Best Life Insurance Companies in Akron, OH for 2024
Updated: October 3, 2024
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You should consider getting life insurance if people are financially dependent on you. If you pass away, a life insurance policy provides financial protection for your loved ones. When shopping for life insurance, MoneyGeek suggests comparing quotes from various companies to find the best available for your profile.
To help you get started, we ranked the top life insurance companies in Akron and highlighted insurers with the most affordable policies based on gender, age and lifestyle.
BestLife InsuranceAkron, OHBest Life Insurance Companies in Akron, OH, for 2023
Your gender and preferred coverage limit affect your life insurance premiums. The cheapest Akron providers for a $250K policy are:
While $250k policies are relatively affordable, they may not provide enough coverage to ensure your beneficiary’s financial security. Based on Ohio’s average cost of living, income, personal debt, age and other state-specific factors, the recommended life insurance coverage in the state is $614K.
The most affordable companies in the city for a $614K policy are:
Cheapest For | $250K Coverage | $614K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
On average, life insurance costs for Akron residents are lower than the state’s average. If you’re a man, you’ll pay 13% less and 17% less if you’re a woman.
Gender is one of the most significant factors affecting life insurance costs. On average, a $205K life insurance policy in Akron costs $17 for men but $14 for women.
The coverage amount you select also impacts your life insurance premiums. Based on information from the U.S. Bureau of Economic Analysis’ per capita income and Ohio’s average mortgage debt, personal debt and age, the recommended insurance coverage in the state is $614K.
Male shoppers looking for a $614K life insurance policy in Akron pay around $31 per month, while female buyers pay approximately $26 per month. On the other hand, the average price of a 10-year term policy (regardless of coverage limits) is $20 for men and $17 for women.
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $27 |
| AAA | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $33 |
| Progressive Life | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $38 |
| Prudential | Rates for $250K Coverage$23 | Rates for $926K Coverage (Recommended) $42 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $11 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $12 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $12 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $25 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $27 |
| Progressive Life | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $29 |
| Prudential | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $38 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Akron using average buyer profile statistics, including the average age of 31, the average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $614,000.
Insurance companies consider gender an important factor when determining life insurance prices. Since women tend to have a longer life expectancy, their life insurance is cheaper.
Meanwhile, men are more likely to engage in risky activities, work in dangerous professions and get heart disease. Insurers view male buyers as riskier to insure and charge them more. Despite that, studies show that more men compared to women buy life insurance.
Yet women are ideal candidates for life insurance. Whether they’re primary breadwinners or stay-at-home caretakers, their families will suffer financially if they suddenly pass away.
MoneyGeek’s research reveals Ohio’s three most popular life insurance companies based on market share are Northwestern Mutual (8%), Lincoln Financial (7%) and State Farm (5%).
We also found that the seven most popular providers in the state make up 35% of the market. The table below shows these insurers and their market share in Ohio.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| State Farm | Market Share5% |
| Western & Southern Financial | Market Share4% |
| New York Life | Market Share4% |
| Prudential | Market Share4% |
| John Hancock | Market Share3% |
A company’s market share reflects its percentage of sales compared to other companies in its industry. In the life insurance space, having a high market share means selling more policies than others. For this guide, we used market share data from Ohio’s total premiums sold based on S&P Global’s 2020 annual report.
In Akron, life insurance costs for young adults range from $12 to $20 per month. MoneyGeek’s analysis shows that the city’s cheapest providers for younger buyers are:
In the table below, we listed life insurance quotes for young people in Akron.
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$13 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$14 |
| Prudential | Monthly Cost$16 |
| Nationwide | Monthly Cost$16 |
| State Farm | Monthly Cost$19 |
| Progressive Life | Monthly Cost$20 |
We determined rates by analyzing quotes for a 25-year-old male non-smoker in Akron who is 5 feet 10 inches and 170 pounds and purchases a 20-year term contract at the average coverage need of $270K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance is more affordable if you’re 25 years or younger. However, your premiums will increase as you grow older and become more susceptible to illnesses. MoneyGeek suggests buying life insurance while you’re still young and enjoy lower premium prices.
MoneyGeek found that seniors in Akron pay roughly between $33 and $69 per month for life insurance. The following offer the lowest rates in the city for older buyers:
We detailed life insurance premium prices for Akron seniors in the table below
| MassMutual | Monthly Cost$33 |
| Mutual of Omaha | Monthly Cost$38 |
| Nationwide | Monthly Cost$39 |
| State Farm | Monthly Cost$45 |
| Progressive Life | Monthly Cost$60 |
| AAA | Monthly Cost$63 |
| Transamerica | Monthly Cost$67 |
| Prudential | Monthly Cost$69 |
MoneyGeek determined rates by analyzing quotes for a 60-year-old male non-smoker in Akron who is 5 feet 10 inches and 200 pounds and purchases a 10-year term contract at the average coverage need of $80K.
On average, older people pay higher life insurance premiums because they're likely to pass away while their policy is in effect.
However, most seniors don’t require the same coverage limits as their younger counterparts. Typically, beneficiaries from this age group are financially independent adults, and life insurance proceeds only need to pay for funeral expenses and estate liabilities. Therefore, MoneyGeek’s sample policy for seniors has a lower coverage limit than other profiles.
Smokers in Akron can expect life insurance prices to range from $92 to $168 per month. MoneyGeek’s analysis reveals the cheapest companies for smokers in the city are:
Moreover, we collected life insurance quotes in Akron for smokers in the table below.
| MassMutual | Monthly Cost$92 |
| State Farm | Monthly Cost$93 |
| Nationwide | Monthly Cost$96 |
| Mutual of Omaha | Monthly Cost$99 |
| Transamerica | Monthly Cost$103 |
| Prudential | Monthly Cost$144 |
| Progressive Life | Monthly Cost$146 |
| AAA | Monthly Cost$168 |
MoneyGeek determined rates by analyzing quotes for a 31-year-old male smoker in Akron who is 5 feet 10 inches and 200 pounds and purchases a 20-year term contract at the average coverage need of $614K. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide extended coverage because rates for smokers dramatically increase as you age.
Insurance companies consider smokers riskier to insure due to the life-threatening diseases related to tobacco use. As a result, they charge smokers higher insurance premiums.
However, smokers can still find affordable life insurance policies by shopping around. MoneyGeek recommends getting a longer-term policy (with at least 20 years) since health complications from smoking compound over time.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
