Updated: May 22, 2024
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It’s a good idea to invest in life insurance because it offers financial support to your loved ones in case you unexpectedly pass away. If you’re looking for life insurance in Milwaukee, MoneyGeek recommends that you shop around and compare quotes so you can find the best rates for your profile.
In this guide, we analyzed Milwaukee’s top life insurance companies and listed the highest-scoring providers based on age, gender and smoking history.
BestLife InsuranceMilwaukee, WIBest Life Insurance Companies in Milwaukee, WI, for 2023
Factors such as coverage amount and gender affect the cost of life insurance. In Milwaukee, MassMutual offers the most affordable $250K policies for both men and women at around $9 and $8 per month, respectively.
While policies with $250K coverage are more affordable, most people may find them insufficient to cover their dependent’s needs. In Wisconsin, the recommended coverage amount is $660K. This figure was determined by factoring in the state’s average cost of living, income, personal debt, age and other state-specific considerations.
For policies with $660K coverage, Nationwide offers the cheapest rates for male buyers at approximately $15 per month, while Mutual of Omaha has the lowest rates for female buyers at roughly $13 per month.
Cheapest For | $250K Coverage | $660K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Mutual of Omaha |
Your life insurance premiums can vary based on your location and gender. Compared to the state’s average, rates in Milwaukee are 11% lower for men and 13% lower for women.
In Milwaukee, the average cost of a 250K life insurance for men is $17 per month, while it’s $15 for women. However, those rates change significantly if you’re looking for a higher coverage level.
The recommended life insurance coverage in Milwaukee is $660K. This is based on factors like the U.S. Bureau of Economics’ per capita income, the state’s average mortgage debt, personal debt and age.
Male buyers in Milwaukee looking for a 660K policy pay approximately $33 per month, while their female counterparts pay around $29 per month.
If you’re looking for a 10-year term policy without considering coverage limits, you’ll pay roughly $21 per month if you’re a man and around $19 if you’re a woman.
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $24 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $30 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Nationwide | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $22 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $29 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Milwaukee 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.
Gender is an important factor when determining life insurance rates. Generally, women pay less than men because they have a longer life expectancy. Men tend to engage in risky activities, have dangerous jobs and are likely to skip doctors, so insurance companies charge them more.
Studies show that more men buy life insurance compared to women. That said, it’s also a good idea for women to buy life insurance. Whether as primary breadwinners or stay-at-home caretakers, women play an important role in their household’s finances.
MoneyGeek’s research found that the three most popular life insurance providers in Wisconsin based on market share are Northwestern Mutual at 22%, Lincoln Financial at 6% and Prudential Financial Inc. at 5%.
The seven most popular companies in the state make up 46% of the market. You can view these insurers using the table below.
| Northwestern Mutual | Market Share22% |
| Lincoln Financial | Market Share6% |
| Prudential | Market Share5% |
| American Family Life Insurance Co. | Market Share4% |
| State Farm | Market Share3% |
Market share is the percentage of sales that a company controls in a given industry. In the context of life insurance providers, companies with a high market share have sold more policies compared to other insurers.
The market share data we used in this analysis was based on the state’s total premiums per the S&P Global’s 2020 annual report.
MoneyGeek’s research found that, on average, life insurance in Milwaukee for young people costs between $12 and $20 per month. Additionally, the cheapest insurance providers in the city for younger buyers are, on average:
The table below lists life insurance quotes for young people in Milwaukee.
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$17 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Milwaukee who is 5 feet 10 inches in height and weighs 168 pounds with a 20-year term contract at the average coverage level of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Generally, life insurance is cheaper if you’re age 25 or younger. You can expect rates to go up as you grow older since you’re more susceptible to illnesses over time. As a result, it’s a good idea to buy life insurance while you’re young and have significantly lower rates. Doing this can lead to significant savings on your life insurance premiums.
MoneyGeek’s analysis shows that the average cost of life insurance in Milwaukee for seniors is between $34 and $71 per month. On average, the two most affordable providers for elderly buyers in the city are:
The table below details how much Milwaukee seniors could pay for life insurance.
| MassMutual | Monthly Cost$34 |
| Mutual of Omaha | Monthly Cost$39 |
| Nationwide | Monthly Cost$39 |
| State Farm | Monthly Cost$46 |
| Progressive Life | Monthly Cost$61 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Milwaukee who is 5 feet 10 inches tall and weighs 198 pounds with a 10-year term contract at the average coverage need of $83,000.
Life insurance is more expensive for seniors since it’s more likely that their policies will outlive them. Nonetheless, most seniors don’t need high coverage amounts as they don’t often have people who are financially dependent on them. Typically, their insurance proceeds only cover burial arrangements, estate tax and other similar expenses. Because of that, MoneyGeek’s sample policy for seniors has a lower coverage level than other profiles.
If you’re a smoker, your life insurance rates in Milwaukee can range from around $104 to $412 per month. On average, you can find the cheapest rates from the following companies:
We gathered life insurance quotes for smokers in Milwaukee and listed them in the table below.
| State Farm | Monthly Cost$104 |
| MassMutual | Monthly Cost$105 |
| Nationwide | Monthly Cost$110 |
| Mutual of Omaha | Monthly Cost$110 |
| Transamerica | Monthly Cost$119 |
Rates were determined by analyzing quotes for a 32-year-old male smoker in Milwaukee who is 5 feet 10 inches tall and weighs 198 pounds with a 20-year term contract at the average coverage level of $660,000.
Insurance companies consider smokers as riskier to insure since they are exposed to smoking-related diseases. As a result, they are charged higher premiums. Nonetheless, it’s still possible for smokers to find affordable life insurance policies. MoneyGeek recommends getting a longer-term policy (at least 20 years) as premiums will only go up over time.
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 Economics, 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.
