Updated: May 22, 2024
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Having life insurance ensures the protection of your loved ones from financial hardships after your death. If you want the cheapest rates while looking for life insurance quotes in Omaha, it's best to shop around and compare different policies.
In this guide, MoneyGeek researched Omaha's best life insurance companies to help you find the most suitable policy based on your age, gender and smoking history.
BestLife InsuranceOmaha, NEBest Life Insurance Companies in Omaha, NE, for 2023
Your gender and coverage amount significantly impact your life insurance rates. In Omaha, Transamerica offers the cheapest $250K coverage amount policy for men at an average cost of $10 per month. For women, Mass Mutual’s policies are the most affordable, with an average monthly cost of $10.
A policy with $250K worth of coverage will be cheaper. However, MoneyGeek recommends that you buy a policy with at least $710K worth of coverage in Omaha. We determined this amount after analyzing the cost of living, average income, average personal debt, average age and other important factors of the state.
For a policy with $710K worth of coverage, Transamerica is the cheapest option for men with an average cost of $20 per month, while for women, Nationwide’s policies are the most affordable at an average monthly price of $15.
Cheapest For | $250K Coverage | $710K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | MassMutual | Nationwide |
Your gender affects how much you pay for life insurance in Omaha. Compared to the average cost of life insurance in Nebraska, men pay approximately 6% more for a policy, while women pay only 1% more.
In Omaha, men pay an average of $19 per month for a policy with $250K worth of coverage, while women spend an average monthly cost of $17 for the same policy.
The rates significantly change for a policy with the state’s recommended coverage amount, usually based on several factors such as per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Nebraska’s recommended coverage amount is $710K. On average, men pay $36 per month for a policy with this coverage amount, while women pay $36 per month.
For a 10-year term policy, men pay an average of $23 per month, while the average cost of a 10-year term policy for women is $23 per month, regardless of the coverage limit.
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $20 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $21 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $21 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $22 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $25 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $28 |
| State Farm | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $35 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Omaha using average buyer profile statistics, including the average age of 32, the average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $710,000.
Gender significantly affects the cost of life insurance. Insurers charge less money to insure women because they live longer than men. Since men have more dangerous jobs and chances of developing heart disease and committing suicide, they die earlier than women.
However, data shows that more men buy life insurance than women. If you’re a woman, it’s a good idea to purchase life insurance, as it can help you gain financial independence, save for the future, pay off loans and for medical emergencies.
In Nebraska, the three most popular companies based on market share are Northwestern Mutual (10%), Pacific Life (6%) and State Farm (5%). MoneyGeek found that the seven most popular insurance companies in the state make up 38% of the insurance market. We listed the seven most popular insurance companies in the table below.
| Northwestern Mutual | Market Share10% |
| Pacific Life | Market Share6% |
| State Farm | Market Share5% |
| New York Life | Market Share5% |
| Principal Financial Group Inc. | Market Share4% |
The market share of a company refers to its percentage of sales in the industry it operates. An insurance company with a high market share would have sold more policies than its competitors.
MoneyGeek’s data about the market share of the companies is based on total premiums written in the state and derived from 2020 S&P Global data reports.
If you’re a young person looking for life insurance in Omaha, expect to pay anywhere between $14 to $24 per month for a policy. MoneyGeek researched the following two insurers offering the cheapest life insurance in the city for young adults on average:
In the table below, we researched other companies offering life insurance quotes in Omaha for young people.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$19 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Omaha who is 5 feet 10 inches in height and weighs 156 pounds with a 20-year term contract at the average coverage amount of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
It costs less for young adults who are 25 years old and under to buy a life insurance policy. As people age, insurance premiums increase because it’s risky to insure older people. That’s why purchasing life insurance while you’re young is one of the best ways to save money on your policy.
In Omaha, the cost of a life insurance policy for seniors ranges between an average of $41 and $84 per month. MoneyGeek’s research shows that the following companies offer the most affordable policies for seniors in the city on average:
The table below will help you explore other companies offering life insurance for seniors in the city.
| MassMutual | Monthly Cost$41 |
| State Farm | Monthly Cost$44 |
| Mutual of Omaha | Monthly Cost$46 |
| Nationwide | Monthly Cost$47 |
| AAA | Monthly Cost$48 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Omaha who is 5 feet 10 inches tall and weighs 183 pounds with a 10-year term contract at the average coverage need of $80,000.
Insurers generally charge higher rates to insure seniors as their life insurance policy is expected to outlive them. Getting a policy with a lower coverage amount is fine for older people, as their beneficiaries would most likely be adults and less financially dependent on them. Their policy coverage amount is typically used to cover final expenses, like funeral costs and burial expenses. That’s why MoneyGeek’s sample coverage amount for seniors is less than the sample coverage for other groups.
On average, the cost of a life insurance policy for smokers ranges between $112 and $202. MoneyGeek researched different insurers and found that, on average, the following companies offer the most affordable policies for smokers in Omaha:
We listed other insurance companies that offer life insurance policies for smokers in the city in the table below.
| Transamerica | Monthly Cost$112 |
| State Farm | Monthly Cost$133 |
| MassMutual | Monthly Cost$134 |
| Nationwide | Monthly Cost$141 |
| Mutual of Omaha | Monthly Cost$141 |
Rates were determined by analyzing quotes for a 32-year-old male smoker in Omaha who is 5 feet 10 inches tall and weighs 183 pounds with a 20-year term contract at the average coverage level of $710,000.
Since smokers have a higher risk of developing lung disease, the insurance companies charge higher rates to insure them. Still, it's possible to find affordable life insurance policies for smokers. Your insurance rates will increase significantly as you age if you're a smoker. That's why MoneyGeek recommends buying a 20-year term policy for extended coverage.
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.
