BestLife InsuranceMadison, WILife insurance works as a financial buffer that your beneficiaries can tap into in case of your death. Shopping around and comparing life insurance providers in Madison, Wisconsin, will help you find the best policy for your needs.
MoneyGeek made the process easier for you by comparing quotes from several providers in the city based on buyer age, gender and smoking history.
BestLife InsuranceMadison, WIBest Life Insurance Companies in Madison, WI, for 2023
Most Popular in Wisconsin - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - State Farm
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Best Cheap Life Insurance in Madison
Gender and coverage amount are two of the most important factors that affect the cost of life insurance. In Madison, the cheapest $250K policy is offered by MassMutual at an average cost of $11 per month for men and $10 per month for women.
In Madison, you might need a policy with a higher coverage limit. In fact, the state-recommended coverage amount in Madison is $660K — which, in addition to the cost of living, also considers average income, average debt and other state-specific factors.
For the state-recommended coverage amount of $660K, Nationwide offers the cheapest policies for men at an average of $18 per month, whereas Mutual of Omaha offers the cheapest policies for women at $16 per month.
Cheapest Companies in Madison
Company | $250K Coverage | $660K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Mutual of Omaha |
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Life Insurance Costs in Madison for Men and Women
Based on MoneyGeek’s analysis, the cost of life insurance for men and women in Madison is, respectively, 9% and 8% higher than the state average.
Gender significantly impacts the cost of life insurance. The average monthly cost of a life insurance policy with a $250K coverage limit, for example, is $21 for men and $18 for women.
A policy with a coverage limit of $660K — Wisconsin’s recommended coverage amount — costs $41 per month for men and $36 per month for women. The recommended coverage amount is based on state-specific factors like average per capita income from the U.S. Bureau of Economic Analysis, mortgage debt, personal debt and age.
As for a 10-year term policy, the average monthly premium is $26 for men and $23 for women, regardless of the coverage limit.
Average Monthly Life Insurance Rates in Madison: Men
Average Monthly Life Insurance Rates in Madison: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Madison using average buyer profile statistics, including the average age of 32, the average weight of 198 pounds for males and 157 pounds for females, and an average coverage need of $660,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender plays a significant role in determining the cost of life insurance. Typically men pay more for life insurance because they have shorter life expectancies than their female counterparts. Men die earlier than women because they’re more likely to engage in risky behaviors, work in dangerous jobs and develop heart disease.
Still, men are more likely than women to purchase health insurance. Women should consider purchasing insurance as a low-cost way to financially support their beneficiaries after they pass away.
Most Popular Life Insurance Companies in Wisconsin
The most popular life insurance companies in Wisconsin are Northwestern Mutual, Lincoln Financial and Prudential Financial Inc., with respective market shares of 22%, 6% and 5%. The top seven most popular companies comprise over 45% of the total market share in the state.
The table below lists the seven most popular companies in Wisconsin.
Most Popular Life Insurance Companies in Wisconsin
MONEYGEEK DICTIONARY
A company’s market share refers to the total number of policies a company has sold in relation to other companies in the same industry. In this guide, MoneyGeek’s analysis of the top life insurance companies in Madison was derived from S&P Global’s 2020 market intelligence reports.
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Cheapest Life Insurance for Young People in Madison
For young people, the monthly cost of life insurance in Madison can range between $15 and $25. Based on our analysis, the following companies offer the cheapest policies for young people in Madison:
- Transamerica: $15 per month
- Mutual of Omaha: $17 per month
Check out the table below to see the best life insurance companies in Madison for young people.
Best Life Insurance Companies for Young People in Madison, WI
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Madison who is 5 feet 10 inches and 168 pounds that purchases a 20-year term contract at the average coverage need of $280K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Life insurance is generally cheaper for young people as they are healthier and less prone to illness. Buying life insurance at a young age is one of the best strategies to save money on monthly premiums since rates are usually cheaper.
Cheapest Life Insurance for Seniors in Madison
Seniors in Madison pay between $42 and $86 per month for life insurance. MoneyGeek’s analysis shows that the following companies offer the most affordable life insurance policies to seniors in Madison:
- MassMutual: $42 per month
- Mutual of Omaha: $47 per month
The table below shows other companies that offer affordable rates for seniors in Madison.
Best Life Insurance Companies for Seniors in Madison, WI
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Madison who is 5 feet 10 inches and 198 pounds that purchases a 10-year term contract at the average coverage need of $83K.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors usually pay higher premiums because insurers expect that their policies will outlive them. However, seniors can still save money by choosing a plan with less coverage. Generally, seniors’ beneficiaries are financially dependent, so life insurance is only needed to cover the cost of funeral expenses and arrangements. As such, MoneyGeek’s baseline coverage for seniors — $83K — is less than other groups.
Cheapest Life Insurance for Smokers in Madison
The average cost of life insurance in Madison for smokers varies between $128 and $237 per month. The following companies are the most affordable insurers in Madison for people who smoke:
- State Farm: $128 per month
- MassMutual: $129 per month
In the table below, you can compare providers with the best rates for people with a smoking history.
Best Life Insurance Companies for Smokers in Madison, WI
Rates were determined by analyzing quotes for a 32-year-old male smoker in Madison who is 5 feet 10 inches and 198 pounds that purchases a 20-year term contract at the average coverage need of $660K. 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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smoking can negatively affect your health and reduce your life expectancy. Because of this, life insurance providers charge smokers higher premiums. Though premiums are generally expensive, you can still find affordable life insurance for smokers if you just know where to look. Because the cost of life insurance increases exponentially as smokers age, MoneyGeek recommends opting for a 20-year term policy.
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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 Mark Fitzpatrick
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 5, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 5, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 5, 2022.
- NHS UK. "What are the Health Risks of Smoking?." Accessed July 8, 2022.
- S&P Global. "2020 Annual Report." Accessed July 5, 2022.