Best Life Insurance Companies in Baltimore, MD for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.