Best Life Insurance Companies in Reno, NV

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.

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.

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.

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.

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.

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:

• Transamerica: $14.65 per month
• Mutual of Omaha: $16.68 per month

Check out the table below for the complete list of companies with the cheapest policies for young people in Reno.

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.

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:

• MassMutual: $42 per month
• Mutual of Omaha: $47 per month

See the table below for other life insurance companies with the most affordable rates in Reno for seniors.

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.

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:

• Transamerica: $116.85 per month
• MassMutual: $138.84 per month

See the table below to compare rates from different insurers for people with a history of smoking.

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.

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.