Best Life Insurance Companies in Indianapolis, IN for 2024

Life insurance is a great investment if you wish to provide your dependents with financial support after you pass away. MoneyGeek reviewed rates and sources to determine the best life insurance companies in Indianapolis for various buyer profiles.

Your gender and the amount of coverage you purchase will determine the cost of your life insurance. In Indianapolis, MassMutual is the cheapest for $250K in coverage, charging $10 and $9 per month for males and females, respectively.

Although a policy with a coverage limit of $250K is less expensive, it may not be enough for your beneficiaries. Each state has an average recommended amount for life insurance based on the state's cost of living, average income, average personal debt, average age and other state-specific considerations. This figure is $597K in Indiana.

Based on the state-recommended life insurance amount, MassMutual offers the cheapest policies for men ($15 per month), and Nationwide offers the cheapest for women ($13 per month).

According to MoneyGeek’s research, the average cost of life insurance for males in Indianapolis is 4% cheaper than the state average. Women in Indianapolis, on the other hand, pay 0.5% less than Indiana’s average life insurance premium.

In Indianapolis, women pay $16 per month for $250K in coverage, while males pay around $18 per month. Meanwhile, women pay $19 per month for a 10-year term policy, while males pay $23 per month, regardless of the coverage limit.

If you use the state's suggested coverage amount of $597K, which is based on many factors, such as per capita income from the U.S. Bureau of Economic Analysis, average personal and mortgage debt and average age, these prices change dramatically. A policy then costs $28 per month for women and $34 per month for men.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Indianapolis 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 Indidana’s three most popular life insurance providers, with market shares of 11%, 5% and 5%, respectively. Overall, the top seven insurers in the state account for 38% of the market share.

MoneyGeek compiled a list of Indiana’s most popular life insurance providers, along with their market shares.

The cost of life insurance for young individuals in Indianapolis varies widely, with monthly premiums ranging from $14 to $21. According to our data, the cheapest life insurance providers for this age range are:

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

The table below contains a comprehensive overview of the city's cheapest life insurance companies for young individuals.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Indiana who is 5 feet 10 inches and 168 pounds and purchases a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Life insurance premiums for seniors in Indianapolis typically vary from $37 to $76 per month. For seniors, the top two most economical life insurance providers in the city are:

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

More of the top and cheapest insurers for seniors in Indianapolis are included in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Indiana who is 5 feet 10 inches and 197 pounds and purchases a 10-year term contract at the average coverage need of $77,000.

Life insurance in Indianapolis can cost smokers as little as $95 to as much as $177 per month. Our analysis found that the most economical insurers for smokers in the city are:

• MassMutual: $95 per month
• State Farm: $97 per month

The table below contains a comprehensive list of insurance companies in Indianapolis and their insurance rates for smokers.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Indiana who is 5 feet 10 inches and 197 pounds and purchases a 20-year term contract at the average coverage need of $708K. 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.