Best Life Insurance Companies in Indianapolis, IN

Based on MoneyGeek’s research, MassMutual is the best life insurance company in Indianapolis for average individuals, young adults, seniors and smokers. Mass Mutual’s rates range from $10 per month for a $250K policy to $15 per month for the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Indianapolis, IN, for 2023

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Best Cheap Life Insurance in Indianapolis

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).

Cheapest Life Insurance Companies for Males and Females in Indianapolis
  • Cheapest For
    $250K Coverage
    $597K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Indianapolis for Men and Women

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.

Average Monthly Life Insurance Rates in Indianapolis: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $10
    $15
  • Nationwide
    $10
    $15
  • Mutual of Omaha
    $10
    $16
  • Transamerica
    $14
    $27
  • State Farm
    $18
    $30
  • AAA
    $19
    $37
  • Progressive Life
    $21
    $40
  • Prudential
    $26
    $59
Average Monthly Life Insurance Rates in Indianapolis: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $13
  • Mutual of Omaha
    $11
    $14
  • MassMutual
    $9
    $14
  • Transamerica
    $12
    $21
  • State Farm
    $20
    $29
  • AAA
    $17
    $32
  • Progressive Life
    $18
    $33
  • Prudential
    $19
    $36

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.

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of life insurance is heavily influenced by your gender. According to the National Center for Health Statistics (NCHS), women live longer and so pay lower insurance rates than men. Reasons why women outlast meninclude men’s tendency to have more hazardous jobs and their general reluctance to see the doctor.

Even though women live longer, studies show the majority of life insurance policyholders are men. However, women should safeguard the economic value they provide to their households through insurance, whether or not they are significant breadwinners.

Most Popular Life Insurance Companies in Indiana

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.

Most Popular Life Insurance Companies in Indiana

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  • Company
    Market Share
  • Northwestern Mutual
    11%
  • Prudential
    5%
  • Indiana Farm Bureau
    5%
  • Lincoln Financial
    5%
  • State Farm
    5%
  • MassMutual
    4%
  • Transamerica
    3%
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MONEYGEEK DICTIONARY

A company's market share is the proportion of sales or revenue it generates compared to other businesses in the same industry. Using S&P Global's 2020 market intelligence data, MoneyGeek researched the market shares of Indianapolis’ most well-known life insurance companies for this guide.

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Cheapest Life Insurance for Young People in Indianapolis

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.

Best Life Insurance Companies for Young People in Indianapolis, IN

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14
  • MassMutual
    $15
  • Transamerica
    $16
  • Prudential
    $17
  • Nationwide
    $18
  • State Farm
    $21
  • Progressive Life
    $21
  • AAA
    $21

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.

teen icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Adults under the age of 25 pay less for life insurance. Your insurance prices will climb as you get older and are more susceptible to certain illnesses. As a result, buying life insurance when you're young is one of the best ways to save money.

Cheapest Life Insurance for Seniors in Indianapolis

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.

Best Life Insurance Companies for Seniors in Indianapolis, IN

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  • Company
    Monthly Cost
  • MassMutual
    $37
  • Mutual of Omaha
    $42
  • Nationwide
    $43
  • State Farm
    $50
  • Progressive Life
    $67
  • AAA
    $70
  • Transamerica
    $72
  • Prudential
    $76

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.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Since they are nearing the end of their lives, older folks frequently pay higher life insurance rates. One way to save money is to lower the coverage amount. Seniors with grown children are likely to be okay with less life insurance coverage.

Most seniors require coverage for funeral expenses and to pay off any lingering obligations, so we set our sample senior insurance coverage at $77,000.

Cheapest Life Insurance for Smokers in Indianapolis

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.

Best Life Insurance Companies for Smokers in Indianapolis, IN

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  • Company
    Monthly Cost
  • MassMutual
    $95
  • State Farm
    $97
  • Nationwide
    $101
  • Transamerica
    $104
  • Mutual of Omaha
    $105
  • Progressive Life
    $151
  • Prudential
    $156
  • AAA
    $177

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.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because smoking has long-term health consequences, insurers consider smokers to be high-risk and charge them higher premiums. Nonetheless, smokers can still acquire affordable life insurance. MoneyGeek suggests purchasing a longer-term policy of at least 20 years, as rates for smokers increase exponentially as you age.

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Methodology

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 the Author


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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