Best Life Insurance Companies in Atlanta, GA

MoneyGeek’s research shows that MassMutual is the best life insurance company in Atlanta for seniors, smokers and average adults. On the other hand, young individuals can get a good deal with Mutual of Omaha. An average life insurance premium in Atlanta costs around $13 per month for a $250K coverage policy or roughly $22 per month for the state-recommended coverage in Georgia.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

iconBestLife InsuranceAtlanta, GA
2023

Best Life Insurance Companies in Atlanta, GA, for 2023

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Best Cheap Life Insurance in Atlanta

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 Life Insurance Companies for Males and Females in Atlanta
  • Cheapest For
    $250K Coverage
    $680K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Atlanta for Men and Women

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.

Average Monthly Life Insurance Rates in Atlanta: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $13
    $22
  • Nationwide
    $14
    $22
  • Mutual of Omaha
    $14
    $23
  • State Farm
    $24
    $44
  • AAA
    $25
    $56
  • Progressive Life
    $28
    $57
  • Prudential
    $33
    $67
Average Monthly Life Insurance Rates in Atlanta: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $14
    $19
  • Mutual of Omaha
    $14
    $19
  • MassMutual
    $12
    $19
  • AAA
    $14
    $26
  • Prudential
    $25
    $32
  • State Farm
    $21
    $36
  • Progressive Life
    $18
    $45

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Georgia

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.

Most Popular Life Insurance Companies in Georgia

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  • Company
    Market Share
  • Northwestern Mutual
    11%
  • MassMutual
    5%
  • State Farm
    5%
  • Lincoln Financial
    5%
  • New York Life
    4%
  • Transamerica
    3%
  • AIG
    3%
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MONEYGEEK DICTIONARY

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.

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Cheapest Life Insurance for Young People in Atlanta

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:

  • Mutual of Omaha: $19 per month
  • MassMutual: $20 per month

There is a complete list of cheap life insurance companies for young adults in the below table.

Best Life Insurance Companies for Young People in Atlanta, GA

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $19
  • MassMutual
    $20
  • AAA
    $21
  • Prudential
    $22
  • State Farm
    $23
  • Nationwide
    $24
  • Progressive Life
    $28

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Atlanta

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:

  • MassMutual: $49 per month
  • Mutual of Omaha: $56 per month

Scroll through the table below to learn which companies offer affordable premiums for Atlanta seniors.

Best Life Insurance Companies for Seniors in Atlanta, GA

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  • Company
    Monthly Cost
  • MassMutual
    $49
  • Mutual of Omaha
    $56
  • Nationwide
    $57
  • State Farm
    $66
  • Progressive Life
    $88
  • AAA
    $93
  • Prudential
    $102

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Atlanta

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:

  • MassMutual: $142 per month
  • State Farm: $142 per month

Below is a table that outlines a complete list of companies that offer affordable premiums for smokers in Atlanta.

Best Life Insurance Companies for Smokers in Atlanta, GA

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  • Company
    Monthly Cost
  • MassMutual
    $142
  • State Farm
    $142
  • Nationwide
    $148
  • Mutual of Omaha
    $156
  • Progressive Life
    $218
  • Prudential
    $233
  • AAA
    $271

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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Methodology

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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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