Updated: May 22, 2024
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Life insurance safeguards your family from the potentially catastrophic financial losses that could emerge after you pass away. It provides financial security, aids in the repayment of debts, assists in the payment of living expenses and helps pay for medical and funeral expenses.
In this guide, MoneyGeek evaluates quotes and compares Boston life insurance companies in order to identify the best life insurance companies in Boston for different buyer profiles.
BestLife InsuranceBoston, MABest Life Insurance Companies in Boston, MA, for 2023
The rate of life insurance is influenced by two factors, including gender and the coverage amount. At $10 per month on average, Transamerica is the most affordable insurance provider for men in Boston for $250K coverage life insurance. Meanwhile, MassMutual is the most affordable life insurance company in Boston for women, at roughly $10 per month.
Although a life insurance policy with a $250,000 coverage limit is affordable, most individuals may need higher coverage levels. Every state has a recommended amount of coverage based on factors including living costs, average debt levels, average earnings and average age.
Massachusetts' recommended coverage amount is $1,030,000. This offers enough financial assistance to your family members. Transamerica has the cheapest insurance for men at this level of coverage, at around $19 per month. At roughly $19 per month, MassMutual offers the most affordable policy for women in Boston.
Cheapest For | $250K Coverage | $1,030,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | MassMutual | MassMutual |
As per MoneyGeek’s analysis, the average cost of life insurance for men in Boston is 1% lower than the state average. On the other hand, women in Boston pay 2% more for Boston life insurance than women in Massachusetts.
Depending on the amount of coverage and duration of the policy, MoneyGeek analyzed the average cost of life insurance in Boston for men and women. In Boston, men spend around $17 per month for life insurance with $250K coverage, while women pay around $16 per month.
In addition, MoneyGeek determined that monthly premiums for men in Boston cost $43 on average when the coverage level was changed to the average coverage needed in Massachusetts, at $1,030,000. On the other hand, monthly premiums for women average $44 for the same policy.
In terms of policy length, a 10-year term policy in Boston costs an average of $25 per month for men. Meanwhile, women pay $26 per month on average for the same term coverage.
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $24 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $27 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $30 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $31 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $35 |
| Progressive Life | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $47 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Boston using average buyer profile statistics, including the average age of 31, the average weight of 174 pounds for males and 138 pounds for females, and an average coverage need of $1,030,000.
The cost of a life insurance policy is heavily influenced by your gender. According to the National Center for Health Statistics (NCHS), women pay cheaper life insurance rates than males since they live longer. Men taking up harder employment and avoiding regular doctor's visits are two main reasons why women outlive men. The average cost of life insurance for men rises as a result of these statistical probabilities.
However, Boston is one of the few cities where women actually pay higher premiums than men for certain coverage levels and durations.
According to MoneyGeek's assessment, the most popular life insurance companies in Massachusetts are Northwestern Mutual (10%), New York Life (9%) and Lincoln Financial (8%).
The top seven life insurance companies in Massachusetts have a combined market share of 49% of the state's insurance sector. The seven most popular life insurance companies in the state are listed below.
| Northwestern Mutual | Market Share10% |
| New York Life | Market Share9% |
| Lincoln Financial | Market Share8% |
| MassMutual | Market Share6% |
| John Hancock | Market Share6% |
An insurance company's market share is the proportion of its total revenue or volume of sales relative to competitors within the insurance industry. Using Global's 2020 market intelligence reports S&P, MoneyGeek compiled a list of the most popular life insurance providers in Massachusetts.
The monthly rates for life insurance for young individuals in Boston typically range from roughly $19 to $29. MoneyGeek determined the cheapest life insurance providers on average for this age group to be:
The following table provides a comprehensive listing of the lowest-priced life insurance providers for young adults in Boston.
| Transamerica | Monthly Cost$19 |
| MassMutual | Monthly Cost$20 |
| Mutual of Omaha | Monthly Cost$20 |
| AAA | Monthly Cost$23 |
| Nationwide | Monthly Cost$26 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Boston who is 5 feet 10 inches in height and weighs 148 pounds with a 20-year term contract at the average coverage amount of $400,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Younger individuals typically pay less for a life insurance policy, whereas older people pay more. If you would like to save money on life insurance in Boston, you should acquire a policy when you're young because insurance prices are generally lower for this age group.
The average monthly cost of life insurance for older adults in Boston ranges from $43 to $94. According to MoneyGeek's findings, the most affordable life insurance companies for seniors in Boston are, on average:
The providers with the cheapest life insurance quotes in Boston for seniors can be found in the table below.
| Transamerica | Monthly Cost$43 |
| Nationwide | Monthly Cost$44 |
| MassMutual | Monthly Cost$44 |
| AAA | Monthly Cost$45 |
| Mutual of Omaha | Monthly Cost$51 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Boston who is 5 feet 10 inches tall and weighs 174 pounds with a 10-year term contract at the average coverage amount of $120,000.
Since they are approaching the end of their lives, seniors generally pay a much higher life insurance premium. Getting a reduced life insurance policy is one approach that can help older adults save money on life insurance. Seniors with grown children who can care for themselves are likely to be content with a reduced life insurance policy.
Most seniors only require life insurance that would cover funeral expenses and pay off any unpaid liabilities. This is why MoneyGeek’s model senior insurance coverage amount is lower than other profiles we evaluated.
The average monthly cost of life insurance for a smoker in Boston can range from $140 to $237 per month. According to MoneyGeek’s evaluations, the most cost-effective insurance companies for smokers in Boston, on average, are:
Check the table below for a comprehensive list of insurance companies that offer the cheapest life insurance quotes in Boston for smokers.
| Transamerica | Monthly Cost$140 |
| MassMutual | Monthly Cost$167 |
| Nationwide | Monthly Cost$171 |
| Mutual of Omaha | Monthly Cost$180 |
| AAA | Monthly Cost$192 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Boston who is 5 feet 10 inches tall and weighs 174 pounds with a 20-year term contract at the average coverage level of $1,030,000.
Life insurance companies view smokers as high-risk due to their increased susceptibility to ailments that shorten the average lifespan. Consequently, smokers typically incur higher insurance premiums. However, smokers still have access to cheap life insurance coverage options.
Consider purchasing a longer-term (20-year) insurance if you are a smoker, as premiums for smokers climb significantly with age.
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.
