Best Life Insurance Companies in Milwaukee, WI

MoneyGeek’s analysis found that the overall best life insurance company in Milwaukee is MassMutual. Meanwhile, Transamerica is our pick for young people, MassMutual is the top provider for older folks, and State Farm has the best rates for smokers.

Life insurance in Milwaukee with $250K coverage can be purchased for as low as $9 per month, while the cheapest price for a $660K policy (the recommended coverage in the state) is Around $15 per month.

REVIEW LIFE INSURANCE RATES

Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

Your Zip Code
widget-location-pin
Advertising & Editorial DisclosureLast Updated: 12/22/2022
Written By     |  
Reviewed By     |  

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.

iconBestLife InsuranceMilwaukee, WI
2023

Best Life Insurance Companies in Milwaukee, WI, for 2023

Insurance Rates

Compare Insurance Rates

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

widget-location-pin

Best Cheap Life Insurance in Milwaukee

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 Life Insurance Companies for Males and Females in Milwaukee
  • Cheapest For
    $250K Coverage
    $660K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    MassMutual

    Mutual of Omaha

Life Insurance Costs in Milwaukee for Men and Women

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.

Average Monthly Life Insurance Rates in Milwaukee: Men

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $15
  • MassMutual
    $9
    $15
  • Mutual of Omaha
    $10
    $16
  • Transamerica
    $13
    $24
  • State Farm
    $17
    $30
  • AAA
    $17
    $36
  • Progressive Life
    $20
    $40
  • Prudential
    $24
    $46
Average Monthly Life Insurance Rates in Milwaukee: Women

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Mutual of Omaha
    $10
    $13
  • MassMutual
    $8
    $13
  • Nationwide
    $8
    $13
  • Transamerica
    $11
    $22
  • State Farm
    $17
    $29
  • AAA
    $14
    $30
  • Progressive Life
    $18
    $37
  • Prudential
    $17
    $42

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.

tip icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Wisconsin

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.

Most Popular Life Insurance Companies in Wisconsin

Scroll for more

swipe icon
  • Company
    Market Share
  • Northwestern Mutual
    22%
  • Lincoln Financial
    6%
  • Prudential
    5%
  • American Family Life Insurance Co.
    4%
  • John Hancock
    3%
  • New York Life
    3%
  • State Farm
    3%
tip icon
MONEYGEEK DICTIONARY

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.

Insurance Rates

Compare Insurance Rates

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

widget-location-pin

Cheapest Life Insurance for Young People in Milwaukee

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:

  • Transamerica: $12 per month
  • Mutual of Omaha: $14 per month

The table below lists life insurance quotes for young people in Milwaukee.

Best Life Insurance Companies for Young People in Milwaukee, WI

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $12
  • Mutual of Omaha
    $14
  • MassMutual
    $14
  • AAA
    $17
  • Prudential
    $17
  • Nationwide
    $19
  • State Farm
    $20
  • Progressive Life
    $20

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.

tip icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Milwaukee

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:

  • MassMutual: $34 per month
  • Mutual of Omaha: $39 per month

The table below details how much Milwaukee seniors could pay for life insurance.

Best Life Insurance Companies for Seniors in Milwaukee, WI

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $34
  • Mutual of Omaha
    $39
  • Nationwide
    $39
  • State Farm
    $46
  • Progressive Life
    $61
  • AAA
    $64
  • Prudential
    $70
  • Transamerica
    $71

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.

tip icon
LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Milwaukee

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:

  • State Farm: $104 per month
  • MassMutual: $1934 per month

We gathered life insurance quotes for smokers in Milwaukee and listed them in the table below.

Best Life Insurance Companies for Smokers in Milwaukee, WI

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • State Farm
    $104
  • MassMutual
    $105
  • Nationwide
    $110
  • Mutual of Omaha
    $110
  • Transamerica
    $119
  • Progressive Life
    $158
  • Prudential
    $161
  • AAA
    $194

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.

tip icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

Compare Insurance Rates

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

widget-location-pin
Insurance Rates

Methodology

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 the Author


expert-profile

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.


sources