Best Life Insurance Companies in Montgomery, AL

MoneyGeek’s analysis ranked MassMutual as the best overall life insurance provider in Montgomery for people of various ages and backgrounds, including average adults, young people, seniors and smokers. Life insurance premiums in the city start at $10 per month for a $250K policy or $15 per month for the state’s recommended coverage amount..

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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If you pass away unexpectedly, your beneficiaries may be left without financial support. Life insurance provides a financial safeguard for your loved ones in the event of your untimely demise.

With several companies to choose from, finding the best policy for your beneficiaries may seem like a daunting task. However, MoneyGeek's comparison of life insurance companies in Montgomery, Alabama, provides useful information to help you choose the right policy for your buyer profile.

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2023

Best Life Insurance Companies in Montgomery, AL, for 2023

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Best Cheap Life Insurance in Montgomery

In Montgomery, MassMutual offers the cheapest policies for a $250K coverage limit to men and women for $10 and $9 per month, respectively.

If the policy does not have enough coverage for your beneficiaries, you may want to consider getting a life insurance policy with a higher coverage amount. The state-recommended coverage amount in Alabama of $592K is based on state-specific facts like cost of living, income and age. As such, it may be a good starting point to assess your coverage needs.

For a policy with Alabama's recommended coverage amount, MassMutual offers the cheapest rates to men for $15 per month, while Nationwide provides the most affordable policies to women for $13 per month.

Cheapest Life Insurance Companies for Males and Females in Montgomery
  • Cheapest For
    $250K Coverage
    $592K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Montgomery for Men and Women

MoneyGeek compared the average cost of life insurance in Montgomery to the average cost of life insurance in the state of Alabama. We found that men in Montgomery pay 3% less and women pay 2% less than the state average.

Gender is one of the primary factors that impacts the cost of life insurance. On average, men pay $19 per month for a policy with a $250K coverage limit, while women pay $16 per month for the same plan in Montgomery.

The cost of your monthly insurance premium will increase if you choose a policy with the state-recommended coverage amount. Alabama’s recommended coverage amount of $592K is based on state-specific factors like per capita income and average mortgage debt. For policies with a $592K coverage limit, men in Montgomery pay an average of $37 per month, while women pay about $30 per month.

Insurance costs also vary by term length. On average, men and women pay $24 and $20 per month, respectively, for a 10-year term policy, regardless of coverage amount.

Average Monthly Life Insurance Rates in Montgomery: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $10
    $15
  • Nationwide
    $10
    $15
  • Mutual of Omaha
    $11
    $16
  • AAA
    $19
    $37
  • State Farm
    $23
    $37
  • Progressive Life
    $22
    $41
  • Prudential
    $26
    $59
Average Monthly Life Insurance Rates in Montgomery: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $13
  • Mutual of Omaha
    $11
    $13
  • MassMutual
    $9
    $13
  • State Farm
    $19
    $29
  • AAA
    $16
    $32
  • Progressive Life
    $18
    $33
  • Prudential
    $19
    $43

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Montgomery using average buyer profile statistics, including the average age of 31, the average weight of 205 pounds for males and 163 pounds for females, and an average coverage need of $592,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Women typically pay less than men for life insurance because they have a longer average lifespan. Men die earlier than women for several reasons, of which include an increased risk of heart disease, higher participation in dangerous jobs and fewer visits to healthcare professionals.

Having said that, studies show that men are more likely than women to buy life insurance. However, women are good candidates for life insurance, as they’ll likely be able to obtain policies at a lower rate than men.

Most Popular Life Insurance Companies in Alabama

The most popular life insurance companies in Alabama include Alfa Life Insurance Corp., Northwestern Mutual and Globe Life Inc. According to MoneyGeek's analysis, Alfa Life Insurance Corp. and Northwestern Mutual have the largest market shares in the state at 8% each, while Globe Life Inc. claims 6% of the market.

The table below lists the largest life insurance companies in Alabama alongside their respective market shares. Together, they account for 41% of the total market.

Most Popular Life Insurance Companies in Alabama

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Alfa Life Insurance Corp.
    8%
  • State Farm
    6%
  • Globe Life Inc.
    6%
  • Protective
    5%
  • New York Life
    5%
  • Lincoln Financial
    3%
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MONEYGEEK DICTIONARY

A company's market share determines its portion of sales relative to others in its industry. The higher a company's market share, the more the company dominates the market.

To see what life insurance companies in Alabama are most popular with consumers, MoneyGeek evaluated each company’s total written premiums as included in the 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Montgomery

In Montgomery, life insurance rates for young people range between $15 and $42 per month. Based on our research, the following companies offer the cheapest rates to young buyers in the city:

  • MassMutual: $15 per month
  • Nationwide: $18 per month

Additional cheap life insurance providers, along with their monthly rates, for young people in Montgomery, are included in the below table.

Best Life Insurance Companies for Young People in Montgomery, AL

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  • Company
    Monthly Cost
  • MassMutual
    $15
  • Nationwide
    $18
  • Mutual of Omaha
    $20
  • AAA
    $21
  • Progressive Life
    $24
  • State Farm
    $25
  • Prudential
    $42

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Montgomery who is 5 feet 10 inches tall and weighs 175 pounds with a 20-year term contract at the average coverage need of $235K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Long-term financial savings can be achieved by purchasing a life insurance policy while you’re young. Those under the age of 25 can receive lower starting rates and subsequent rates than others that wait to purchase life insurance at an older age. As you age, your monthly life insurance premiums increase as you become more susceptible to age-related illnesses.

Cheapest Life Insurance for Seniors in Montgomery

On average, seniors in Montgomery pay between $37 and $77 per month for life insurance. The top two senior-friendly life insurance providers in Montgomery are:

  • MassMutual: $37 per month
  • Mutual of Omaha: $42 per month

If you need information on more life insurance providers in the city of Montgomery that cater to the senior people, you can check the table below.

Best Life Insurance Companies for Seniors in Montgomery, AL

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  • Company
    Monthly Cost
  • MassMutual
    $37
  • Mutual of Omaha
    $42
  • Nationwide
    $43
  • State Farm
    $50
  • Progressive Life
    $67
  • AAA
    $70
  • Prudential
    $77

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Montgomery who is 5 feet 10 inches tall and weighs 205 pounds with a 10-year term contract at the average coverage need of $70K.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Because it's more likely that seniors’ life insurance policies will outlive them, insurers typically charge them more for life insurance. Seniors can reduce the cost of their life insurance by purchasing a policy with less coverage since their beneficiaries are usually financially independent. As such, MoneyGeek’s sample coverage amount for seniors — $70K — is lower than other buyer groups but it’s typically sufficient for funeral expenses and estate taxes.

Cheapest Life Insurance for Smokers in Montgomery

Life insurance for smokers in Montgomery costs between $99 and $188 per month. The prices for this category are relatively high due to the increased health risks associated with smoking, but the following companies offer the cheapest rates to smokers in the city:

  • MassMutual: $99 per month
  • Mutual of Omaha: $107 per month

MoneyGeek included additional information below for insurance companies that offer cheap insurance for smokers in Montgomery.

Best Life Insurance Companies for Smokers in Montgomery, AL

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  • Company
    Monthly Cost
  • MassMutual
    $99
  • Mutual of Omaha
    $107
  • Nationwide
    $107
  • State Farm
    $128
  • Prudential
    $155
  • Progressive Life
    $157
  • AAA
    $188

Rates were determined by analyzing quotes for a 31-year-old male smoker in Montgomery who is 5 ft 10 inches and 205 pounds that purchases a 20-year term contract at the average coverage need of $592K. 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are considered high risk by insurance companies because they’re at an increased risk to develop life-threatening health conditions. As such, insurers typically charge them more for life insurance. However, smokers can still find budget-friendly life insurance providers. MoneyGeek also advises purchasing a longer-term policy, at least 20 years, as smoking significantly increases the cost of your premium as you age.

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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 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.


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