Updated: May 22, 2024
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Life insurance is the best way to make sure your family is financially protected in the event of your unexpected passing. If you're looking for life insurance in Philadelphia, it pays to shop around and compare rates to ensure you get the best deal.
You can find your best alternatives with the assistance of MoneyGeek's study of the best life insurance companies in Philadelphia based on age, gender and smoking history.
BestLife InsurancePhiladelphiaBest Life Insurance Companies in Philadelphia, PA, for 2023
Life insurance premiums are affected by policy amount and gender. MassMutual has the cheapest $250K coverage in Philadelphia at around $9 per month for men and $10 for women.
Insurance with $250K coverage is cheaper but may not be enough for your beneficiaries. Based on cost of living, average income, average age, average personal debt and other state-specific variables, the state-suggested average amount of $718,000 may offer an ideal coverage option. For this level, Nationwide offers the cheapest life insurance quotes in Philadelphia at an average of about $16 for men and $16 per month for women.
Cheapest For | $250K Coverage | $718K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
The cost of a life insurance policy is also affected by the policyholder's gender. For instance, women in Philadelphia pay about 3% less than the average Pennsylvania woman, while men pay 7% less than the average Pennsylvania man.
In Philadelphia, men pay an average of $15 monthly for $250K coverage in life insurance, while women pay around $14. However, insurance premiums will be higher for policies that include the state-recommended level of coverage (calculated using data from the U.S. Bureau of Economic Analysis, the average age of policyholders and the average amount of mortgage and personal debt).
Life insurance policies with Pennsylvania’s recommended coverage of $718K costs an average of $20 per month for women and $37 for men. A 10-year term policy costs $23 per month for men and $20 for women, on average, regardless of the coverage level.
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $27 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $34 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $28 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Philadelphia using average buyer profile statistics, including the average age of 33, the average weight of 194 pounds for males and 153 pounds for females, and an average coverage need of $718,000.
Gender influences life insurance prices significantly. A report from the National Center for Health Statistics indicates women have a longer life expectancy than men, on average. Men are more likely to take risks, work in dangerous occupations and develop cardiovascular diseases. Furthermore, men have been shown to engage in fewer social relationships and are more likely to avoid healthcare. These factors prompt insurers to consider men higher-risk and charge them higher premiums.
The majority of life insurance policyholders are men. The economic significance of stay-at-home moms has increased and women today earn more than ever before. A higher life expectancy also qualifies women for lower insurance premiums. These are all excellent reasons for women to purchase life insurance.
Based on their market share, the three most popular life insurance companies in Pennsylvania are Prudential Financial Inc. (7%), Lincoln Financial (7%) and Northwestern Mutual (6%). The top seven companies in the state own almost 37% of the market share in the state.
In the table below, you can find the market share information for the seven most popular life insurance companies in Pennsylvania.
| Lincoln Financial | Market Share7% |
| Prudential | Market Share7% |
| Northwestern Mutual | Market Share6% |
| MassMutual | Market Share5% |
| New York Life | Market Share4% |
Market share is a company's percentage share of sales compared to others in the industry. Companies with higher market share have more market dominance. If a company has a substantial market share in the life insurance industry, it has sold more policies than its competitors.
MoneyGeek studied life insurance companies' market share data based on total premiums as published in 2020 S&P Global's data reports.
Younger individuals in Philadelphia can expect to pay $14–23 a month for life insurance policies, on average. MoneyGeek's research found that the following providers offer the cheapest life insurance for young persons in Philadelphia:
The table below shows how much life insurance costs for young people in Philadelphia from different companies:
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$19 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Pennsylvania, who is 5 feet 10 inches and 165 pounds and purchases a 20-year term contract at the average coverage need of $310,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
For people under the age of 25, life insurance is generally cheaper. The cost of your insurance premiums increases as you get older and become more vulnerable to age-related ailments. One of the best ways to save money is to buy life insurance at a younger age. If you are younger and in better health, your insurance rates will be lower.
Seniors in Philadelphia pay about $36–83 per month in life insurance premiums, on average. The following are the two cheapest and best life insurance companies in Philadelphia for seniors:
The best and cheapest insurance providers for Philadelphia's elderly can be found in the table below.
| MassMutual | Monthly Cost$36 |
| Mutual of Omaha | Monthly Cost$41 |
| Nationwide | Monthly Cost$41 |
| State Farm | Monthly Cost$48 |
| Progressive Life | Monthly Cost$64 |
MoneyGeek determined these rates by analyzing quotes for a 60-year-old male non-smoker in Philadelphia who is 5 feet 10 inches and 194 pounds, purchasing a 10-year term contract at the average coverage need of $93,000.
Seniors' life insurance policies are costlier since it's likely that their policy will last longer than they do. On the other hand, seniors may not need as much coverage as the average adult because their beneficiaries are more likely to be adults who can take care of themselves financially.
They usually expect the money from their life insurance policies to pay for funeral costs or debts. In light of this, MoneyGeek examined a sample coverage of around $100K for Philadelphia’s seniors in this analysis.
Average monthly life insurance premiums for smokers in Philadelphia range from $119–219. According to MoneyGeek, the following companies offer smokers the cheapest life insurance in Philadelphia, Pennsylvania, on average:
The table below lists the cheapest and best insurers for smokers in the city.
| State Farm | Monthly Cost$119 |
| MassMutual | Monthly Cost$120 |
| Nationwide | Monthly Cost$124 |
| Mutual of Omaha | Monthly Cost$126 |
| Transamerica | Monthly Cost$136 |
MoneyGeek determined rates by analyzing quotes for a 33-year-old male smoker in Philadelphia, Pennsylvania. This sample individual is 5 feet 10 inches tall and 194 pounds, purchasing a 20-year term contract at the average coverage need of $718,000.
If you are a smoker, we suggest buying a longer-term (20-year) policy to provide lengthier coverage, as rates for smokers increase dramatically with age.
Because smoking has detrimental effects on an individual's health over the long term, insurers consider them high-risk and apply higher insurance premiums. Despite this, there are still ways for smokers to obtain life insurance at affordable rates. MoneyGeek suggests investing in a long-term policy in Philadelphia of at least 20 years, as the cost of insurance for smokers rises exponentially with increasing age.
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.
