Best Life Insurance Companies in Cleveland, OH

The average American adult in Cleveland, Ohio, will find that the best overall life insurance company is MassMutual. This insurer offers the best policies at the most affordable rates. MoneyGeek also determined that MassMutual is the best for seniors and smokers, while Transamerica is the ideal option for young adults.

In Cleveland, the most affordable life insurance premiums range from an average of $8 per month for a $250,000 coverage policy to $13 for Ohio’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Life insurance is an excellent investment, especially if you have people who depend on you financially. MoneyGeek analyzed quotes from multiple insurers and compared the rates and policy offerings of different companies to help you find the best life insurance companies in Cleveland for various consumer profiles.

Review MoneyGeek’s top picks based on your age, gender or smoking history.

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2023

Best Life Insurance Companies in Cleveland, OH, for 2023

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Best Cheap Life Insurance in Cleveland

Most insurers consider your gender and coverage amount when calculating your premiums. For a $250,000 coverage in Cleveland, MassMutual is the cheapest option at roughly $8 per month for men and around $8 for women.

However, a $250,000 coverage limit might not give enough coverage for most individuals. MoneyGeek suggests that you consider purchasing a policy with Ohio’s recommended coverage amount of $614,000 to ensure the financial protection of your loved ones. This state-recommended coverage amount was determined using average age, cost of living, average income, average personal debt and other state-specific factors.

For the state-recommended coverage, MassMutual offers the cheapest coverage for men at around $13 and roughly $11 for women.

Cheapest Life Insurance Companies for Males and Females in Cleveland
  • Cheapest For
    $250K Coverage
    $614K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Cleveland for Men and Women

Male and female buyers in Cleveland have similar rates and enjoy lower premiums compared to the state average. Specifically, women in Cleveland pay 19% lower rates than the state average. Meanwhile, men’s life insurance costs 17% less than the average rate in Ohio.

In Ohio, men pay $16 per month, on average, for a policy with $250,000 coverage, while women pay around $14 per month.

Another option is to get the state’s recommended coverage amount of $614,000 for Ohio, which was calculated based on factors such as per capita income from the U.S. Bureau of Economics, average personal and mortgage debt and average age.

Following Ohio’s state-recommended coverage of $614,000, a life insurance policy costs an average of $39 for men and $25 for women.

You may also choose to purchase a 10-year term policy. This costs an average of $19 per month for men and $17 per month for women.

Average Monthly Life Insurance Rates in Cleveland: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $13
  • MassMutual
    $8
    $13
  • Mutual of Omaha
    $9
    $14
  • Transamerica
    $13
    $24
  • State Farm
    $16
    $25
  • AAA
    $16
    $32
  • Progressive Life
    $19
    $36
  • Prudential
    $22
    $40
Average Monthly Life Insurance Rates in Cleveland: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $11
  • Mutual of Omaha
    $9
    $11
  • MassMutual
    $8
    $11
  • Transamerica
    $10
    $20
  • State Farm
    $16
    $25
  • AAA
    $14
    $26
  • Progressive Life
    $15
    $29
  • Prudential
    $16
    $37

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Cleveland 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.

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of your life insurance is largely determined by your gender. Women tend to pay lower rates because women often live longer than men. A few of the reasons why women tend to outlive men are men’s inclination to engage in risky behaviors, having more dangerous jobs and having an increased likelihood of dying of heart disease at a younger age.

Although women live longer, studies have revealed that men buy life insurance more than women do. MoneyGeek encourages women to view life insurance as an excellent form of investment that provides income replacement after the death of a wage earner in the household.

Most Popular Life Insurance Companies in Ohio

MoneyGeek found that Northwestern Mutual (8%), Lincoln Financial (7%) and State Farm (5%) are the most popular life insurance carriers in Ohio.

The top seven insurance companies in the state, based on market share, account for an estimated 35% of total life insurance revenue in Ohio.

You can refer to the table below to find out the most popular life insurance companies in Ohio based on market share.

Most Popular Life Insurance Companies in Ohio

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Lincoln Financial
    7%
  • State Farm
    5%
  • Prudential
    4%
  • New York Life
    4%
  • Western & Southern Financial
    4%
  • John Hancock
    3%
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MONEYGEEK DICTIONARY

A company’s market share is the percentage of sales that it earns out of the total sales within its industry. If you visualize the total sales within the life insurance industry as a whole pie, then a company’s market share is its slice of the pie which is based on its sales.

The market share data that MoneyGeek used in its analysis is based on total premiums written in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Cleveland

Life insurance premiums for young adults in Cleveland, Ohio range from around $11 to $19 per month.

Based on MoneyGeek’s analysis, the two cheapest companies for young adults in Cleveland are, on average:

  • Transamerica: $11 per month
  • Mutual of Omaha: $13 per month

Check our table below to view the complete list of the most affordable life insurance companies for young people in Cleveland.

Best Life Insurance Companies for Young People in Cleveland, OH

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  • Company
    Monthly Cost
  • Transamerica
    $11
  • Mutual of Omaha
    $13
  • MassMutual
    $13
  • AAA
    $14
  • Prudential
    $15
  • Nationwide
    $15
  • State Farm
    $18
  • Progressive Life
    $19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Cleveland who is 5 feet 10 inches in height and weighs 170 pounds with a 20-year term contract at the average coverage need of $270,000. 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

Those who are 25 years of age and younger pay lower premiums because they tend to be healthier and are therefore less risky to insure. However, rates get more expensive as the policyholder grows older and becomes more prone to age-related illnesses.

MoneyGeek highly recommends that you purchase life insurance at a young age so you can enjoy lower premiums for a longer period of time.

Cheapest Life Insurance for Seniors in Cleveland

Seniors in Cleveland should expect to pay anywhere from $32 to $66 a month in life insurance premiums.

On average, MoneyGeek found that seniors in Cleveland will find the cheapest policies from the following insurers:

  • MassMutual: $32 per month
  • Mutual of Omaha: $36 per month

Refer to the table below for MoneyGeek’s comprehensive list of the best life insurance companies in Cleveland and their respective rates.

Best Life Insurance Companies for Seniors in Cleveland, OH

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  • Company
    Monthly Cost
  • MassMutual
    $32
  • Mutual of Omaha
    $36
  • Nationwide
    $37
  • State Farm
    $43
  • Progressive Life
    $57
  • AAA
    $60
  • Transamerica
    $64
  • Prudential
    $66

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Cleveland who is 5 feet 10 inches tall and weighs 200 pounds with a 10-year term contract at the average coverage need of $80,000.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Insurance providers typically view seniors as riskier to insure because their policy is likely to outlive them. By charging higher premiums, companies can compensate for this increased risk.

One way for seniors to save on their policy is by getting less coverage. But, there’s nothing to worry about with this strategy since most seniors have beneficiaries who are likely to be already financially independent. As such, their policies will only need to cover expenses related to funeral and burial arrangements, settling estate taxes and any debt obligations.

For this reason, MoneyGeek’s sample coverage policy for seniors is less than the coverage amount for other profiles.

Cheapest Life Insurance for Smokers in Cleveland

On average, life insurance premiums for smokers in Cleveland are priced at roughly $87 to $160 per month.

We’ve identified the top companies offering the most affordable rates on average for smokers in Cleveland. These include:

  • MassMutual: $87 per month
  • State Farm: $88 per month

Check our table below for a complete list of the best and cheapest life insurance companies for smokers in Cleveland.

Best Life Insurance Companies for Smokers in Cleveland, OH

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  • Company
    Monthly Cost
  • MassMutual
    $87
  • State Farm
    $88
  • Nationwide
    $91
  • Mutual of Omaha
    $94
  • Transamerica
    $98
  • Prudential
    $137
  • Progressive Life
    $139
  • AAA
    $160

Rates were determined by analyzing quotes for a 31-year-old male smoker in Cleveland who is 5 feet 10 inches tall and weighs 200 pounds with a 20-year term contract at the average coverage need of $649,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers belong to the higher-risk category because of their increased likelihood of health issues and shorter life spans. As a result, insurance companies charge them higher rates.

However, there is cheap life insurance for individuals who smoke. MoneyGeek also highly recommends buying a longer-term policy (20 years or more). The extended coverage will protect against the exponential increase in premiums that insurers typically charge smokers, especially as they 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 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 the Author


Mark Fitzpatrick headshot

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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