Best Life Insurance Companies in Lincoln, NE

Based on MoneyGeek’s analysis, Transamerica is the best life insurance company in Lincoln, Nebraska. The company is also the ideal option for young people and smokers in the city. If you’re a senior, MassMutual’s policies will suit you best. We found that life insurance premiums in the city start at $10 per month for a $250K coverage policy and $19 per month for the state’s recommended coverage.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Having a life insurance policy provides financial support for your loved ones after you pass away. There are many companies offering life insurance quotes in Lincoln. MoneyGeek recommends shopping around and comparing quotes if you want the most affordable rates.

In this guide, we researched different insurers in the city to find the best life insurance options based on your gender, age, lifestyle and other important factors.

iconBestLife InsuranceLincoln, NE
2023

Best Life Insurance Companies in Lincoln, NE, for 2023

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Best Cheap Life Insurance in Lincoln

Your gender and coverage amount play an important role in determining your policy’s cost. MoneyGeek found that Transamerica offers the cheapest $250K policies for men at $10 per month. MassMutual’s $250K coverage policy is the most affordable for women, costing an average of $9 per month.

Buying a $250K coverage policy will lower the cost of your monthly insurance premium. However, it may not provide enough coverage for your needs. To increase your coverage amount, you can purchase a policy with Nebraska's recommended coverage amount of $710K. The state’s recommended coverage amount was calculated based on several state-specific factors, including average cost of living, income, personal debt and average age.

For the state-recommended coverage, Transamerica is the cheapest option for men, costing an average of $19 per month, while Nationwide provides the most affordable policies for women, at an average of $14 per month.

Cheapest Life Insurance Companies for Males and Females in Lincoln
  • Cheapest For
    $250K Coverage
    $710K Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Lincoln for Men and Women

Insurers generally charge different rates to insure men and women. Compared to the average cost of life insurance in Nebraska, men in Lincoln pay about 4% more for a policy, while women pay 2% less.

The average cost of a $250K coverage policy for men in the city is $18 per month, while women pay an average of $17 per month for the same policy.

If you opt for a policy with Nebraska’s recommended coverage amount, you’ll pay a higher monthly premium. MoneyGeek’s research shows that the average cost of a $710K coverage policy is the same for both men and women, at approximately $35 per month.

Factors such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age were taken into account when calculating the state’s recommended coverage amount.

For a 10-year term policy, men in Lincoln pay approximately $23 per month, while women pay an average of $22 per month for the same policy.

Average Monthly Life Insurance Rates in Lincoln: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $19
  • Nationwide
    $12
    $20
  • MassMutual
    $12
    $20
  • Mutual of Omaha
    $13
    $21
  • AAA
    $14
    $25
  • State Farm
    $20
    $38
  • Prudential
    $31
    $39
  • Progressive Life
    $17
    $56
Average Monthly Life Insurance Rates in Lincoln: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $14
  • Mutual of Omaha
    $11
    $15
  • MassMutual
    $9
    $15
  • Transamerica
    $13
    $27
  • State Farm
    $20
    $34
  • AAA
    $16
    $36
  • Progressive Life
    $19
    $39
  • Prudential
    $19
    $51

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Lincoln using average buyer profile statistics, including the average age of 32, the average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $710,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Since women tend to outlive men, they usually pay lower monthly premiums for life insurance. Men die earlier than women because they engage in riskier behaviors, tend to work in dangerous jobs and have a higher suicide rate.

However, studies show that men buy more life insurance policies than women. More women should consider buying life insurance to financially support their loved ones after their death.

Most Popular Life Insurance Companies in Nebraska

The three most popular companies in Nebraska are Northwestern Mutual, Pacific Life and State Farm, with market shares of 10%, 6% and 5%, respectively. MoneyGeek found that the seven most popular companies in the state make up 38.47% of the insurance market.

Most Popular Life Insurance Companies in Nebraska

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  • Company
    Market Share
  • Northwestern Mutual
    10%
  • Pacific Life
    6%
  • New York Life
    5%
  • State Farm
    5%
  • Prudential
    4%
  • Lincoln Financial
    4%
  • Principal Financial Group Inc.
    4%
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MONEYGEEK DICTIONARY

A company’s market share is the percentage of its sales relative to other companies in its industry. If an insurance company has a higher market share, it sells more policies than its competitors.

The market share data included in MoneyGeek’s analysis is based on total premiums written in the state and derived from 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Lincoln

In Nebraska, the average cost of life insurance for young people ranges from $14 to $24 per month. Based on MoneyGeek’s research, the following companies offer the cheapest policies for youngsters in the city:

  • Transamerica: $14 per month
  • Mutual of Omaha: $16 per month

In the table below, we listed other companies offering affordable life insurance for young people in Nebraska.

Best Life Insurance Companies for Young People in Lincoln, NE

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  • Company
    Monthly Cost
  • Transamerica
    $14
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • AAA
    $17
  • Prudential
    $19
  • Nationwide
    $19
  • State Farm
    $19
  • Progressive Life
    $24

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Lincoln who is 5 feet 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Since young people are less risky to insure, insurers charge them lower rates. However, as you age, your insurance premiums will increase. That’s why MoneyGeek recommends buying a policy at a younger age, to save money on premiums.

Cheapest Life Insurance for Seniors in Lincoln

Seniors in Lincoln can expect to pay between $40 and $82 per month, on average, for a life insurance policy. The following companies offer the cheapest rates for seniors in the city:

  • MassMutual: $40 per month
  • State Farm: $43 per month

In the table below, MoneyGeek listed other companies offering cheap life insurance for seniors.

Best Life Insurance Companies for Seniors in Lincoln, NE

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  • Company
    Monthly Cost
  • MassMutual
    $40
  • State Farm
    $43
  • Mutual of Omaha
    $45
  • Nationwide
    $46
  • AAA
    $47
  • Progressive Life
    $72
  • Transamerica
    $80
  • Prudential
    $82

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Lincoln who is 5 feet 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $80,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurance companies generally charge more to insure seniors as their life insurance policy is expected to outlive them. Seniors can still save money by choosing a policy with a lower coverage amount. This is usually sufficient because their beneficiaries are usually financially independent. Most of their insurance is used to cover their final arrangements and funeral expenses. That’s why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Lincoln

For smokers in Lincoln, the cost of a life insurance policy can range from $110 per month to $198 per month, on average. MoneyGeek’s research shows that the following companies offer the most affordable policies for smokers in the city:

  • Transamerica: $110 per month
  • State Farm: $131 per month

In the table below, we included other insurers that offer cheap life insurance for smokers in Lincoln.

Best Life Insurance Companies for Smokers in Lincoln, NE

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  • Company
    Monthly Cost
  • Transamerica
    $110
  • State Farm
    $131
  • MassMutual
    $132
  • Nationwide
    $138
  • Mutual of Omaha
    $139
  • Prudential
    $149
  • AAA
    $151
  • Progressive Life
    $198

Rates were determined by analyzing quotes for a 32-year-old male smoker in Lincoln who is 5 feet 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $710K. 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurance companies generally view smokers as riskier to insure because they are more likely to develop lung disease and certain cancers. If you’re a smoker, you can still find affordable policies by shopping around and comparing rates. We recommend buying a 20-year term policy, as insurance rates for smokers increase significantly with their age.

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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Insurance Rates

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


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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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