Updated: May 22, 2024
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Despite the uncomfortable nature of the subject, life insurance provides financial support to your dependents in the event of your death. Due to the numerous life insurance companies in Little Rock, Arkansas, it’s important to compare different providers’ rates to find the best deal for you.
MoneyGeek's analysis of providers’ rates for factors like age, gender and smoking history, is a great starting point.
BestLife InsuranceLittle Rock, ARBest Life Insurance Companies in Little Rock, AR, for 2023
For a policy with a coverage amount of $250K, MassMutual is the most affordable option for men and women, offering average monthly rates of $11 and $10, respectively.
Although policies that only have a $250K coverage limit cost less, they may not provide sufficient coverage for your beneficiaries. The state's recommended coverage amount is a good starting point for assessing your coverage needs, since it’s based on the state's average cost of living, income, personal debt, age and other state-specific factors. In Arkansas, the state-recommended coverage amount is $576K.
For Arkansas’ recommended coverage amount of $576K, MassMutual offers the most affordable life insurance for men at $18 per month, while Mutual of Omaha offers the most affordable life insurance for women at $15 per month.
Cheapest For | $250K Coverage | $576K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Mutual of Omaha |
According to MoneyGeek, the cost of life insurance for men in Little Rock is 15% higher than the state’s average cost of life insurance. Women in the city also pay 9% more than the state average.
Gender plays a major role in determining the cost of your life insurance premium. In Little Rock, men pay an average of $22 per month for a policy with a coverage limit of $250K, while women pay an average of $18 per month for similar coverage.
Purchasing insurance that includes the state-recommended coverage amount of $576K will increase the cost of your monthly premium. This coverage amount is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. On average, policies that include a coverage limit of $576K cost $41 per month for men and $30 per month for women.
For a 10-year term policy, regardless of coverage level, men pay an average of $28 per month, while women pay an average of $21 per month.
| MassMutual | Rates for $250K Coverage$11 | 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$12 | Rates for $926K Coverage (Recommended) $18 |
| Transamerica | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $31 |
| State Farm | Rates for $250K Coverage$26 | Rates for $926K Coverage (Recommended) $43 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $15 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $22 |
| State Farm | Rates for $250K Coverage$22 | Rates for $926K Coverage (Recommended) $31 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Little Rock using average buyer profile statistics, including the average age of 30, the average weight of 201 pounds for males and 159 pounds for females, and an average coverage need of $576,000.
Gender significantly impacts the cost of life insurance. Due to their longer average lifespan, women typically pay less for life insurance than men. Men die earlier than women because they’re more likely to engage in dangerous activities, undertake hazardous work and develop heart problems.
However, studies indicate that men are more likely than women to obtain life insurance. Women play an important part in their households' economies, whether they are the primary breadwinners or stay-at-home carers. Regardless of their employment status, women make excellent candidates for life insurance policies.
The most popular life insurance companies in Arkansas are Southern Farm Bureau Life Insurance, State Farm and Northwestern Mutual, with respective market shares of 7%, 6% and 6%. The combined market share of Arkansas's seven most popular companies is 35%.
In the table below, MoneyGeek outlined the most popular life insurance companies in Arkansas and their market shares.
| Southern Farm Bureau Life Insurance | Market Share7% |
| State Farm | Market Share6% |
| Northwestern Mutual | Market Share6% |
| New York Life | Market Share5% |
| Lincoln Financial | Market Share4% |
The ratio of a company's sales to those of its rivals in the same industry is directly proportional to the company's market share. A life insurance company with a substantial share of the market has sold more policies than its competitors.
MoneyGeek's market share statistics were calculated using each company's total written premiums from the 2020 S&P Global data reports.
Insurance premiums for young adults in Little Rock range from $18 to $51 per month. As per MoneyGeek’s research, the two most affordable insurance companies for young adults in Little Rock are:
Using the table below, you can evaluate additional life insurance quotes in Little Rock for young people.
| MassMutual | Monthly Cost$18 |
| Nationwide | Monthly Cost$21 |
| Mutual of Omaha | Monthly Cost$24 |
| Transamerica | Monthly Cost$24 |
| Progressive Life | Monthly Cost$25 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Little Rock who is 5 feet 10 inches tall and weighs 171 pounds with a 20-year term contract at the average coverage need of $240K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance costs less for those under the age of 25. As you get older, however, the cost of life insurance increases. Consequently, purchasing life insurance at a young age is one of the best ways to save money on insurance.
Life insurance premiums for seniors in Little Rock typically vary from $44 to $91 per month. The two most affordable life insurance providers for seniors in Little Rock are:
The following table lists other insurers in Little Rock, Arkansas that are senior-friendly.
| MassMutual | Monthly Cost$44 |
| Mutual of Omaha | Monthly Cost$50 |
| Nationwide | Monthly Cost$51 |
| State Farm | Monthly Cost$59 |
| Transamerica | Monthly Cost$79 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Little Rock who is 5 feet 10 inches tall and weighs 201 pounds with a 10-year term contract at the average coverage need of $71,000.
Life insurance rates for seniors are significantly higher than those for young people and average adults. This is because there is a higher chance that their policies will outlive them. However, seniors often require less coverage since their beneficiaries are more likely to be financially independent. Their insurance coverage amounts only need to cover charges like funeral arrangements and estate taxes. Because of this, MoneyGeek used a lower sample coverage amount for seniors than other buyer profiles.
The average cost of life insurance in Little Rock for smokers ranges between $109 and $211 per month. MoneyGeek found that the following providers offer the most affordable life insurance providers for smokers in the city:
To find additional information on the cheapest insurers for smokers in the city, you can review the table below.
| MassMutual | Monthly Cost$109 |
| Transamerica | Monthly Cost$119 |
| Mutual of Omaha | Monthly Cost$120 |
| Nationwide | Monthly Cost$121 |
| State Farm | Monthly Cost$141 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Little Rock who is 5 feet 10 inches tall and weighs 201 pounds with a 20-year term contract at the average coverage need of $576K. If you’re a smoker, we suggest buying a longer-term, 20-year policy as rates for smokers exponentially increase as you age.
Since smoking can cause negative long-term health effects, insurance companies view smokers as high-risk and subsequently charge them higher rates. However, smokers can still obtain reasonably priced life insurance. MoneyGeek recommends getting a longer-term policy (at least 20 years) to lock in a low rate that would otherwise 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.
