Best Life Insurance Companies in Baltimore, MD

If you’re looking for the best life insurance companies in Baltimore, MoneyGeek recommends MassMutual as the best overall insurer for adults, seniors, and smokers, and Transamerica as the best for young adults. The most affordable average rates in Baltimore range from $9 per month for a $250K coverage policy to $19 per month for the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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It may be an uncomfortable topic, but life insurance is an excellent investment if you want to financially support your beneficiaries after you pass away. In this guide, MoneyGeek analyzes quotes and compares providers to find the best life insurance companies in Baltimore, Maryland, for different buyer profiles.

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2023

Best Life Insurance Companies in Baltimore, MD for 2023

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Best Cheap Life Insurance in Baltimore

Gender and coverage amount are two factors that significantly influence the price of life insurance. For $250K coverage life insurance in Baltimore, the most affordable company for men is MassMutual ($9 per month on average). MassMutual is also the cheapest company for women in Baltimore (about $8 per month).

Although a $250K coverage-limit policy is less expensive, it may not be enough for most people. Each state has a recommended coverage amount determined by state-specific factors such as cost of living, average income, average personal debt, and average age.

To ensure adequate financial support for your loved ones, consider getting Maryland’s recommended coverage amount of $926,000. At this coverage level, MassMutual again has the cheapest insurance for men at $19 per month. Nationwide offers the most affordable policy for women at $15 per month.

Cheapest Life Insurance Companies for Males and Females in Baltimore
  • Cheapest For
    $250K Coverage
    $926K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Baltimore for Men and Women

MoneyGeek compared the average cost of life insurance in Baltimore for men and women based on coverage amount and policy length. We found that life insurance for men in Baltimore is 11% lower than the average cost in Maryland. Meanwhile, women in Baltimore pay 14% less than women in Maryland for life insurance.

For life insurance with $250K coverage in Baltimore, men pay around $16 per month, whereas women pay approximately $14 per month.

Changing the coverage level to the average coverage needed in Maryland ($926K), we discovered that the monthly premiums for men in Baltimore cost $39 on average. In contrast, monthly premiums for women cost an average of $36.

As for policy length, a 10-year term policy costs men in Baltimore an average of $23 per month. The same term policy costs women $21 per month on average.

Average Monthly Life Insurance Rates in Baltimore: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $9
    $19
  • Nationwide
    $9
    $19
  • Mutual of Omaha
    $10
    $20
  • Transamerica
    $12
    $33
  • AAA
    $13
    $35
  • State Farm
    $21
    $40
  • Progressive Life
    $17
    $43
  • Prudential
    $24
    $50
Average Monthly Life Insurance Rates in Baltimore: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $15
  • MassMutual
    $8
    $16
  • Mutual of Omaha
    $9
    $16
  • Transamerica
    $11
    $27
  • State Farm
    $17
    $37
  • AAA
    $14
    $42
  • Progressive Life
    $16
    $42
  • Prudential
    $17
    $48

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Baltimore using average buyer profile statistics, including the average age of 31, the average weight of 190 pounds for men and 150 pounds for women, and an average coverage need of $926K.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is a leading factor determining your life insurance costs. According to a report from the National Center for Health Statistics (NCHS), women tend to pay lower premiums because they have longer life expectancies. Reasons why women tend to outlive men include men taking up riskier occupations and skipping routine doctor’s visits. These statistical likelihoods raise the average price of life insurance for men.

Although women live longer, reports show that most life insurance policyholders are men. Whether they are primary breadwinners or not, it’s a good idea for women to insure the economic value they bring to their households.

Most Popular Life Insurance Companies in Maryland

MoneyGeek’s analysis determined that Lincoln Financial, Northwestern Mutual, and Transamerica are the most popular life insurance companies in Maryland by market share. Lincoln Financial has the largest market share in the state at 7%, whereas Northwestern Mutual and Transamerica each take up 6%.

If you add the market shares of the top seven companies in Maryland, it totals 38% of the life insurance industry in the state. Below, you can check out the seven most popular companies for life insurance in Maryland.

Most Popular Life Insurance Companies in Maryland

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  • Company
    Market Share
  • Lincoln Financial
    7%
  • New York Life
    6%
  • Transamerica
    6%
  • Northwestern Mutual
    6%
  • MassMutual
    5%
  • Prudential
    4%
  • State Farm
    4%
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MONEYGEEK DICTIONARY

A company’s market share is the percentage of its sales or revenue compared to other companies in the same industry. For this guide, MoneyGeek rounded up the most popular life insurance companies in Maryland using S&P Global’s 2020 market intelligence reports.

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Cheapest Life Insurance for Young People in Baltimore

The cost of life insurance for young people in Baltimore often varies, with premiums ranging from approximately $14 to $24 per month. MoneyGeek found that the cheapest companies offering life insurance for this age group are:

  • Transamerica: $14 per month
  • Mutual of Omaha: $16 per month

The table below shows the complete list of the most affordable life insurance companies for young adults in Baltimore.

Best Life Insurance Companies for Young People in Baltimore, MD

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  • Company
    Monthly Cost
  • Transamerica
    $14
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • AAA
    $19
  • State Farm
    $20
  • Prudential
    $20
  • Nationwide
    $21
  • Progressive Life
    $24

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Baltimore who is 5 feet 10 inches tall and weighs 161 pounds with a 20-year term contract at the average coverage need of $340,000. 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

Life insurance is usually cheaper for younger people and gets more expensive as you age. If you want to save on life insurance in Baltimore, it’s best to buy a policy at a young age since rates tend to be lower.

Cheapest Life Insurance for Seniors in Baltimore

In Baltimore, the average cost of life insurance for seniors ranges from $35 to $70 per month. Based on MoneyGeek’s analysis, the cheapest companies for older adults in Baltimore are:

  • MassMutual: $35 per month
  • Nationwide: $39 per month

See the table below for more life insurance companies with the lowest rates for seniors in Baltimore.

Best Life Insurance Companies for Seniors in Baltimore, MD

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  • Company
    Monthly Cost
  • MassMutual
    $35
  • Nationwide
    $39
  • Mutual of Omaha
    $39
  • State Farm
    $47
  • Transamerica
    $50
  • AAA
    $51
  • Progressive Life
    $61
  • Prudential
    $70

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Baltimore who is 5 feet 10 inches tall and weighs 190 pounds with a 10-year term contract at the average coverage need of $102,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Older adults often pay higher life insurance premiums because they are closer to their life expectancy. One way to save on life insurance is to get less coverage. Seniors whose beneficiaries are grown adults who can provide for themselves are likely fine with getting less life insurance coverage.

Most seniors only need life insurance to cover the cost of funeral arrangements and settle any outstanding debts. This is why we set our sample policy coverage for Baltimore seniors at $102K.

Cheapest Life Insurance for Smokers in Baltimore

For someone who smokes, the average cost of life insurance in Baltimore can be as low as $138 per month and as high as $268 per month. MoneyGeek found that the most affordable companies in Baltimore for smokers are:

  • MassMutual: $138 per month
  • State Farm: $140 per month

Read from the table below to find the complete list of companies offering cheap rates for smokers in Baltimore.

Best Life Insurance Companies for Smokers in Baltimore, MD

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  • Company
    Monthly Cost
  • MassMutual
    $138
  • State Farm
    $140
  • Mutual of Omaha
    $150
  • Nationwide
    $151
  • Transamerica
    $156
  • Prudential
    $167
  • Progressive Life
    $216
  • AAA
    $268

Rates were determined by analyzing quotes for a 31-year-old male smoker in Baltimore who is 5 feet 10 inches tall and weighs 190 pounds with a 20-year term contract at the average coverage need of $926,000.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Life insurance companies consider smokers risky to insure because they tend to be more prone to illnesses that reduce life expectancy. Because of this, smokers usually face higher insurance rates. Fortunately, there are affordable life insurance options for smokers.

If you’re a smoker, consider buying a longer-term 20-year policy since rates for smokers exponentially increase as you 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 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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