Best Life Insurance Companies in Des Moines, IA 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: January 23, 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.

MoneyGeek Logo IconBestLife InsuranceDes Moines, IA
2024

Best Life Insurance Companies in Des Moines, IA, for 2023

Best Cheap Life Insurance in Des Moines

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 Life Insurance Companies for Males and Females in Des Moines
Cheapest For
$250K Coverage
$644K Coverage (Recommended)

Male

MassMutual

MassMutual

Female

MassMutual

Nationwide

Life Insurance Costs in Des Moines for Men and Women

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.

Average Monthly Life Insurance Rates in Des Moines: Men
MassMutualRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $16
NationwideRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $16
Mutual of OmahaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $17
TransamericaRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $25
State FarmRates for $250K Coverage$18Rates for $926K Coverage (Recommended) $32
Average Monthly Life Insurance Rates in Des Moines: Women
NationwideRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $13
Mutual of OmahaRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $14
MassMutualRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $14
TransamericaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $22
State FarmRates for $250K Coverage$19Rates 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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Iowa

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.

Most Popular Life Insurance Companies in Iowa
Northwestern MutualMarket Share13%
Iowa Farm Bureau FederationMarket Share6%
New York LifeMarket Share6%
Lincoln FinancialMarket Share5%
Principal Financial Group Inc.Market Share5%
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MONEYGEEK DICTIONARY

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.

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Cheapest Life Insurance for Young People in Des Moines

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:

  • Transamerica: $14 per month
  • Mutual of Omaha: $15 per month

In the table below, you can compare other life insurance quotes for young people in Des Moines.

Best Life Insurance Companies for Young People in Des Moines, IA
TransamericaMonthly Cost$14
Mutual of OmahaMonthly Cost$15
MassMutualMonthly Cost$16
AAAMonthly Cost$18
PrudentialMonthly 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Des Moines

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:

  • MassMutual: $37 per month
  • Mutual of Omaha: $42 per month

In the table below, MoneyGeek included a complete list of other affordable insurers and their respective rates for seniors in Des Moines.

Best Life Insurance Companies for Seniors in Des Moines, IA
MassMutualMonthly Cost$37
Mutual of OmahaMonthly Cost$42
NationwideMonthly Cost$43
State FarmMonthly Cost$50
Progressive LifeMonthly 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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Des Moines

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:

  • MassMutual: $103 per month
  • State Farm: $106 per month

Check out the table below for more information about the city's most affordable insurers.

Best Life Insurance Companies for Smokers in Des Moines, IA
MassMutualMonthly Cost$103
State FarmMonthly Cost$106
NationwideMonthly Cost$110
TransamericaMonthly Cost$113
Mutual of OmahaMonthly 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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Methodology

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 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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