Updated: May 22, 2024
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Life insurance is an affordable way to ensure that your beneficiaries don’t have to struggle financially after you are gone. There are various life insurance providers in Reno, Nevada, to choose from. Taking the time to shop around and compare offers is a necessary step to finding the best deals for your profile.
This MoneyGeek guide listed the top providers with the most affordable premiums to help shoppers find the best life insurance in Reno, Nevada, based on age, gender and smoking history.
BestLife InsuranceReno, NVBest Life Insurance Companies in Reno, NV, for 2023
Life insurance quotes in Reno depend on several factors, like gender and the coverage amount. MassMutual, the cheapest life insurance provider for both men and women for a $250K coverage limit, sells policies at an average of $12 and $9 per month, respectively.
In Reno, a $250K coverage policy might be an affordable option. However, when buying life insurance, you’ll likely want to consider the cost of living in Reno, average income, average debt and other state-specific factors.
Considering all these factors, the recommended coverage amount in Nevada is $788K. MassMutual is still the cheapest provider for men, selling policies at an average of $23 per month. Nationwide, on the other hand, is the cheapest provider for women seeking $788K in coverage, averaging $16 per month.
Cheapest For | $250K Coverage | $788K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Men generally pay more than women for the same coverage. Based on MoneyGeek’s analysis, male policyholders in Reno pay 9% more than the state average, whereas female policyholders pay 3% less.
For a $250K coverage policy in Reno, men pay an average of $20 per month, whereas women pay $16 per month.
Increasing the coverage limit to meet Nevada’s recommended coverage amount of $788K, the cost of policies increases to $47 for men and $35 for women.
As for a longer policy length, a 10-year policy term has an average annual premium of $28 for men and $22 for women.
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $23 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $24 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $27 |
| AAA | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $41 |
| 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$11 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $30 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $36 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Reno using average buyer profile statistics, including the average age of 30, the average weight of 194 pounds for males and 153 pounds for females, and an average coverage need of $788,000.
Life insurance providers consider gender as an important factor. In Reno, life insurance premiums are higher for men than for women. A primary reason for this gap in prices is that men have a shorter life expectancy than women. Women tend to outlive men because they are less likely to engage in riskier behaviors and jobs and have a more active social life, which has a correlation to longevity and a healthier life.
Another gap in the numbers between men and women in relation to life insurance shows that men buy life insurance more often than women. Anyone is an ideal candidate for life insurance, whether you are the primary provider or an important contributor in your household.
According to MoneyGeek's data, the top three insurers by market share in Reno are Prudential Financial Inc. (6%), New York Life (6%) and Lincoln Financial (5%). The seven most well-known businesses in the state collectively control roughly 35% of the market.
According to market share, MoneyGeek ranked the top life insurance providers in Nevada in the table below.
| New York Life | Market Share6% |
| Prudential | Market Share6% |
| Lincoln Financial | Market Share5% |
| Northwestern Mutual | Market Share5% |
| Transamerica | Market Share4% |
Market share represents the proportion of total premiums written in the state in comparison to other businesses in the sector. Companies that have the largest market shares — those that have sold more policies than other companies — dominate the industry. The market share information in this guide comes from S&P Global's 2020 market intelligence studies.
Young people in Reno looking for life insurance should expect premiums to range between $15 and $25 per month. The top two cheapest life insurance companies in Reno are:
Check out the table below for the complete list of companies with the cheapest policies for young people in Reno.
| Transamerica | Monthly Cost$15 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$18 |
| Prudential | Monthly Cost$20 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Reno who is 5 feet 10 inches and 165 pounds that purchases a 20-year term contract at the average coverage need of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance is less expensive before you reach 25 than it is later in life. Additionally, the cost of insurance rises as you age since your risk of death increases. One of the easiest ways to purchase life insurance at a lower price is to buy a policy when you're young.
For seniors in Reno, the average cost of life insurance ranges between $42 and $86 per month. MoneyGeek’s rankings found the top companies in Reno with the cheapest rates for seniors:
See the table below for other life insurance companies with the most affordable rates in Reno for seniors.
| MassMutual | Monthly Cost$42 |
| Mutual of Omaha | Monthly Cost$47 |
| Nationwide | Monthly Cost$48 |
| State Farm | Monthly Cost$50 |
| AAA | Monthly Cost$63 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Reno who is 5 feet 10 inches and 194 pounds that purchases a 10-year term contract at the average coverage need of $80,000.
While premiums do typically rise as you age, there is a substantial increase in the cost when you become older due to the increased risk. However, seniors don’t need as much coverage because their beneficiaries are likely to be financially independent. In our findings, we quoted figures for seniors’ life insurance to cover only funeral arrangement costs, remaining debts, estate taxes, etc. Thus, recommended coverage amounts for seniors are much lower than for other age groups.
The average range of life insurance quotes for smokers in Reno is between $117 and $264 per month. MoneyGeek’s rankings found that the cheapest insurers in Reno for smokers are the following:
See the table below to compare rates from different insurers for people with a history of smoking.
| Transamerica | Monthly Cost$117 |
| MassMutual | Monthly Cost$139 |
| State Farm | Monthly Cost$143 |
| Nationwide | Monthly Cost$150 |
| Mutual of Omaha | Monthly Cost$154 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Reno who is 5 feet 10 inches and 194 pounds that purchases a 20-year term contract at the average coverage need of $788,000. 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.
Smokers are more likely to develop smoking-related illnesses that shorten their lifespans. Because of this, smokers' life insurance premiums increase substantially as they age. However, you can still get affordable life insurance for smokers by comparing insurers that have low rates for your particular profile. MoneyGeek advises purchasing at least a 20-year term policy because your premiums are expected to skyrocket later in life if you have a history of smoking.
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 Economic Analysis, along with 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.
