Best Life Insurance Companies in Fort Wayne, IN, for 2023

Getting life insurance is an affordable way to ensure that your beneficiaries are financially supported when you pass away. Life insurance providers in Fort Wayne, Indiana, charge different rates to buyers based on their profile. That’s why it’s necessary to shop around and compare offers to find the best rates for you.

To help shoppers make a well-informed decision, MoneyGeek identified the best life insurance providers in Fort Wayne for different buyer profiles.

Your gender and preferred coverage amount significantly impact your life insurance rates. In Fort Wayne, MassMutual offers the best life insurance to men and women, with average monthly premiums of $10 and $9, respectively.

If you want a higher coverage limit, like the state-recommended coverage amount of $597K, the cost of your insurance will also likely increase. The state-recommended coverage amount takes into account the cost of living in the city, average income, average debt and other state-specific factors.

For Indiana’s recommended coverage amount of $597K, MassMutual offers the cheapest policies for men at an average of $16 per month, while Nationwide offers the cheapest policies for women at an average of $12 per month.

Life insurance costs in Fort Wayne vary between genders, coverage amount and policy length. In comparison to the average cost of insurance in the state, men in Fort Wayne pay roughly the same, while women pay 8% less.

Specifically, a policy with a $250K coverage limit costs $19 per month for men and $15 per month for women.

For policies that have the state’s recommended coverage amount of $597K, shoppers should expect to pay average monthly premiums of $36 for men and $26 for women. The state-recommended coverage amount is based on factors like per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

As for a 10-year term policy, men pay approximately $24 per month and women pay $18 per month, regardless of coverage limit.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Fort Wayne using average buyer profile statistics, including the average age of 30, the average weight of 202 pounds for males and 160 pounds for females, and an average coverage need of $597,000.

Northwestern Mutual, State Farm and Lincoln Financial are the most popular life insurance companies in Indiana, with respective market shares of 11%, 5% and 5%.

The top seven life insurance companies in Fort Wayne, which together account for 39% of the market, are shown below.

In Fort Wayne, young people should expect to pay between $15 and $22 per month for life insurance. MoneyGeek found that the following companies offer the most affordable life insurance for young people in Fort Wayne:

• Mutual of Omaha: $15 per month
• MassMutual: $115 per month

The table below includes other companies that offer the cheapest rates for young people in Fort Wayne.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Fort Wayne who is 5 feet 10 inches and 172 pounds that purchases a 20-year term contract at the average coverage need of $260K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Seniors in Fort Wayne pay life insurance premiums ranging from $38 to $79 per month. MoneyGeek’s analysis shows that the following companies offer the cheapest insurance in Fort Wayne:

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

You can compare other life insurance companies for seniors in Fort Wayne in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Fort Wayne who is 5 feet 10 inches and 202 pounds that purchases a 10-year term contract at the average coverage need of $77K.

If you’re a smoker in Fort Wayne, you’ll pay between $98 and $184 for life insurance. The following companies offer the most affordable rates in Fort Wayne for smokers:

• MassMutual: $98 per month
• State Farm: $101 per month

We’ve included a complete list of the best and cheapest companies in Fort Wayne for smokers.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Fort Wayne who is 5 feet 10 inches and 202 pounds that purchases a 20-year term contract at the average coverage need of $597K. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

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.