Updated: May 22, 2024
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Even after you pass away, life insurance is an investment that can continue to financially support your loved ones. Since there are many insurers around the city, it’s important to find the best life insurance provider in Atlanta that fits your unique needs and background.
Below, you can check MoneyGeek’s review of life insurance companies in Atlanta to help you get a great deal.
BestLife InsuranceAtlanta, GABest Life Insurance Companies in Atlanta, GA, for 2023
Your gender and coverage limit influences the cost of your life insurance. In Atlanta, MassMutual is the cheapest insurer for both men and women for coverage of $250K. MassMutual policies cost around $12 per month for women while it costs $13 per month for men.
A policy with a $250K coverage amount is the cheaper option. However, it might be insufficient for most people. In Georgia, the state-recommended coverage amount is $680K, which is determined by state-specific factors like cost of living, average income, average personal debt and average age.
For Georgia’s recommended coverage limit of $680K, Nationwide offers the most affordable policies for women at roughly $19 per month. Nationwide also offers the cheapest average rate for men at $22 per month.
Cheapest For | $250K Coverage | $680K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Your gender can affect the average cost of your life insurance. Compared to Georgia’s average rate, life insurance policies in Atlanta are 17% more expensive for women. Men in Atlanta also pay 28% more than the state average.
For $250K in coverage, women pay roughly $18 per month while men pay $24 per month. Rates will change depending on your coverage amount, which accounts for factors like per capita income (based on the U.S. Bureau of Economics), average personal debt, average mortgage debt and average age.
The average cost of a policy with the state-recommended amount of $680K costs $33 per month for women and $49 per month for men. A 10-year term policy costs $22 per month for women and $31 per month for men, on average.
| MassMutual | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $22 |
| Nationwide | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $22 |
| Mutual of Omaha | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$24 | Rates for $926K Coverage (Recommended) $44 |
| AAA | Rates for $250K Coverage$25 | Rates for $926K Coverage (Recommended) $56 |
| Nationwide | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $19 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $26 |
| Prudential | Rates for $250K Coverage$25 | Rates for $926K Coverage (Recommended) $32 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Atlanta using average buyer profile statistics, including the average age of 30, the average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $680,000.
Gender is one of the main factors that can influence your life insurance rates. Women generally pay cheaper premiums because they live longer than men. Statistically, men are more likely to avoid visiting the doctor and perform perilous jobs. Thus, men’s life insurance rates tend to be more expensive.
However, research shows that more men purchase life insurance compared to women. Regardless, life insurance is still a valuable investment for women, especially since their households also rely on them for finances.
According to MoneyGeek’s research, the three most popular insurance companies in Atlanta by market share are Northwestern Mutual (11%), Lincoln Financial (5%) and State Farm (5%). The seven most popular companies in Georgia combined take up 36% of the life insurance industry.
Below, you’ll find a table of the seven most popular companies in Georgia.
| Northwestern Mutual | Market Share11% |
| Lincoln Financial | Market Share5% |
| State Farm | Market Share5% |
| MassMutual | Market Share5% |
| New York Life | Market Share4% |
Market share refers to the percentage of a company’s sales in comparison to its counterparts. MoneyGeek gathered information about top-performing life insurance companies in Georgia through S&P Global’s 2020 market intelligence reports.
In Atlanta, the average cost of life insurance for young adults ranges between $19 to $28 per month. MoneyGeek determined that the following companies offered the cheapest policies, on average:
There is a complete list of cheap life insurance companies for young adults in the below table.
| Mutual of Omaha | Monthly Cost$19 |
| MassMutual | Monthly Cost$20 |
| AAA | Monthly Cost$21 |
| Prudential | Monthly Cost$22 |
| State Farm | Monthly Cost$23 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Georgia who is 5 feet 10 inches and 164 pounds that purchases a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Younger people tend to pay lower premiums for life insurance. Policies become more expensive as you get older since you’re more prone to serious ailments. Buying life insurance at a young age is a good strategy to save on monthly payments.
For seniors, an average life insurance policy in Atlanta can range from $49 to $102 per month. MoneyGeek’s data shows that the most affordable policies for older adults are, on average:
Scroll through the table below to learn which companies offer affordable premiums for Atlanta seniors.
| MassMutual | Monthly Cost$49 |
| Mutual of Omaha | Monthly Cost$56 |
| Nationwide | Monthly Cost$57 |
| State Farm | Monthly Cost$66 |
| Progressive Life | Monthly Cost$88 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Georgia who is 5 feet 10 inches and 193 pounds that purchases a 10-year term contract at the average coverage need of $77,000.
Because policies are expected to outlive seniors, they usually pay more expensive premiums. However, seniors can save by getting less coverage since their beneficiaries tend to be financially independent. Older adults can still get sufficient coverage even with a lower limit. Many seniors just need life insurance to pay for burial expenses, so MoneyGeek set the sample policy coverage for seniors at a lower level than other profiles.
For individuals who smoke, a life insurance quote in Atlanta costs approximately $142 to $271 per month. The most affordable companies for smokers in Atlanta are, on average:
Below is a table that outlines a complete list of companies that offer affordable premiums for smokers in Atlanta.
| MassMutual | Monthly Cost$142 |
| State Farm | Monthly Cost$142 |
| Nationwide | Monthly Cost$148 |
| Mutual of Omaha | Monthly Cost$156 |
| Progressive Life | Monthly Cost$218 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Georgia who is 5 feet 10 inches and 193 pounds that purchases a 20-year term contract at the average coverage need of $680,000. 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.
Generally, smokers are seen as risky to insure since they’re more prone to illnesses that reduce their lifespan. Therefore, life insurance companies charge smokers increased premiums. Luckily, MoneyGeek found several life insurance providers that have cheap policies for smokers. Smokers can consider purchasing a long-term policy — around 20 years — since costs for smokers significantly increase as they get older.
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 Economics, 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.
