Best Life Insurance Companies in Milwaukee, WI, for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.