Best Life Insurance Companies in Columbus, OH for 2024


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ByMark Fitzpatrick
Reviewed byKatherine Kurtz
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ByMark Fitzpatrick
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Reviewed byKatherine Kurtz
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Updated: May 22, 2024

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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.

MoneyGeek Logo IconBestLife InsuranceColumbus, OH
2024

Best Life Insurance Companies in Columbus, OH, for 2023

Best Cheap Life Insurance in Columbus

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.

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

Male

MassMutual

Nationwide

Female

MassMutual

Nationwide

Life Insurance Costs in Columbus for Men and Women

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.

Average Monthly Life Insurance Rates in Columbus: Men
NationwideRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $16
MassMutualRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $16
Mutual of OmahaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $16
TransamericaRates for $250K Coverage$15Rates for $926K Coverage (Recommended) $28
State FarmRates for $250K Coverage$18Rates for $926K Coverage (Recommended) $30
Average Monthly Life Insurance Rates in Columbus: Women
NationwideRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $14
Mutual of OmahaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $14
MassMutualRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $14
TransamericaRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $24
State FarmRates for $250K Coverage$20Rates for $926K Coverage (Recommended) $31

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The average cost of a life insurance policy is heavily influenced by gender. Since women have a higher average lifespan than men, they pay less for life insurance plans. Some main reasons why women outlive men are that men are statistically more likely than women to indulge in risky activities, work in hostile conditions and suffer heart problems. As a result, insurance companies charge men more life insurance premiums.

On the other hand, men are more likely than women to purchase life insurance, according to reports. Women should consider life insurance policies since they are essential contributors to their households' economies.

Most Popular Life Insurance Companies in Ohio

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.

Most Popular Life Insurance Companies in Ohio
Northwestern MutualMarket Share8%
Lincoln FinancialMarket Share7%
State FarmMarket Share5%
Western & Southern FinancialMarket Share4%
New York LifeMarket Share4%
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MONEYGEEK DICTIONARY

The percentage of sales that a firm generates in comparison to others in its industry is referred to as its market share. The greater a company's market share, the greater its market dominance. A large market share in life insurance indicates that a firm has greater stability than its competitors.

MoneyGeek's market share statistics are collected from each company's total premiums as determined in S&P Global's 2020 state reports.

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Cheapest Life Insurance for Young People in Columbus

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.

Best Life Insurance Companies for Young People in Columbus, OH
TransamericaMonthly Cost$13
Mutual of OmahaMonthly Cost$15
MassMutualMonthly Cost$15
AAAMonthly Cost$16
PrudentialMonthly Cost$18

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Adults under the age of 25 pay less for life insurance. As you get older and more susceptible to certain illnesses, your insurance prices will rise. As a result, buying life insurance when you're young is among the best ways to save money on life insurance coverage.

Cheapest Life Insurance for Seniors in Columbus

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.

Best Life Insurance Companies for Seniors in Columbus, OH
MassMutualMonthly Cost$38
Mutual of OmahaMonthly Cost$43
NationwideMonthly Cost$43
State FarmMonthly Cost$50
Progressive LifeMonthly Cost$68

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay higher costs for life insurance since their policies are more likely to outlast them as they age. However, they frequently don't require as much coverage because their dependents are much more likely to be economically self-sufficient adults. Their life insurance coverage should only be sufficient to cover costs such as funeral services, inheritance taxes and more. As a result, MoneyGeek's sample senior policy coverage is less than the coverage amount used for other profiles.

Cheapest Life Insurance for Smokers in Columbus

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.

Best Life Insurance Companies for Smokers in Columbus, OH
MassMutualMonthly Cost$103
State FarmMonthly Cost$104
NationwideMonthly Cost$107
Mutual of OmahaMonthly Cost$111
TransamericaMonthly Cost$115

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because smoking has long-term health consequences, insurance companies consider smokers to be high-risk and charge them rates. Fortunately, it is still possible to get affordable life insurance for smokers. MoneyGeek suggests purchasing life insurance coverage for a longer period of time (at least 20 years), as being a smoker increases your rates as you become older.

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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 Mark Fitzpatrick


Mark Fitzpatrick headshot

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.


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