Best Life Insurance Companies in Washington

Life insurance is a way to provide your family or dependents with benefits to pay off any debts, funeral expenses and ongoing living expenses when you are gone. In Washington, life insurance costs are influenced by factors such as gender, age and health. Different insurers charge different rates, so it is important to compare life insurance quotes in Washington to find the best policy for your needs. If you are looking for the best life insurance companies in Washington, MoneyGeek has analyzed life insurance companies in Washington to help you find the most affordable options for your needs.

tip icon

Best Cheap Life Insurance in Washington

Life insurance in Washington is available in different coverage amounts to suit different needs. Choosing a low coverage option means that you will pay less in monthly premiums. However, low coverage may not provide sufficient benefits for funeral expenses and other ongoing expenses your beneficiaries may incur.

For men, a life insurance policy with $250,000 in coverage from Transamerica is the cheapest option in Washington and costs an average of $9.68 per month for men. The cheapest option for women is MassMutual at roughly $9.41 per month.

To get sufficient benefits for funeral expenses and other ongoing expenses, MoneyGeek recommends a life insurance policy with $965,000 in coverage for people in Washington. This coverage amount is calculated based on the average income level in Washington, average debt levels and other state-specific data such as average age.

The cheapest life insurance companies in Washington for life insurance with $965,000 in coverage are Transamerica at about $23.33 monthly for men and Nationwide at roughly $17.87 monthly is the cheapest option for women.

Best Cheap Life Insurance Companies in Washington: Males

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $965k
  • Transamerica
    $9.68
    $23.33
  • Nationwide
    $11.81
    $24.02
  • MassMutual
    $11.10
    $24.16
  • Mutual of Omaha
    $12.04
    $26.12
  • AAA
    $13.42
    $30.36
  • State Farm
    $18.72
    $46.43
  • Prudential
    $29.41
    $52.40
  • Progressive Life
    $16.10
    $69.34
Best Cheap Life Insurance Companies in Washington: Females

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $965k
  • Nationwide
    $10.43
    $17.87
  • MassMutual
    $9.40
    $18.72
  • Mutual of Omaha
    $10.84
    $19.03
  • Transamerica
    $12.20
    $32.20
  • State Farm
    $19.77
    $44.05
  • AAA
    $16.63
    $48.39
  • Progressive Life
    $18.41
    $48.66
  • Prudential
    $18.97
    $58.07

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Washington using average buyer profile statistics in Washington, including average age of 30, average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $965,000.

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

On average, men in Washington pay $17.24 per month for life insurance coverage of $250,000, while women pay an average of $16.19 per month for similar coverage. The difference in costs based on gender is because women generally have longer lifespans, so they pay less for life insurance.

To get increased coverage of $965,000, the monthly premiums for men and women go up by $27.12 and $26.58, respectively. This means that for the recommended coverage amount in Washington, men will pay $44.36 monthly while women will pay $42.77 per month.

Most Popular Life Insurance Companies in Washington

The total number of life insurance policies underwritten by an insurer makes up its market share. This means that the most popular companies typically command a bigger part of the market share.

In Washington, New York Life has the highest market share at 9.23%. In total, the seven most popular life insurance companies in Washington take up 39.06% of the life insurance market share in the state.

When looking for the best life insurance companies in Washington, it is important to consider market share as it can be used as an indicator of financial stability and credibility.

Most Popular Life Insurance Companies in Washington

Scroll for more

swipe icon
  • Company
    Market Share
  • New York Life
    9.23%
  • Northwestern Mutual
    8.49%
  • Prudential Financial Inc.
    4.79%
  • Lincoln Financial
    4.59%
  • State Farm
    4.31%
  • Pacific Life
    4.01%
  • John Hancock
    3.64%

Life insurance market share data for Washington 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 Washington?

Life expectancy is a big factor in the cost of life insurance in Washington. This means that young people will pay significantly lower rates for life insurance compared to seniors. By purchasing your life insurance policy at a young age, you can save on premiums since your policy will cost less.

On average, the cheapest life insurance companies for young people in Washington are:

  • Transamerica: $16.32 per month
  • Mutual of Omaha: $17.95 per month
Best Life Insurance Companies for Young People in Washington

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $16.32
  • Mutual of Omaha
    $17.95
  • MassMutual
    $18.07
  • AAA
    $20.99
  • State Farm
    $22.07
  • Prudential
    $22.46
  • Nationwide
    $23.41
  • Progressive Life
    $26.84

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Washington who is 5 ft 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $340,000. 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 Washington?

In Washington, seniors pay more for life insurance compared to young people. This is because life insurance costs increase as your life expectancy decreases. However, there are still affordable options for seniors looking for cost-effective options.

Seniors can opt for lower coverage amounts since their children are likely grown and won’t need as much financial support.

On average, the most affordable life insurance companies in Washington for seniors purchasing a policy with $102,000 in coverage are:

  • Transamerica: $36.88 per month
  • MassMutual: $39.01 per month
Best Life Insurance Companies for Seniors in Washington

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $36.88
  • MassMutual
    $39.01
  • State Farm
    $42.30
  • Nationwide
    $44.19
  • Mutual of Omaha
    $44.23
  • AAA
    $45.50
  • Progressive Life
    $69.17
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Washington who is 5 ft 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $102,000.

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

Since smoking increases the risk of illnesses, people who smoke pay higher life insurance rates than non-smokers. The risk of illness decreases your life expectancy, so insurers categorize smokers as high risk meaning higher premiums.

If you are a smoker in Washington, the most affordable life insurance companies on average are:

  • Transamerica: $131.21 per month
  • MassMutual: $155.13 per month
Best Life Insurance Companies for Smokers in Washington

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $131.21
  • MassMutual
    $155.13
  • State Farm
    $159.72
  • Nationwide
    $162.84
  • Mutual of Omaha
    $172.18
  • Prudential
    $194.22
  • Progressive Life
    $249.17
  • AAA
    $287.85

Rates were determined by analyzing quotes for a 30-year-old male smoker in Washington who is 5 ft 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $965,000. 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.

Washington Life Insurance Laws You Should Know

Before you buy your life insurance policy in Washington, it is important to understand Washington’s life insurance laws and how they affect your policy. Some of the key regulations for life insurance in Washington include:

  • Free look period: In Washington, state laws do not mandate the insurer to offer a free look period. This means that it is up to the insurer whether or not to offer you a trial period or a free look period after you buy the policy.

  • Claim settlement period: Washington insurance laws do not require life insurance companies to settle claims within a specific timeframe. However, life insurance policies in the state start to accrue interest from the date of death, which prompts insurance companies to settle claims promptly.

  • Contestable period: Washington insurance laws allow the insurer to cancel your policy if you lie, misstate or misrepresent yourself. However, the insurer can only contest the policy within two years from the date of purchase.

  • Washington State Guaranty: Like most states, Washington has a Guaranty Association to protect you in case your insurance company becomes insolvent. The Washington Life and Disability Insurance Guaranty Association covers your policy for up to $500,000 in lost death benefits.

Methodology

MoneyGeek used data on Washington’s per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt, average personal debt and average age to determine the recommended life insurance coverage amount in Washington. Since every person’s situation is unique, you may find that your rates and the best coverage for you may vary from the recommended 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