Best Life Insurance Companies in Anchorage, AK for 2024


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ByMark Fitzpatrick
Reviewed byKatherine Kurtz
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ByMark Fitzpatrick
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Reviewed byKatherine Kurtz
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Updated: January 23, 2024

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Those who have life insurance can rest easy knowing their beneficiaries will be financially covered if they pass away. To find the best life insurance deal, it's important to look around and compare quotes from multiple companies in Anchorage.

To help you get started, MoneyGeek identified the best life insurance companies in Anchorage, Alaska, based on your age, gender and smoking history.

MoneyGeek Logo IconBestLife InsuranceAnchorage, AK
2024

Best Life Insurance Companies in Anchorage, AK, for 2023

Best Cheap Life Insurance in Anchorage

For a $250K coverage policy in Anchorage, MassMutual offers the cheapest insurance policy for men at $12 per month, while Transamerica offers the cheapest rates for women at approximately $9 per month.

However, a $250K coverage policy may not fully cover your beneficiaries. The higher state-recommended coverage of $860K is an ideal amount based on state-specific factors like average cost of living, income, age and personal debt. MassMutual provides the cheapest $860K coverage policies for men at $25 per month, while women can get the least expensive policies from Nationwide for $18 per month.

Cheapest Life Insurance Companies for Males and Females in Anchorage
Cheapest For
$250K Coverage
$860K Coverage (Recommended)

Male

MassMutual

MassMutual

Female

Transamerica

Nationwide

Life Insurance Costs in Anchorage for Men and Women

In comparison to the state’s average, the cost of life insurance in Anchorage is 2% higher for women and 11% higher for men.

Anchorage life insurance rates are generally influenced by the policyholder’s gender. For a $250K coverage policy, men typically pay around $18 per month, while women only pay $16 per month.

The cost for a $250K coverage policy is less than the cost of a policy with the state-recommended coverage amount of $860K. For an $860K policy in Anchorage, men pay approximately $48 per month, while women pay $39 per month. Although you’ll pay more in premiums for the higher coverage policy, the state-recommended coverage amount, based on per capita income from the U.S. Bureau of Economics, average age and mortgage debt and personal debt, will provide more specific coverage.

For a 10-year term policy, males in Anchorage pay an average monthly premium of $28, while women pay around $24 per month for the same policy.

Average Monthly Life Insurance Rates in Anchorage: Men
MassMutualRates for $250K Coverage$12Rates for $926K Coverage (Recommended) $25
NationwideRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $25
Mutual of OmahaRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $26
TransamericaRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $30
AAARates for $250K Coverage$18Rates for $926K Coverage (Recommended) $44
Average Monthly Life Insurance Rates in Anchorage: Women
NationwideRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $18
MassMutualRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $18
Mutual of OmahaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $18
TransamericaRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $23
State FarmRates for $250K Coverage$20Rates for $926K Coverage (Recommended) $39

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Anchorage using average buyer profile statistics, including the average age of 28, the average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $860,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Life insurance costs vary widely depending on a person's gender. In general, women have longer life expectancies than men. Factors like workplace hazards and an increased risk of heart disease cause men to die earlier than women. As a result, insurance premiums are higher for men.

Generally, more men buy life insurance than women. However, more women should consider purchasing a life insurance policy to financially safeguard their dependents at a lower cost than men.

Most Popular Life Insurance Companies in Alaska

Lombard International, New York Life and Prudential Financial Inc., are the most popular life insurance companies in Alaska based on respective market shares of 35%, 13% and 8%. Approximately 72% of the state's market share is held by the top seven companies.

The market shares of the top seven life insurance providers in Alaska are shown in the table below.

Most Popular Life Insurance Companies in Alaska
Lombard InternationalMarket Share35%
New York LifeMarket Share13%
PrudentialMarket Share8%
Lincoln FinancialMarket Share7%
State FarmMarket Share4%
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MONEYGEEK DICTIONARY

Market share is the percentage of a company's revenues relative to other firms in the same industry. This means that a life insurance company with a large market share has sold more policies than its rivals.

For this research, MoneyGeek used market share data for Alaska's insurance firms based on their total insurance premiums written in the state, as published in the 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Anchorage

In Anchorage, young adults generally pay between $17 and $28 for life insurance. As per MoneyGeek's analysis, the following companies offer the cheapest average life insurance rates in Anchorage for young people:

  • Transamerica: $17 per month
  • Mutual of Omaha: $19 per month

The table below contains the life insurance quotes for young people from various insurers in Anchorage.

Best Life Insurance Companies for Young People in Anchorage, AK
TransamericaMonthly Cost$17
Mutual of OmahaMonthly Cost$19
MassMutualMonthly Cost$19
AAAMonthly Cost$21
NationwideMonthly Cost$23

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Anchorage who is 5 feet 10 inches and 164 pounds that purchases a 20-year term contract at the average coverage need of $320K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Often, people under the age of 25 pay less for life insurance. Your insurance premiums will go up as you age and are more susceptible to health issues. Purchasing life insurance at a younger age can help you save on premiums.

Cheapest Life Insurance for Seniors in Anchorage

Life insurance premiums for seniors in Anchorage are typically between $42 and $102 per month, on average. MoneyGeek's analysis found that the following companies offer the cheapest life insurance to seniors in Anchorage:

  • MassMutual: $42 per month
  • Mutual of Omaha: $48 per month

The best and most affordable life insurance companies in Anchorage for seniors are listed in the table below.

Best Life Insurance Companies for Seniors in Anchorage, AK
MassMutualMonthly Cost$42
Mutual of OmahaMonthly Cost$48
NationwideMonthly Cost$49
State FarmMonthly Cost$51
AAAMonthly Cost$64

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Anchorage who is 5 feet 10 inches and 193 pounds that purchases a 10-year term contract at the average coverage need of $97K.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay more for life insurance since their policies may outlive them. However, since their beneficiaries are more likely to be mature adults who are financially independent, seniors can purchase low coverage policies. A policy with lower coverage — like MoneyGeek’s sample coverage amount of $97,000 — is typically enough to cover funeral expenses and arrangements.

Cheapest Life Insurance for Smokers in Anchorage

The average life insurance premiums for Anchorage's smokers range between $126 and $281 per month. According to MoneyGeek, the following companies offer the most affordable life insurance providers for smokers in Anchorage:

  • Transamerica: $126 per month
  • MassMutual: $150 per month

The following table lists the cheapest and best insurers for smokers in the city.

Best Life Insurance Companies for Smokers in Anchorage, AK
TransamericaMonthly Cost$126
MassMutualMonthly Cost$150
State FarmMonthly Cost$150
NationwideMonthly Cost$153
Mutual of OmahaMonthly Cost$168

Rates were determined by analyzing quotes for a 28-year-old male smoker in Anchorage who is 5 feet 10 inches and 193 pounds that purchases a 20-year term contract at the average coverage need of $860K. 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because of the long-term negative health effects of smoking, insurers consider smokers high-risk and charge them higher insurance premiums. However, smokers can still obtain cheaper life insurance. If you are a smoker, MoneyGeek recommends purchasing a 20-year term life insurance policy in Anchorage because rates for smokers increase significantly with age.

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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


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.


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