Best Life Insurance Companies in Utah

The cost of life insurance depends on several factors, including the amount of coverage you choose. If you decide to purchase a policy with a higher coverage amount, you will pay more.

From the research conducted by MoneyGeek, the most affordable life insurance companies in Utah for a policy limit of $250,000 are Transamerica and MassMutual. Transamerica charges an average of $9.68 per month for men, while MassMutual charges roughly $9.21 for women.

Policies with a lower coverage limit cost less per month. However, they normally have fewer benefits and may not meet all the expenses of your beneficiaries upon your death. If you have a young family, this might be a challenge because your beneficiaries are still dependent on you and may need more support should you pass away.

MoneyGeek recommends an ideal coverage limit of $764,000 for Utah residents based on the cost of living, average personal debt and average age. The cheapest insurer in the state for this limit for women is MassMutual, at a cost of $16.05 per month, and Transamerica for men, at a rate of roughly $19.01 per month.

Best Cheap Life Insurance Companies in Utah: Males

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• Company
  $250K Coverage
  Suggested Coverage: $764k
• Transamerica
  $9.68
  $19.01
• MassMutual
  $11.10
  $20.49
• Nationwide
  $13.13
  $21.66
• Mutual of Omaha
  $12.04
  $21.80
• AAA
  $13.42
  $24.42
• State Farm
  $18.07
  $36.65
• Prudential
  $14.25
  $40.12
• Progressive Life
  $16.10
  $53.44

Best Cheap Life Insurance Companies in Utah: Females

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• Company
  $250K Coverage
  Suggested Coverage: $764k
• MassMutual
  $9.21
  $16.05
• Mutual of Omaha
  $10.65
  $16.07
• Nationwide
  $11.62
  $16.54
• Transamerica
  $12.58
  $28.93
• State Farm
  $18.98
  $32.98
• Progressive Life
  $17.81
  $39.00
• AAA
  $16.63
  $39.20
• Prudential
  $17.66
  $50.92

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Utah using average buyer profile statistics in Utah, including average age of 25, average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $764,000.

Gender is one of the factors that significantly impact the cost of life insurance in Utah. Typically, women get lower rates than men due to their longer lifespans. However, this isn’t the case in Utah.

According to MoneyGeek, male buyers in Utah pay an average of $15.29 for a coverage limit of $250,000 per month, while women pay roughly $15.83 for the same coverage amount.

The costs for the recommended coverage limit of $764,000 also vary significantly, with male buyers paying $35.14, which is higher by $19.85, and female buyers pay roughly $19.06 more.

Market share is a percentage of the number of insurance premiums written by a company divided by the total number of premiums written by the state. Companies with high market shares are more financially stable and have a higher probability of settling claims.

From MoneyGeek’s study, Northwestern Mutual has the largest market share in Utah, at 7.49%, and the top seven companies contribute to 36.35% of the state’s market share.

Most Popular Life Insurance Companies in Utah

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• Company
  Market Share
• Northwestern Mutual
  7.49%
• Pacific Life
  5.78%
• Lincoln Financial
  5.78%
• Sammons Enterprises Inc.
  4.62%
• New York Life
  4.53%
• Securian
  4.13%
• Penn Mutual
  4.02%

Life insurance market share data for Utah is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Life insurance companies in Utah also calculate their monthly premiums based on your age. Younger people pay less because they are not as risky to insure. That means you might want to get your coverage early if you wish to save on your monthly costs.

According to MoneyGeek, the most affordable insurers in the state for young buyers are, on average:

• Transamerica: $13.09 per month
• Mutual of Omaha: $14.99 per month

Best Life Insurance Companies for Young People in Utah

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• Company
  Monthly Cost
• Transamerica
  $13.09
• Mutual of Omaha
  $14.99
• MassMutual
  $15.35
• AAA
  $16.50
• Prudential
  $17.53
• State Farm
  $18.31
• Nationwide
  $18.59
• Progressive Life
  $21.53

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Utah who is 5 ft 10 inches and 159 pounds that purchases a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Life insurance companies in Utah charge seniors more for life insurance compared to young buyers. Seniors are considered high-risk to insure.

However, if you shop around and compare life insurance quotes in Utah, you may get more affordable options. Typically, seniors do not need policies with very high coverage amounts since their beneficiaries are already adults. A policy limit of $100,000 is popular for individuals of this age.

As per MoneyGeek’s research, the lowest life insurance rates in Utah for seniors on average are from:

• MassMutual: $38.37 per month
• Mutual of Omaha: $43.47 per month

Best Life Insurance Companies for Seniors in Utah

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• Company
  Monthly Cost
• MassMutual
  $38.37
• Mutual of Omaha
  $43.47
• Nationwide
  $44.19
• AAA
  $45.50
• State Farm
  $46.20
• Progressive Life
  $69.17
• Transamerica
  $75.39
• Prudential
  $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Utah who is 5 ft 10 inches and 187 pounds that purchases a 10-year term contract at the average coverage need of $78,000.

Life insurance companies in Utah consider smokers to be high-risk and therefore charge higher premiums. That is because smokers are more likely to develop health-related issues in the future. However, if you still have good or average health, you can secure lower rates from various insurers within the state.

From MoneyGeek’s research, the most affordable insurance carriers in Utah for smokers on average are:

• Transamerica: $96.54 per month
• State Farm: $111.75 per month

Best Life Insurance Companies for Smokers in Utah

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• Company
  Monthly Cost
• Transamerica
  $96.54
• State Farm
  $111.75
• MassMutual
  $114.87
• Nationwide
  $119.44
• Mutual of Omaha
  $135.47
• AAA
  $137.28
• Prudential
  $144.58
• Progressive Life
  $177.50

Rates were determined by analyzing quotes for a 25-year-old male smoker in Utah who is 5 ft 10 inches and 187 pounds that purchases a 20-year term contract at the average coverage need of $764,000. 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.

Life insurance policies vary considerably across insurers due to several factors. You should compare quotes from different companies and familiarize yourself with the laws of the state before purchasing a policy. These laws include:

• Free look period - This refers to the timeframe given to policy buyers to read through policy terms and determine whether they are still interested in the coverage. For Utah residents, there is no legal free look period for life insurance policies.
• Grace period for missed payments - In Utah, you will have a 30-day grace period to make your monthly payments, after which time your insurer may decide to deny you coverage.
• Time allowable to settle a claim - There are no laws in Utah set forth to require insurers to pay claims within a specific period. Before purchasing your policy, be sure to discuss this with your provider.
• Contestable Period - Based on the Utah laws, insurers can contest the validity of your life insurance policy within the two-year timeframe after purchase. After this period, the insurer will lose the right to cancel your policy due to a misrepresentation of information during the application.

MoneyGeek analyzed the average cost of life insurance in Utah across factors like the average personal debt and age, average mortgage debt and the per capita income from the U.S. Bureau of Economics. However, your costs may vary from these averages based on your unique circumstances.