Best Life Insurance Companies in Vermont

Identifying the best life insurance company in Vermont for your needs can help you find the right coverage for your beneficiaries. Having life insurance contributes greatly to the financial welfare of your loved ones once you pass away. If you are shopping for life insurance quotes in Vermont, you can find the best options based on MoneyGeek’s analysis. MoneyGeek ranked life insurance companies in Vermont based on various factors, including age, gender and smoking history to ensure you get good coverage for your needs.

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Best Cheap Life Insurance in Vermont

The life insurance coverage amount you purchase directly influences your cost per month. Policies with lower coverage amounts often cost less but may not cover your beneficiaries’ financial needs when you pass away.

The most affordable life insurance company in Vermont for a policy with a $250,000 coverage limit is Transamerica for male buyers at an average cost of $9.68 per month, and MassMutual for female buyers at $10.45 per month on average. For Vermont residents with young families, more coverage might be required and this will mean purchasing a policy with a higher limit.

Based on the cost of living within the state as well as other factors like average income, personal debt and age, MoneyGeek recommends a coverage level of $697,000 for life insurance in Vermont. For this coverage, the cheapest life insurance company in the state for men is Transamerica, at $18.76 per month on average. The most affordable insurer for women is Nationwide, at an average of $16.36 monthly.

Best Cheap Life Insurance Companies in Vermont: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $697k
  • Transamerica
    $9.68
    $18.76
  • Nationwide
    $11.81
    $19.43
  • MassMutual
    $11.32
    $19.87
  • Mutual of Omaha
    $12.69
    $20.96
  • AAA
    $13.42
    $23.76
  • State Farm
    $18.49
    $32.79
  • Prudential
    $14.88
    $38.82
  • Progressive Life
    $16.97
    $55.16
Best Cheap Life Insurance Companies in Vermont: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $697k
  • Nationwide
    $11.59
    $16.36
  • Mutual of Omaha
    $12.90
    $17.36
  • MassMutual
    $10.45
    $17.45
  • Transamerica
    $10.75
    $19.96
  • AAA
    $14.52
    $29.30
  • State Farm
    $19.14
    $33.97
  • Prudential
    $22.33
    $35.32
  • Progressive Life
    $16.31
    $47.24

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Vermont using average buyer profile statistics in Vermont, including average age of 34, average weight of 181 pounds for males and 143 pounds for females, and an average coverage need of $697,000.

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

The cost of life insurance in Vermont depends on various factors, including your gender. Men tend to pay more than women due to their shorter lifespan.

On average, male buyers pay life insurance companies in Vermont $15.63 per month for a policy with $250,000 in coverage and $34.21 for $697,000 in coverage. Female buyers pay an average of $16.75 monthly for $250,000 in coverage and $32.98 for the $697,000 coverage level.

Most Popular Life Insurance Companies in Vermont

While purchasing life insurance from an insurer, one of the factors to consider is its market share. This refers to the number of policies the company has written as a percentage of the total number of policies written by the state. The higher the market share, the more financially stable the company is likely to be.

Based on MoneyGeek’s research, the top seven life insurance companies in Vermont cover 43.81% of the state’s market share, with National Life Group being the most popular, at 8.9%.

Most Popular Life Insurance Companies in Vermont

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  • Company
    Market Share
  • National Life Group
    8.9%
  • Lincoln Financial
    6.38%
  • New York Life
    6.34%
  • MassMutual
    6.3%
  • Northwestern Mutual
    6.13%
  • John Hancock
    5.44%
  • Prudential Financial Inc.
    4.32%

Life insurance market share data for Vermont 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 Vermont?

Young buyers tend to pay less for life insurance in Vermont. That’s because young people are obviously at a lower risk of death than older individuals.

Based on MoneyGeek’s research, the most affordable life insurance companies in Vermont for young people are, on average:

  • Transamerica: $14.30 per month
  • Mutual of Omaha: $16.10 per month
Best Life Insurance Companies for Young People in Vermont

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  • Company
    Monthly Cost
  • Transamerica
    $14.30
  • Mutual of Omaha
    $16.10
  • MassMutual
    $16.37
  • AAA
    $18.74
  • Prudential
    $19.38
  • State Farm
    $19.72
  • Nationwide
    $21.00
  • Progressive Life
    $24.19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Vermont who is 5 ft 10 inches and 154 pounds that purchases a 20-year term contract at the average coverage need of $290,000. 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 Vermont?

In Vermont, seniors pay higher monthly premiums for life insurance than young buyers. However, older buyers usually don’t need as much coverage as young people. This is because seniors are unlikely to have dependent children who would need a lot of financial support after they pass away.

On average, according to MoneyGeek’s study, the cheapest life insurance policies in Vermont for seniors are from:

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

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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
  • Prudential
    $79.39
  • Transamerica
    $84.40

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Vermont who is 5 ft 10 inches and 181 pounds that purchases a 10-year term contract at the average coverage need of $88,000.

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

You will pay more for life insurance in Vermont if you are a smoker since you are more likely to develop health-related issues in the future. However, if you still have good or average health, you might find relatively affordable options.

The cheapest life insurance companies in Vermont for smokers are, on average:

  • Transamerica: $113.47 per month
  • Nationwide: $127.23 per month
Best Life Insurance Companies for Smokers in Vermont

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  • Company
    Monthly Cost
  • Transamerica
    $113.47
  • Nationwide
    $127.23
  • State Farm
    $130.43
  • Mutual of Omaha
    $137.85
  • MassMutual
    $139.33
  • Prudential
    $154.27
  • AAA
    $155.58
  • Progressive Life
    $200.71

Rates were determined by analyzing quotes for a 34-year-old male smoker in Vermont who is 5 ft 10 inches and 181 pounds that purchases a 20-year term contract at the average coverage need of $697,000. 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.

Vermont Life Insurance Laws You Should Know

The laws governing life insurance policies vary in each state. Reading through Vermont’s insurance laws can help you avoid any unnecessary delays and legal issues that may arise. Here are some of the most important glossary terms from Vermont’s insurance statutes.

  • Free look period - Vermont’s laws allow policyholders to return a policy within ten days of receipt. The policyholder is also entitled to a refund of their premium if they decide not to keep the policy. This duration is what’s known as the free look period.

  • Grace period for missed payments - According to Vermont’s life insurance laws, there shall be a grace period of 30 days for individuals who miss paying their monthly premiums on time. The policy will remain valid but if a claim arises within this period, the insurer will deduct any due premiums from the payout.

  • Time allowable to settle a claim - Insurance companies are required to pay customer claims within 45 days from the day they’re filed. Failure to do this will result in accrued interest which the company must pay to the beneficiaries.

  • Contestable Period - The law in Vermont has a provision that restricts insurers from contesting a life insurance policy except for nonpayment of premiums. The contestable period runs for two years, after which the insurer cannot contest a claim.

Methodology

MoneyGeek utilized various factors to rank life insurance companies in Vermont, including the state’s average mortgage debt, personal debt and age, as well as per capita income from the U.S. Bureau of Economics.

Depending on the insurer you choose and your unique circumstances, you may pay a different monthly premium than 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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