $15.35
  • MassMutual
    $9.40
    $16.16
  • Mutual of Omaha
    $11.22
    $16.19
  • Transamerica
    $12.77
    $29.81
  • AAA
    $16.63
    $39.20
  • Progressive Life
    $19.19
    $43.24
  • Prudential
    $19.34
    $56.77

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Rhode Island using average buyer profile statistics in Rhode Island, including average age of 32, average weight of 191 pounds for males and 151 pounds for females, and an average coverage need of $772,000.

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

Insurance companies consider gender to be an important factor while providing life insurance quotes in Rhode Island. Women typically live longer than men, so female buyers in the state pay a lower monthly premium than male buyers.

Men in Rhode Island pay $18.04 a month on average for $250,000 worth of coverage and $39.17 for $772,000 worth of coverage; hence they pay an average of $21.13 more for the recommended coverage amount.

Women in Rhode Island pay $16.31 a month for $250,000 worth of coverage and $37.47 for $772,000 worth of coverage, on average. Therefore, they pay an average of $21.16 more for the recommended coverage amount.

Most Popular Life Insurance Companies in Rhode Island

The market share of a company shows how popular it is among consumers. In an insurance market, you can calculate a company’s market share by dividing the number of policies written by the total number of policies in the state.

Insurance policies from a company with a high market share tend to be more reliable. MoneyGeek’s research shows that the seven largest companies in Rhode Island make up 41.88% of the Insurance market.

Of these companies, Northwestern Mutual has the highest market share, as it controls 7.79% of the life insurance market in Rhode Island.

Most Popular Life Insurance Companies in Rhode Island

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  • Company
    Market Share
  • Northwestern Mutual
    7.79%
  • Lincoln Financial
    7.35%
  • MassMutual
    5.84%
  • Prudential Financial Inc.
    5.83%
  • John Hancock
    5.72%
  • New York Life
    4.95%
  • Brighthouse Financial
    4.4%

Life insurance market share data for Rhode Island 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 Rhode Island?

While determining the monthly cost of life insurance, insurance companies in Rhode Island consider age to be the most important factor as they calculate the risk associated with an individual.

Since younger people are much less likely to die, they pose less risk. Hence, they get cheaper life insurance quotes in Rhode Island. Due to this factor, getting a life insurance policy at a young age is the best strategy for saving money on insurance premiums.

On average, the two least expensive insurance providers for young people in Rhode Island are:

  • Transamerica: $14.71 per month
  • Mutual of Omaha: $16.47 per month
Best Life Insurance Companies for Young People in Rhode Island

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  • Company
    Monthly Cost
  • Transamerica
    $14.71
  • Mutual of Omaha
    $16.47
  • MassMutual
    $16.71
  • AAA
    $18.74
  • Prudential
    $19.99
  • Nationwide
    $21.00
  • Progressive Life
    $24.19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Rhode Island who is 5 ft 10 inches and 162 pounds that purchases a 20-year term contract at the average coverage need of $300,000. 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 Rhode Island?

Seniors in Rhode Island pay more for life insurance because insurance companies consider them high-risk individuals due to their age. However, they can still find some affordable options in the state by looking around.

The recommended policy coverage amount for seniors in Rhode Island is $91,000. Since older people usually don’t have dependent children, the coverage amount is lower. Typically, it goes toward covering ongoing expenses after death.

The two least expensive insurance companies in Rhode Island for seniors are, on average:

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

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • AAA
    $57.99
  • Progressive Life
    $69.17
  • Prudential
    $79.39
  • Transamerica
    $87.10

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Rhode Island who is 5 ft 10 inches and 191 pounds that purchases a 10-year term contract at the average coverage need of $91,000.

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

Smokers in Rhode Island tend to get expensive life insurance quotes as they are considered high-risk individuals due to their extensive health risks.

However, if you smoke and are otherwise healthy, you may be able to find relatively affordable options for life insurance in Rhode Island. According to our research, the two least expensive insurance companies for smokers in Rhode Island are, on average:

  • Transamerica: $115.45 per month
  • MassMutual: $137.50 per month
Best Life Insurance Companies for Smokers in Rhode Island

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  • Company
    Monthly Cost
  • Transamerica
    $115.45
  • MassMutual
    $137.50
  • Nationwide
    $142.41
  • Mutual of Omaha
    $144.80
  • Prudential
    $156.08
  • Progressive Life
    $210.54
  • AAA
    $251.46

Rates were determined by analyzing quotes for a 32-year-old male smoker in Rhode Island who is 5 ft 10 inches and 191 pounds that purchases a 20-year term contract at the average coverage need of $772,000. 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.

Rhode Island Life Insurance Laws You Should Know

Before getting a life insurance policy in Rhode Island, keep the following state laws in mind.

  • The Free Look Period: During the free look period, you’re allowed to test a policy’s features to see if they are right for you. If you’re not satisfied, you can cancel the policy without any penalties. In Rhode Island, this period is 20 days.

  • Grace Period: The policyholder is allowed to delay payments for a number of days after the deadline has passed, usually referred to as a grace period. In Rhode Island, you’re entitled to a grace period of 31 days.

  • Contestable Period: The Rhode Island Insurance Code states that an insurance provider can cancel a policy if it finds a misrepresentation in the policyholder’s records within two years.

  • Allowable Timelines for Claims Settlement: In Rhode Island, the insurance provider must settle all claims within 30 days if received electronically and within 40 days if received by mail.

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 amount of $772,000 in Rhode Island. However, since every person has different circumstances, they might need more or less coverage based on their situation.

About the Author: Saad Imran is a freelance writer. He has written for a leading insurance consulting firm in the U.S. and has sound knowledge of the U.S. financial industry.

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.