Best Life Insurance Companies in Columbus, OH for 2023

If you pass away, life insurance gives financial assistance to your family. This means that your beneficiaries could use the funds to help pay for necessary obligations, such as living expenses or mortgage payments.

Since there are a number of life insurance companies in Columbus, price comparison and shopping around will help you locate the life insurance coverage that best meets your needs and way of life.

MoneyGeek's evaluation of the average rates of the best life insurance companies in Columbus according to your age, gender and smoking history enables you to discover the top providers in your area.

Premiums offered by life insurance companies in Columbus vary based on the face amount and gender of the insured. MoneyGeek discovered that MassMutual is the cheapest provider of $250K in coverage for men in Columbus, costing an average of $10 per month. At roughly $9 a month, MassMutual is also the cheapest life insurance option for women.

While a life insurance plan with coverage of $250K is less expensive, it may not be sufficient for your family’s needs. Depending on the state's living costs, average earnings, average debt levels, average life expectancy and other state-specific criteria, the state's average recommended coverage is a useful baseline for a life insurance policy. This number for the state of Ohio is $614K.

On average, MoneyGeek determined that Nationwide offers the most affordable life insurance for males ($16 per month) and women ($14 per month), based on Ohio's recommended coverage amount of $614K.

The cost of life insurance policies varies according to your gender. For example, men in Columbus pay 2% less than the Ohio state average, while women pay 1% more.

After analyzing a number of life insurance companies in Columbus, MoneyGeek discovered that men spend $19 per month on average for $250K in coverage, while women pay around $17. However, these premiums change considerably if you purchase the state-recommended amount of coverage (based on per capita income from the U.S. Bureau of Economics, average personal debt, average mortgage debt and average age).

The average cost of an insurance policy, based on Ohio's recommended coverage amount of $614K, is $35 per month for men and $31 per month for women.

Meanwhile, men pay an average of $23 per month for 10-year term coverage, while women pay an average of $21 per month. This holds true irrespective of the coverage amount.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Columbus using average buyer profile statistics, including the average age of 30, the average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $680,000.

Northwestern Mutual (8%), Lincoln Financial (7%) and State Farm (5%) are the three most popular life insurance companies in Ohio, according to market share. Overall, the top seven corporations in Ohio account for 35% of the total market share.

MoneyGeek compiled a list of the most popular life insurance providers in Ohio, along with their market shares, in the table below.

Life insurance premiums for young persons in Columbus can range from $13 to $22 per month. According to MoneyGeek’s analysis, the two cheapest life insurance companies for young people in Columbus are, on average:

• Transamerica: $13 per month
• Mutual of Omaha: $15 per month

In the table below, you can compare other life insurance quotes in Columbus for young individuals.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Columbus who is 5 feet 10 inches in height and weighs 170 pounds with a 20-year policy at the average coverage amount of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Life insurance for seniors in Columbus typically ranges from around $38 to $78 per month. On average, the following are the top two most economical life insurance companies in Columbus for older adults:

• MassMutual: $38 per month
• Mutual of Omaha: $43 per month

More information about the most affordable insurance companies for seniors in Columbus are listed in the table below.

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

Smokers in Columbus can expect to pay between $103 and $189 per month on average for life insurance coverage. According to MoneyGeek’s analysis, the cheapest life insurance companies in Columbus for smokers are, on average:

• MassMutual: $103 per month
• State Farm: $104 per month

Check out the table below for a list of insurers with the most affordable life insurance quotes in Columbus for smokers.

Rates were determined by analyzing quotes for a 31-year-old male smoker in Columbus who is 5 feet 10 inches tall and weighs 200 pounds with a 20-year term contract at the average coverage amount of $614,000.

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.