Having life insurance can financially protect your beneficiaries from the loss of your income after you pass away. If you’re planning on buying a policy, plenty of companies offer life insurance in Cincinnati. To help make the process easier for you, MoneyGeek analyzed average rates and found the best life insurance companies in Cincinnati based on age, gender and smoking history.
Best Life Insurance Companies in Cincinnati, OH for 2024
Updated: May 22, 2024
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BestLife InsuranceCincinnati, OHBest Life Insurance Companies in Cincinnati, OH, for 2023
Most Popular in Ohio - Northwestern Mutual
Best for Young People - Transamerica
Best Cheap Life Insurance in Cincinnati
Several variables affect the cost of life insurance, including gender and the coverage amount. After comparing several life insurance companies in Cincinnati, MoneyGeek found MassMutual has the most affordable $250,000 policy for both men and women, with an average monthly rate of $10 and $9, respectively.
Although a policy with $250K in coverage is less expensive, it may not provide adequate financial support for your dependents. You should consider Ohio’s recommended coverage amount of $614,000 — based on the cost of living, average income, average personal debt, average age and other state-specific factors.
At the $614K coverage level, Nationwide is the cheapest life insurance company in Cincinnati, offering a policy at an average cost of $15 per month for men and $13 per month for women.
Cheapest Life Insurance Companies for Males and Females in Cincinnati
Cheapest For | $250K Coverage | $614K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
Life Insurance Costs in Cincinnati for Men and Women
Your gender can mean lower or higher life insurance costs, as can your location in Ohio. Based on MoneyGeek’s analysis, men in Cincinnati pay around 3% less than the average for Ohio. Meanwhile, women pay roughly 4% less.
MoneyGeek compared average life insurance rates for men and women in Cincinnati based on coverage amount and policy term. For a policy with $250K coverage, men pay around $19 per month, whereas women pay approximately $16 per month.
Meanwhile, a policy with Ohio’s recommended coverage amount of $614,000 has an average monthly cost of $34 for men and $30 for women in Cincinnati.
As for policy length, a 10-year term policy costs men an average of $23 per month and women $20 per month on average.
Average Monthly Life Insurance Rates in Cincinnati: Men
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $28 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $30 |
Average Monthly Life Insurance Rates in Cincinnati: Women
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $29 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Cincinnati using average buyer profile statistics, including the average age of 31, the average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $614,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender plays a significant role in determining life insurance costs. For example, women pay less for coverage since they tend to live longer than men. Meanwhile, men have shorter lifespans due to various reasons, including the bigger likelihood of dangerous occupations and being more likely to develop heart disease. As a result, they pay more expensive life insurance rates.
Studies show men buy life insurance more often than women. But women bring economic value to their households whether they work in an office, manage the home, or both, making them ideal candidates for life insurance.
Most Popular Life Insurance Companies in Ohio
MoneyGeek analyzed which life insurance companies in Ohio have the largest market share. We found Northwestern Mutual at around 8%, Lincoln Financial at roughly 7% and State Farm at nearly 5% are the most popular insurers in the state.
Overall, the seven most popular life insurance carriers in Ohio take up around 35% of the state’s life insurance market. MoneyGeek listed the seven most popular companies in the table below with their market shares.
Most Popular Life Insurance Companies in Ohio
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| State Farm | Market Share5% |
| Western & Southern Financial | Market Share4% |
| New York Life | Market Share4% |
MONEYGEEK DICTIONARY
A company’s market share is the percentage of its sales relative to others in its industry. For life insurance, having a high market share indicates that the insurer has sold more policies than its competitors. For this guide, MoneyGeek gathered market share data from S&P Global’s 2020 market intelligence reports.
Cheapest Life Insurance for Young People in Cincinnati
In Cincinnati, the average cost of life insurance for young people ranges from $13 to $22 per month. MoneyGeek found, on average, that the two companies offering the cheapest life insurance in Cincinnati for young people are:
- Transamerica: $13 per month
- Mutual of Omaha: $15 per month
The table below provides the complete list of the cheapest life insurance companies in Cincinnati for young people.
Best Life Insurance Companies for Young People in Cincinnati, OH
| Transamerica | Monthly Cost$13 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| AAA | Monthly Cost$16 |
| Prudential | Monthly Cost$18 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Cincinnati who is 5 feet 10 inches tall and weighs 170 pounds with a 20-year term contract at the average needed coverage amount of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Age is a factor that determines the cost of life insurance. Policies are usually cheaper for those aged 25 and below — they get more expensive over time. If you want to save on life insurance costs, it’s wise to buy life insurance at a younger age when rates are lower.
Cheapest Life Insurance for Seniors in Cincinnati
For seniors, the average cost of life insurance in Cincinnati is as low as $37 per month or as high as $77 per month. According to MoneyGeek’s analysis, on average, the most affordable companies for older adults in need of life insurance in Cincinnati are:
- MassMutual: $37 per month
- Mutual of Omaha: $42 per month
Review the table below for the complete list of the cheapest life insurance companies in Cincinnati for seniors.
Best Life Insurance Companies for Seniors in Cincinnati, OH
| MassMutual | Monthly Cost$37 |
| Mutual of Omaha | Monthly Cost$42 |
| Nationwide | Monthly Cost$43 |
| State Farm | Monthly Cost$50 |
| Progressive Life | Monthly Cost$67 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Cincinnati who is 5 feet 10 inches tall and weighs 200 pounds with a 10-year term contract containing the average needed coverage amount of $80,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Because the expectation is their life insurance policies will outlive them, seniors often pay higher premiums. But most of them are fine with getting less coverage since their beneficiaries are more likely older and financially independent. Additionally, their coverage amount only needs to cover funeral expenses and outstanding debts. For this reason, we set our sample policy coverage for seniors at $100K.
Cheapest Life Insurance for Smokers in Cincinnati
The average cost of life insurance for smokers in Cincinnati is between $103 and $188 per month. Based on MoneyGeek’s research, on average, the two companies offering the lowest life insurance policy rate for those who smoke in Cincinnati are:
- MassMutual: $103 per month
- State Farm: $104 per month
Check the table below for more of the cheapest life insurance companies in Cincinnati for smokers.
Best Life Insurance Companies for Smokers in Cincinnati, OH
| MassMutual | Monthly Cost$103 |
| State Farm | Monthly Cost$104 |
| Nationwide | Monthly Cost$107 |
| Mutual of Omaha | Monthly Cost$111 |
| Transamerica | Monthly Cost$115 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Cincinnati who is 5 feet 10 inches tall and weighs 200 pounds with a 20-year term contract that has the average needed coverage amount of $614,000.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Companies consider smokers risky to insure since they are more likely to develop smoking-related diseases. As a result, they pay higher life insurance premiums. Fortunately, you can shop for the cheapest life insurance for smokers.
If you smoke, MoneyGeek suggests buying a 20-year policy to provide longer coverage as rates for smokers increase dramatically with age.
Compare Insurance Rates
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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 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.
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed May 30, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 30, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 30, 2022.
- S&P Global. "2020 Annual Report." Accessed May 30, 2022.