Best Life Insurance Companies in Des Moines, IA for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.