Best Life Insurance Companies in Omaha, NE

MoneyGeek’s analysis of different life insurance companies in Omaha shows that Transamerica is overall the best option for a policy. It’s also the best option for young people and smokers. For seniors, Mass Mutual’s policies stand out. We found that the cost of a life insurance policy in Omaha can range from an average of $10 for a $250K coverage policy to $20 for a policy with Nebraska’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Omaha, NE, for 2023

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Best Cheap Life Insurance in Omaha

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 Life Insurance Companies for Males and Females in Omaha
  • Cheapest For
    $250K Coverage
    $710K Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Omaha for Men and Women

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.

Average Monthly Life Insurance Rates in Omaha: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $20
  • Nationwide
    $12
    $21
  • MassMutual
    $12
    $21
  • Mutual of Omaha
    $13
    $22
  • AAA
    $14
    $25
  • State Farm
    $20
    $38
  • Prudential
    $32
    $40
  • Progressive Life
    $17
    $57
Average Monthly Life Insurance Rates in Omaha: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $15
  • Mutual of Omaha
    $11
    $15
  • MassMutual
    $10
    $16
  • Transamerica
    $13
    $28
  • State Farm
    $20
    $35
  • AAA
    $17
    $37
  • Progressive Life
    $19
    $40
  • Prudential
    $20
    $53

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Nebraska

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.

Most Popular Life Insurance Companies in Nebraska

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  • Company
    Market Share
  • Northwestern Mutual
    10%
  • Pacific Life
    6%
  • New York Life
    5%
  • State Farm
    5%
  • Prudential
    4%
  • Lincoln Financial
    4%
  • Principal Financial Group Inc.
    4%
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MONEYGEEK DICTIONARY

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.

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Cheapest Life Insurance for Young People in Omaha

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:

  • Transamerica: $14 per month
  • Mutual of Omaha: $16 per month

In the table below, we researched other companies offering life insurance quotes in Omaha for young people.

Best Life Insurance Companies for Young People in Omaha, NE

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  • Company
    Monthly Cost
  • Transamerica
    $14
  • Mutual of Omaha
    $16
  • MassMutual
    $17
  • AAA
    $17
  • Prudential
    $19
  • Nationwide
    $20
  • State Farm
    $20
  • Progressive Life
    $24

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Omaha

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:

  • Mass Mutual: $41 per month
  • State Farm: $44 per month

The table below will help you explore other companies offering life insurance for seniors in the city.

Best Life Insurance Companies for Seniors in Omaha, NE

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  • Company
    Monthly Cost
  • MassMutual
    $41
  • State Farm
    $44
  • Mutual of Omaha
    $46
  • Nationwide
    $47
  • AAA
    $48
  • Progressive Life
    $73
  • Transamerica
    $82
  • Prudential
    $84

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Omaha

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:

  • Transamerica: $112 per month
  • State Farm: $133 per month

We listed other insurance companies that offer life insurance policies for smokers in the city in the table below.

Best Life Insurance Companies for Smokers in Omaha, NE

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  • Company
    Monthly Cost
  • Transamerica
    $112
  • State Farm
    $133
  • MassMutual
    $134
  • Nationwide
    $141
  • Mutual of Omaha
    $141
  • Prudential
    $152
  • AAA
    $154
  • Progressive Life
    $202

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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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


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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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