Best Life Insurance Companies in Anchorage, AK for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.