Updated: May 22, 2024
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Life insurance protects your beneficiaries financially in the event of your death. Considering the number of insurance companies in Des Moines, Iowa, it’s important to shop around and compare rates to find the best policy for you.
Using MoneyGeek’s guide, you can review which life insurance companies in Des Moines offer the best rates based on your age, gender or smoking history.
BestLife InsuranceDes Moines, IABest Life Insurance Companies in Des Moines, IA, for 2023
The cost of your life insurance premium is based on several factors, including gender and coverage limit. In Des Moines, MassMutual offers the cheapest $250K coverage-limit-policy to both men and women at $10 and $9 per month, respectively.
Though it costs less to purchase a policy with a $250K coverage limit, it may not be enough coverage for your beneficiaries. The state-recommended coverage amount of $644K takes into account state-specific factors like cost of living, household income, average personal debt and age.
For the state-recommended coverage amount, MassMutual offers the cheapest insurance policy for men at $16, while Nationwide offers the least expensive policy for women at $13 per month.
Cheapest For | $250K Coverage | $644K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
MoneyGeek calculated the average life insurance cost in Des Moines for men and women based on the amount of coverage and the length of the policy. In Des Moines, life insurance costs for men are 3% lower than the average cost in Iowa. Women in the city also pay 6% less for life insurance than the average cost in the state.
One of the primary factors affecting life insurance costs is gender. Generally, men pay more for life insurance. For a policy with the default coverage of $250K in Des Moines, males pay an average of $18 per month while females pay $15 per month.
The cost of your insurance policy significantly changes if you opt for the state's recommended coverage amount, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, personal debt and age. For a policy that includes Iowa’s recommended coverage amount of $644K, men in Des Moines pay an average of $35 per month for men while women pay $30 per month.
Life insurance premiums are also affected by the policy term. A policy with a 10-year term in Des Moines costs an average of $23 per month for men and $19 per month for women.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $32 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $22 |
| 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 Des Moines using average buyer profile statistics, including the average age of 30, the average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $644,000.
The cost of life insurance varies by gender. Typically, women pay less for life insurance than men since they have a longer life expectancy. Men are more likely to engage in risky behaviors, work in dangerous jobs and develop heart disease, all of which contribute to a lower lifespan than women.
Studies show, however, that men are more likely than women to purchase life insurance. Regardless of whether they are the primary financial provider, women should purchase life insurance as an affordable way to safeguard their beneficiaries.
Northwestern Mutual, Iowa Farm Bureau Federation and New York Life are the three most popular life insurance companies in Iowa based on respective market shares of 13%, 6% and 6%. A total of 43% of the market share is held by the seven most popular companies in Iowa state.
The following table lists Iowa's most popular life insurance companies based on market share.
| Northwestern Mutual | Market Share13% |
| Iowa Farm Bureau Federation | Market Share6% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share5% |
| Principal Financial Group Inc. | Market Share5% |
In an industry, a company's market share reflects its share of sales. A company that has a larger market share has sold more policies than its competitors.
In MoneyGeek's analysis, market share data is derived from the 2020 S&P Global data reports, which include the total premiums written by each company.
In Des Moines, average life insurance premiums for younger adults range between $14 and $22 per month. MoneyGeek found that the two most affordable insurers for young people in the city are:
In the table below, you can compare other life insurance quotes for young people in Des Moines.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$18 |
| Prudential | Monthly Cost$18 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Des Moines who is 5 feet 10 inches and 167 pounds that purchases a 20-year term contract at the average coverage need of $280K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Young adults age 25 and under pay less for life insurance, as they are less prone to health conditions. However, as you age, your insurance costs also increase. One of the best strategies to save money on life insurance is to purchase it at a young age.
Seniors in Des Moines will pay between $37 and $78 per month for life insurance. The top two most affordable life insurance companies in Des Moines for seniors are:
In the table below, MoneyGeek included a complete list of other affordable insurers and their respective rates for seniors in Des Moines.
| 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 Des Moines who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $83K.
Seniors typically pay higher premiums because insurers assume that their policies will outlive them. Despite this, seniors can reduce the cost of their monthly premium by purchasing a policy with less coverage. This is typically fine, as seniors’ beneficiaries are usually financially independent. Consequently, MoneyGeek's sample policy for seniors has less coverage than policies for other groups but includes enough for funeral expenses and estate taxes.
Smokers in Des Moines City can expect to pay between $103 and $193 per month for life insurance. For smokers in Des Moines, the following providers offer the cheapest life insurance rates:
Check out the table below for more information about the city's most affordable insurers.
| MassMutual | Monthly Cost$103 |
| State Farm | Monthly Cost$106 |
| Nationwide | Monthly Cost$110 |
| Transamerica | Monthly Cost$113 |
| Mutual of Omaha | Monthly Cost$113 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Des Moines who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $644K.
Because smokers are more likely to contract diseases that reduce life expectancy, life insurance companies consider them risky to insure. As a result, smokers usually pay higher insurance rates. The good news is that smokers can still purchase affordable life insurance. If you smoke, we recommend that you buy a longer-term (20-year) policy, since rates for smokers increase exponentially with 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 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.
