Best Life Insurance Companies in Albuquerque, NM for 2024
Updated: May 22, 2024
Advertising & Editorial Disclosure
Some people think of life insurance as just another expense, but you can look at it as a long-term investment. It allows you to have peace of mind, knowing your loved ones will receive financial support should something happen to you.
There is no lack of companies offering life insurance in Albuquerque, New Mexico. However, the best provider for you may vary depending on your circumstance and preferences. MoneyGeek’s guide helps you find the top life insurance option for your profile.
BestLife InsuranceAlbuquerque, NMBest Life Insurance Companies in Albuquerque, NM for 2023
Coverage level and gender are two factors that considerably impact the cost of life insurance in Albuquerque. For a $250,000 coverage amount, men can purchase the most affordable policy from MassMutual for $12 on average, while Transamerica offers the lowest rate for women at an average of $11.
A $250,000 coverage is cheaper, but it may not be enough for most buyers. MoneyGeek considered cost of living, average age, average personal debt and income to determine the recommended coverage amount in Albuquerque. With this higher coverage value of $612,000, Nationwide becomes the cheapest average option for men ($19) and women ($16).
Cheapest For | $250K Coverage | $612K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | Transamerica | Nationwide |
The average cost for both genders in Albuquerque is more expensive than New Mexico’s statewide averages. Men pay roughly 8% more, while women spend an additional 4% for coverage.
Even if they purchase policies with similar coverage levels, life insurance companies will always charge men and women differently.
The disparity between life insurance rates for men and women is apparent in several aspects. When purchasing a policy with $250,000 worth of coverage, men spend around $21 per month. In comparison, women only pay $16 on average.
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $19 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $20 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $22 |
| AAA | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $32 |
| State Farm | Rates for $250K Coverage$22 | Rates for $926K Coverage (Recommended) $38 |
| Progressive Life | Rates for $250K Coverage$26 | Rates for $926K Coverage (Recommended) $50 |
| Prudential | Rates for $250K Coverage$32 | Rates for $926K Coverage (Recommended) $56 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $16 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| AAA | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $20 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $30 |
| Progressive Life | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $38 |
| Prudential | Rates for $250K Coverage$22 | Rates for $926K Coverage (Recommended) $45 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Albuquerque using average buyer profile statistics, including the average age of 30, the average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $612,000.
Age isn’t the only factor impacting the cost of life insurance in Albuquerque — gender does as well. Across various age groups and policy lengths, women typically pay a more affordable premium than men.
Women live an average of 5.7 years longer than men, and insurers equate a longer life expectancy with less risk. Men tend to demonstrate behaviors leading to a shorter lifespan, such as avoiding doctor appointments and engaging in dangerous activities. They’re also less likely to seek help for mental illness, resulting in drastic actions like attempting suicide.
That said, more men purchase life insurance than women, even though many women can also benefit from a life insurance policy.
Some life insurance companies in New Mexico are more popular than others. New York Life (8%), Northwestern Mutual (7%) and State Farm (6%) are the most sought-after insurers based on market share.
The combined market share of the seven most in-demand life insurance companies in New Mexico covers roughly 36% of the state’s customer base. Refer to the table below to see each insurer’s contribution.
| New York Life | Market Share8% |
| Northwestern Mutual | Market Share7% |
| State Farm | Market Share6% |
| MassMutual | Market Share4% |
| Lincoln Financial | Market Share4% |
| Prudential | Market Share4% |
| American National | Market Share3% |
A company’s market share represents the portion of the market it controls compared to its competitors. It’s based on the total sales within the industry. Applying this to life insurance, a bigger market share translates to more policies sold.
We used data from S&P Global’s 2020 annual report to determine market share figures based on the total premiums written in New Mexico.
Besides gender, age is another factor that affects the cost of life insurance policies. Insurers charge anywhere between $17 and $46 for young adults.
MoneyGeek gathered life insurance quotes from companies in Albuquerque and found that these two companies offer the most affordable policies for young people:
You can see the rest of the companies MoneyGeek included in this study below.
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$18 |
| Nationwide | Monthly Cost$20 |
| Transamerica | Monthly Cost$21 |
| Mutual of Omaha | Monthly Cost$22 |
| State Farm | Monthly Cost$22 |
| Progressive Life | Monthly Cost$27 |
| Prudential | Monthly Cost$46 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Albuquerque who is 5 feet 10 inches and 159 pounds with a 20-year term contract at an average coverage need of $230,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Most people think life insurance is something you get when you’re older, but you’re never too young to purchase a policy. Young adults are typically in better health than older buyers, so insurers charge lower premiums. It’s a great cost-effective strategy because policy rates will begin to increase as you get older.
Seniors generally pay more for life insurance than younger buyers. Insurers in Albuquerque typically charge older adults anywhere from $41–$86 for coverage.
MoneyGeek found that the companies offering the best life insurance in Albuquerque for seniors are:
To see the rates of the other companies included in the study, you can refer to the table below.
| MassMutual | Monthly Cost$41 |
| Mutual of Omaha | Monthly Cost$47 |
| Nationwide | Monthly Cost$48 |
| State Farm | Monthly Cost$56 |
| AAA | Monthly Cost$63 |
| Transamerica | Monthly Cost$73 |
| Progressive Life | Monthly Cost$75 |
| Prudential | Monthly Cost$86 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Albuquerque who is 5 feet 10 inches and 187 pounds with a 10-year term contract at the average coverage need of $69,000.
Seniors are high-risk buyers in the eyes of insurers because it’s likely that their policy will outlive them. It translates to life insurance companies paying out more death benefits. Because of that, their premiums are typically more expensive.
Most seniors only get enough coverage to pay for final expenses. Their children are usually grown and earn enough that the death benefit won’t need to serve as an income replacement. That’s why MoneyGeek’s sample policy for seniors has a lower coverage amount.
Using tobacco and nicotine significantly affects the cost of life insurance in Albuquerque. Insurers charge anywhere between $91 and $199 on average for a policy.
MoneyGeek’s analysis showed that the two top life insurance companies in the city for smokers are:
The table below shows the complete list of companies in MoneyGeek’s analysis.
| Transamerica | Monthly Cost$91 |
| MassMutual | Monthly Cost$109 |
| State Farm | Monthly Cost$112 |
| Nationwide | Monthly Cost$114 |
| Mutual of Omaha | Monthly Cost$120 |
| Prudential | Monthly Cost$134 |
| Progressive Life | Monthly Cost$169 |
| AAA | Monthly Cost$199 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Albuquerque who is 5 feet 10 inches and 187 pounds with a 20-year term contract at the average coverage need of $612,000.
Smoking puts you at a high risk level. You’re more likely to develop severe health conditions like cancer, lung and heart disease. Compared to a non-smoker, someone who uses nicotine and tobacco reduces their life expectancy by 10 years.
Smokers are better off purchasing lengthier policies. Having at least a 20-year term saves you from rates that increase drastically as you get older. It's one way to find cheap life insurance for smokers.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, along with average mortgage debt, personal debt and 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.
