Updated: May 22, 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.
BestLife InsuranceAnchorage, AKBest Life Insurance Companies in Anchorage, AK, for 2023
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 For | $250K Coverage | $860K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | Transamerica | Nationwide |
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.
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $26 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $30 |
| AAA | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $44 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$20 | Rates 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.
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.
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.
| Lombard International | Market Share35% |
| New York Life | Market Share13% |
| Prudential | Market Share8% |
| Lincoln Financial | Market Share7% |
| State Farm | Market Share4% |
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.
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:
The table below contains the life insurance quotes for young people from various insurers in Anchorage.
| Transamerica | Monthly Cost$17 |
| Mutual of Omaha | Monthly Cost$19 |
| MassMutual | Monthly Cost$19 |
| AAA | Monthly Cost$21 |
| Nationwide | Monthly 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.
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.
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:
The best and most affordable life insurance companies in Anchorage for seniors are listed in the table below.
| MassMutual | Monthly Cost$42 |
| Mutual of Omaha | Monthly Cost$48 |
| Nationwide | Monthly Cost$49 |
| State Farm | Monthly Cost$51 |
| AAA | Monthly 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.
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.
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:
The following table lists the cheapest and best insurers for smokers in the city.
| Transamerica | Monthly Cost$126 |
| MassMutual | Monthly Cost$150 |
| State Farm | Monthly Cost$150 |
| Nationwide | Monthly Cost$153 |
| Mutual of Omaha | Monthly 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.
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.
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, 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 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.
