Updated: May 22, 2024
Advertising & Editorial Disclosure
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.
BestLife InsuranceCleveland, OHBest Life Insurance Companies in Cleveland, OH, for 2023
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 For | $250K Coverage | $614K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
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.
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $24 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $25 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $11 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $11 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $11 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $20 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $25 |
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.
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.
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.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| State Farm | Market Share5% |
| Western & Southern Financial | Market Share4% |
| New York Life | Market Share4% |
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.
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:
Check our table below to view the complete list of the most affordable life insurance companies for young people in Cleveland.
| Transamerica | Monthly Cost$11 |
| Mutual of Omaha | Monthly Cost$13 |
| MassMutual | Monthly Cost$13 |
| AAA | Monthly Cost$14 |
| Prudential | Monthly Cost$15 |
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.
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.
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:
Refer to the table below for MoneyGeek’s comprehensive list of the best life insurance companies in Cleveland and their respective rates.
| MassMutual | Monthly Cost$32 |
| Mutual of Omaha | Monthly Cost$36 |
| Nationwide | Monthly Cost$37 |
| State Farm | Monthly Cost$43 |
| Progressive Life | Monthly Cost$57 |
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.
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.
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:
Check our table below for a complete list of the best and cheapest life insurance companies for smokers in Cleveland.
| MassMutual | Monthly Cost$87 |
| State Farm | Monthly Cost$88 |
| Nationwide | Monthly Cost$91 |
| Mutual of Omaha | Monthly Cost$94 |
| Transamerica | Monthly Cost$98 |
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.
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.
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.
