BestLife InsuranceProvidence, RIYou may want to consider buying life insurance if you have financial dependents. A life insurance policy ensures financial support for your loved ones if you die.
To find the best life insurance companies in Providence, MoneyGeek recommends that you shop around and compare quotes from various providers. We listed the top life insurance carriers in the city for multiple profiles to help you find the company that best fits your needs.
BestLife InsuranceProvidence, RIBest Life Insurance Companies in Providence, RI, for 2023
Most Popular in Rhode Island - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - Transamerica
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Best Cheap Life Insurance in Providence
The best life insurance company for you may vary depending on your gender and preferred coverage. The most affordable carriers in Providence for a $250K policy are:
- For men: MassMutual at $10 per month
- For women: MassMutual at $8 per month
A $250K policy is relatively cheap, but it may not be enough to cover your family’s financial needs if you pass away. Considering the average cost of living, income, debt and other state-specific factors in Rhode Island, the recommended coverage amount in the state is $772K.
If you prefer a $772K policy, you can find the cheapest policies from these providers:
- For men: Nationwide at $18 per month
- For women: Nationwide at $13 per month
Cheapest Life Insurance Companies for Males and Females in Providence
Cheapest For | $250K Coverage | $772K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
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Life Insurance Costs in Providence for Men and Women
On average, life insurance is more affordable for Providence residents than the state’s average — 12% cheaper for men and 17% less for women.
Your gender greatly affects the cost of your life insurance. In Providence, a life insurance policy with $250K in coverage costs roughly $16 per month for men and approximately $14 per month for women.
Your desired coverage amount also affects your life insurance premiums. The suggested life insurance coverage in Rhode Island is $772K, based on the state’s per capita income (from the U.S. Bureau of Economic Analysis), average mortgage debt, personal debt and age. A $772K policy in Providence costs around $35 if you’re a man and $31 if you’re a woman.
Meanwhile, a 10-year policy costs approximately $21 for males and $19 for females, regardless of coverage limit.
Average Monthly Life Insurance Rates in Providence: Men
Average Monthly Life Insurance Rates in Providence: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Providence using average buyer profile statistics, including the average age of 32, the average weight of 191 pounds for males and 151 pounds for females, and an average coverage need of $772,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Generally, women enjoy cheaper life insurance rates than men because women have a longer life expectancy. Men are more likely than women to engage in risky activities, have dangerous jobs and develop heart disease. As a result, insurance companies view men as riskier to insure and charge them higher premiums.
Life insurance is more popular with men than women. Yet, it’s also a good idea for women to get life insurance. Whether the family’s primary breadwinner or a stay-at-home caretaker, women play a critical role in their household economies and are ideal candidates for life insurance.
Most Popular Life Insurance Companies in Rhode Island
MoneyGeek’s research shows Rhode Island’s most popular life insurance companies based on market share are Northwestern Mutual (8%), Lincoln Financial (7%) and MassMutual (6%). The seven largest insurers in the state make up 42% of the market.
The table below breaks down the state’s life insurance companies and market shares.
Most Popular Life Insurance Companies in Rhode Island
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Market share refers to a company’s percentage of sales relative to others in a given industry. Among life insurance carriers, providers with large market shares sell more policies than the competition.
We derived data for our analysis from Rhode Island’s total premiums sold based on S&P Global’s 2020 annual report.
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Cheapest Life Insurance for Young People in Providence
In Providence, life insurance costs for young people range from $13 to $21 per month. MoneyGeek identified the city’s best life insurance companies for younger adults as:
- Transamerica: $13 per month
- Mutual of Omaha: $15 per month
We broke down life insurance quotes for young Providence residents in the table below.
Best Life Insurance Companies for Young People in Providence, RI
MoneyGeek analyzed quotes for a 25-year-old male non-smoker in Providence who is 5 feet 10 inches and 162 pounds and purchases a 20-year term contract at the average coverage need of $300K. We chose a 20-year term to provide a more extended period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
If you’re aged 25 or below, you’ll pay lower insurance premiums. However, the price will increase as you get older. MoneyGeek recommends buying life insurance while you’re still young when premiums are the most affordable.
Cheapest Life Insurance for Seniors in Providence
MoneyGeek’s analysis shows that seniors in Providence pay between $34 and $77 for life insurance. Based on our study, the best life insurance companies in the city for older adults are:
- MassMutual: $34 per month
- Mutual of Omaha: $38 per month
Our team listed affordable life insurance quotes in Providence for seniors in the table below.
Best Life Insurance Companies for Seniors in Providence, RI
MoneyGeek analyzed quotes for a 60-year-old male non-smoker in Providence who is 5 feet 10 inches and 191 pounds and purchases a 10-year term contract at the average coverage need of $91K.
LIFE INSURANCE COSTS MORE FOR SENIORS
On average, life insurance companies charge seniors higher premiums since older people are likely to pass away while their policy is in effect.
Yet most seniors don’t need as much coverage as their younger counterparts. Beneficiaries for this age group are often financially independent adults, and life insurance proceeds usually only need to cover funeral arrangements and estate liabilities. Therefore, MoneyGeek’s sample policy for seniors features a lower coverage limit than other profiles.
Cheapest Life Insurance for Smokers in Providence
If you’re a smoker, your life insurance premium in Providence can range from $102 to $222 per month. MoneyGeek’s analysis shows that the best companies in the city for smokers are:
- Transamerica: $102 per month
- MassMutual: $121 per month
Use the table below to view life insurance quotes in Providence for people who smoke.
Best Life Insurance Companies for Smokers in Providence, RI
MoneyGeek analyzed quotes for a 32-year-old male smoker in Providence who is 5 feet 10 inches and 191 pounds and purchases a 20-year term contract at the average coverage need of $772K. If you are a smoker, we suggest buying a longer-term (20-year) policy as rates for smokers dramatically increase as you age.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Due to smoking’s long-term health effects, insurance providers consider smokers risky to insure and charge them higher rates. If you’re a smoker, you can still find affordable life insurance policies by shopping around. MoneyGeek also suggests getting a longer-term policy (at least 20 years) since prices become more expensive over time.
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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. Remember that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 7, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 7, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 7, 2022.
- S&P Global. "2020 Annual Report." Accessed July 7, 2022.