Updated: May 22, 2024
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Life insurance can supplement the lost income in the family when the policyholder passes away. It gives financial support to beneficiaries by providing a stable source of funds and coverage for the final or burial expenses.
MoneyGeek researched life insurance companies in Huntsville, Alabama, to find the best and cheapest options. We aim to assist you in selecting the best insurer that checks all the boxes in your insurance shopping criteria.
BestLife InsuranceHuntsville, ALBest Life Insurance Companies in Huntsville, AL, for 2023
MassMutual offers the cheapest monthly premiums for $250K coverage for men and women, with rates of $12 and $9, respectively. A $250K policy may be cheaper but it might not be enough coverage for most people.
For more coverage, you can choose the state average coverage of $592,000. This recommended coverage is based on state-specific factors. The most affordable monthly premiums are $18 from MassMutual for men and $13 from Nationwide for women.
Cheapest For | $250K Coverage | $592K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
The prices of life insurance policies differ according to your gender. In Huntsville, life insurance is 16% more expensive than the average cost of life insurance in Alabama.
On the other hand, women can purchase life insurance in Huntsville at a rate 3% cheaper than the state average. Awareness of these differences can help men and women prepare for the possible rates of their life insurance policy in Hunstville.
The cost of life insurance depends on your gender. A policy with a $250K coverage costs $23 monthly for men and $16 monthly for women.
Life insurance with the state average coverage costs $44 monthly for men and $29 monthly for women. These rates are based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage and personal debt and other factors.
Regardless of coverage limit, a 10-year term policy costs an average of $29 monthly for men and $20 monthly for women.
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $19 |
| AAA | Rates for $250K Coverage$22 | Rates for $926K Coverage (Recommended) $44 |
| State Farm | Rates for $250K Coverage$27 | Rates for $926K Coverage (Recommended) $45 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $29 |
| AAA | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $31 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Huntsville using average buyer profile statistics, including the average age of 31, the average weight of 205 pounds for males and 163 pounds for females, and an average coverage need of $592,000.
Due to biological reasons and underlying social factors, men tend to live shorter lives than women. Because of this, men pay more for life insurance.
One reason for men’s shorter lifespan is their increased chances of dying due to heart disease. Heart disease in men is more common because of their low estrogen levels and lack of proper treatment for hypertension and high cholesterol levels.
Although life insurance is cheaper, there is a life insurance gender gap because not a lot of women have a policy. As women earn more and strive to provide more support for their families, it’s more fitting for women to get life insurance.
Out of the several life insurance companies in Alabama, Alfa Life Insurance Corporation is the leading insurer in this state, having an 8% market share. It is followed by Northwestern Mutual and Globe Life Inc. — with market shares of 8% and 6%, respectively.
Alabama's seven most popular companies have a total market share of 41%. The table below shows all seven of these companies and their individual market shares.
| Alfa Life Insurance Corp. | Market Share8% |
| Northwestern Mutual | Market Share8% |
| Globe Life Inc. | Market Share6% |
| State Farm | Market Share6% |
| New York Life | Market Share5% |
The market share is based on the overall revenue a company has generated in the industry it belongs to. It is calculated by dividing the company's total sales and the industry's total sales, made within the same period.
MoneyGeek used information from the 2020 S&P Global data reports on the total premiums of insurance companies to determine their market shares.
Life insurance for young people in Huntsville costs around $18 to $50 per month. The cost of a policy varies depending on the company that you choose but the most affordable policies are from the following insurers:
For your reference, the monthly cost of all the several life insurance companies in Hunstville is included in the table below.
| MassMutual | Monthly Cost$18 |
| Nationwide | Monthly Cost$22 |
| Mutual of Omaha | Monthly Cost$24 |
| AAA | Monthly Cost$25 |
| Progressive Life | Monthly Cost$29 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Huntsville who is 5 feet 10 inches in height and weighs 175 pounds with a 20-year term contract at the average coverage need of $235,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance for young people is cheaper, though it doesn’t stay that way over time. The price of your life insurance increases as you grow older.
However, you’ll still save more money if you get it at a young age — around 25 years old or younger. You’ll be able to save money on your policy because the starting point of your rate is much cheaper than that of an older person.
On average, seniors in Huntsville can purchase a life insurance policy for $45 per month up to $92 per month. These companies offer the most affordable life insurance for seniors in this city:
MoneyGeek has provided a table below to show the differences in the monthly premiums of each life insurance company in Huntsville.
| MassMutual | Monthly Cost$45 |
| Mutual of Omaha | Monthly Cost$51 |
| Nationwide | Monthly Cost$51 |
| State Farm | Monthly Cost$60 |
| Progressive Life | Monthly Cost$80 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Huntsville who is 5 feet 10 inches tall and weighs 205 pounds with a 10-year term contract at the average coverage need of $70,000.
Insurers see seniors as high-risk individuals because their policies tend to outlive them. Because of this, seniors have more expensive premiums than younger customers.
MoneyGeek’s sample policy coverage for seniors is lower than the other profiles because it’s more acceptable for seniors to have less coverage. Their children are more likely to be financially independent. Therefore, their life insurance does not need to cover much, other than burial or final expenses and other important expenses
Additionally, seniors can save money on their policy by choosing a smaller coverage. Their premium may still be more expensive than younger people, but it can help lessen the cost.
The cost of life insurance in Huntsville for smokers can range from $118 to $224 per month. Although life insurance for smokers tends to be more expensive than a standard policy, a smoker can find the cheapest policies with the following companies:
The table below shows a list of life insurance companies and their rates for their policies for smokers.
| MassMutual | Monthly Cost$118 |
| Mutual of Omaha | Monthly Cost$128 |
| Nationwide | Monthly Cost$128 |
| State Farm | Monthly Cost$153 |
| Prudential | Monthly Cost$185 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Huntsville who is 5 feet 10 inches tall and weighs 205 pounds with a 20-year term contract at the average coverage need of $592,000.
Several illnesses brought on by smoking endanger the health and life of smokers. Therefore, life insurance for smokers is more expensive than those for non-smokers. Insurers also view smokers as high-risk individuals.
A 20-year term life insurance coverage is suggested for smokers. They receive extended coverage under this policy, helping them save money over time. The extended coverage prevents the increase in the price of their life insurance over the years.
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.
