Best Life Insurance Companies in Chicago, IL for 2024

While an uncomfortable topic, life insurance is an investment that acts as a financial safeguard for your loved ones in the event of your passing. Since there are many options to choose from, MoneyGeek created this guide to help you compare life insurance companies in Chicago, Illinois, and find the best policy for you based on your age, gender and smoking history.

Gender and coverage amount significantly impact the cost of life insurance. For a policy with $250K coverage, MassMutual is the cheapest life insurance company in Chicago for men, at roughly $11 per month. Meanwhile, Transamerica is the cheapest for women, at around $10 per month.

Although a policy with $250,000 coverage is more affordable, it might not be enough for most people. A good benchmark is the Illinois recommended coverage amount of $769,000, which is based on the cost of living, average income, average personal debt, average age and other state-specific factors.

For the Illinois recommended coverage amount of $769,000, the cheapest life insurance company for men and women in Chicago is Nationwide, charging around $21 per month and $16 per month, respectively.

MoneyGeek found that life insurance for men in Chicago is around 3% more expensive than the Illinois average. Meanwhile, for women in Chicago, life insurance is roughly 4% more expensive.

MoneyGeek found that the average cost of life insurance with $250K coverage in Chicago is $20 per month for men and $15 per month for women. However, these rates significantly change when you increase the coverage level to Illinois’ recommended amount.

For a policy with Illinois’ recommended coverage amount of $769,000, the monthly premium has an average cost of $42 for men in Chicago and $31 for women.

Regardless of the coverage limit, a 10-year term policy in Chicago costs around $26 monthly for men and $20 monthly for women.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Chicago using average buyer profile statistics, including the average age of 30, the average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $769,000.

Based on MoneyGeek’s analysis, the three most popular life insurance companies in Illinois by market share are Northwestern Mutual with around 14%, Lincoln Financial with roughly 6% and State Farm with around 5%.

If you add the market shares of the seven most popular companies in Illinois, the total is almost 42% of the state’s life insurance industry. Below, the table lists the most popular companies in Illinois and their market shares.

On average, the cost of life insurance in Chicago for young people ranges from $15 to $25 per month. MoneyGeek determined that the cheapest companies for young people in this city are:

• Transamerica: $15 per month on average
• Mutual of Omaha: $17 per month on average

Below, MoneyGeek lists the most affordable life insurance companies in Chicago for young people.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Chicago who is 5 feet 10 inches and weighs 159 pounds with a 20-year term contract at the average needed coverage amount of $310,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

The average cost of life insurance in Chicago for seniors can be as low as $39 per month or as high as $92 per month. MoneyGeek determined that, on average, the two cheapest companies for seniors in Chicago are:

• MassMutual: $39 per month
• Mutual of Omaha: $45 per month

See the table below to find more affordable life insurance companies for seniors in Chicago.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Chicago who is 5 feet 10 inches tall and weighs 187 pounds with a 10-year term contract at the average coverage need of $94,000.

For those who smoke in Chicago, the cost of life insurance averages between $108 and $234 per month. On average, the two least expensive life insurance providers for smokers in Chicago are:

• Transamerica: $108 per month
• MassMutual: $128 per month

In the table below, you’ll find the complete list of the cheapest companies for smokers in Chicago.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Chicago who is 5 feet 10 inches tall and weighs 187 pounds with a 20-year term contract at the average needed coverage amount of $769,000.

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.