Updated: May 22, 2024
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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.
BestLife InsuranceFort Wayne, INBest Life Insurance Companies in Fort Wayne, IN, for 2023
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.
Cheapest For | $250K Coverage | $597K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
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.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $28 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $31 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $12 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $27 |
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.
Gender significantly impacts the cost of life insurance. In the majority of U.S. cities, men and women pay different prices for the same coverage. Women have a longer life expectancy, so the cost of their life insurance premium is usually lower.
Men often die earlier than women because they engage in more risky behaviors, have a greater chance of developing heart disease and lead less active social lives than women.
According to another study, fewer women purchase life insurance than men. However, more women should purchase life insurance as a way to financially protect their loved ones if they pass away.
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.
| Northwestern Mutual | Market Share11% |
| State Farm | Market Share5% |
| Lincoln Financial | Market Share5% |
| Indiana Farm Bureau | Market Share5% |
| Prudential | Market Share5% |
The total number of policies a company has sold in comparison to other businesses in the same industry is referred to as its market share. A company that has a greater market share has sold more policies than its competitors. The top life insurance providers in Fort Wayne were examined by MoneyGeek using data from the 2020 S&P Global data reports.
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:
The table below includes other companies that offer the cheapest rates for young people in Fort Wayne.
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| Transamerica | Monthly Cost$16 |
| Prudential | Monthly Cost$18 |
| Nationwide | Monthly Cost$19 |
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.
Since the cost of insurance premiums increases with age, young people will pay less for life insurance. One of the easiest ways to save money is to purchase life insurance when you are young, as your premiums will typically be lower.
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:
You can compare other life insurance companies for seniors in Fort Wayne in the table below.
| MassMutual | Monthly Cost$38 |
| Mutual of Omaha | Monthly Cost$43 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$51 |
| Progressive Life | Monthly Cost$69 |
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.
The cost of life insurance for seniors is typically higher, as their policies are likely to outlive them. However, because their beneficiaries are typically financially independent, seniors may not require as much insurance coverage. In MoneyGeek's research, we calculated quotes for seniors' life insurance using a low coverage amount, which is sufficient for burial expenses and funeral arrangements.
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:
We’ve included a complete list of the best and cheapest companies in Fort Wayne for smokers.
| MassMutual | Monthly Cost$98 |
| State Farm | Monthly Cost$101 |
| Nationwide | Monthly Cost$105 |
| Transamerica | Monthly Cost$108 |
| Mutual of Omaha | Monthly Cost$109 |
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.
Smokers have a higher risk of developing health conditions that shorten their lifespan. As a result, insurers charge them significantly higher premiums. Comparing insurers that offer low rates for your specific profile will help you find affordable life insurance for smokers. MoneyGeek also suggests purchasing a 20-year term policy because premiums will likely increase as you 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.
