BestLife InsuranceAkron, OHYou 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
Most Popular in Ohio - Northwestern Mutual
Best for Young People - Transamerica
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Best Cheap Life Insurance in Akron
Your gender and preferred coverage limit affect your life insurance premiums. The cheapest Akron providers for a $250K policy are:
- For men: MassMutual at $9 per month
- For women: MassMutual at $8 per month
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:
- For men: Nationwide at $14 per month
- For women: Nationwide at $11 per month
Cheapest Life Insurance Companies for Males and Females in Akron
Cheapest For | $250K Coverage | $614K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
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Life Insurance Costs in Akron for Men and Women
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.
Average Monthly Life Insurance Rates in Akron: Men
Average Monthly Life Insurance Rates in Akron: Women
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.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
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.
Most Popular Life Insurance Companies in Ohio
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.
Most Popular Life Insurance Companies in Ohio
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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.
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Cheapest Life Insurance for Young People in Akron
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:
- Transamerica: $12 per month
- Mutual of Omaha: $13 per month
In the table below, we listed life insurance quotes for young people in Akron.
Best Life Insurance Companies for Young People in Akron, OH
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 CHEAPER FOR YOUNG PEOPLE
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.
Cheapest Life Insurance for Seniors in Akron
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:
- MassMutual: $33 per month
- Mutual of Omaha: $40 per month
We detailed life insurance premium prices for Akron seniors in the table below
Best Life Insurance Companies for Seniors in Akron, OH
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.
LIFE INSURANCE COSTS MORE FOR SENIORS
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.
Cheapest Life Insurance for Smokers in Akron
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:
- MassMutual: $92 per month
- State Farm: $93 per month
Moreover, we collected life insurance quotes in Akron for smokers in the table below.
Best Life Insurance Companies for Smokers in Akron, OH
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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
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.
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Methodology
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
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 7, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 7, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 7, 2022.
- S&P Global. "2020 Annual Report." Accessed July 7, 2022.