Best Life Insurance Companies in Salt Lake City, UT, for 2024

An investment in a life insurance policy is an investment in your family’s future. But finding the best life insurance in Salt Lake City for your needs may be complicated — there are so many different insurance options available. Luckily, MoneyGeek’s guide simplified the process by identifying the top insurance providers in the city for different buyer profiles.

According to our findings, Transamerica offers the cheapest policies with a $250K coverage limit to men for $9 per month. Women can purchase the least expensive policies from MassMutual for $10 per month.

Policies that only have a coverage limit of $250K may be inexpensive, but they may not provide enough coverage for your needs. To ensure your beneficiaries are adequately covered, you may consider purchasing the state-recommended coverage of $764K. This higher coverage amount is based on state-specific factors like cost of living, average income, average personal debt and more.

For Utah’s recommended coverage amount of $764K, men can get the cheapest policy from Transmerica for 18 per month, while women can purchase the least expensive policy from MassMutual for $18 per month.

Numerous gender disparities between lifestyle and mortality rates impact the cost of life insurance. The cost of life insurance for men in Salt Lake City is 4% less than the average cost of life insurance in Utah. Women in the city, on the other hand, pay approximately 10% more than the state average.

Salt Lake City is one of the few cities in the United States where men pay more than women for life insurance. In Salt Lake City, women pay approximately $17 per month for a policy with a $250K coverage limit, while men pay an average $15 per month for the same policy.

Coverage amount and policy term length also impact the cost of life insurance. The state-recommended coverage amount of $764K is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. For this coverage, men in Salt Lake City pay an average of $34 per month, while women pay $38 per month.

For a policy with a 10-year term, regardless of coverage amount, men pay an average of $21 per month while women pay $24 per month.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Salt Lake City using average buyer profile statistics, including the average age of 25, the average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $764,000.

The three most popular life insurance companies in Utah are Northwestern Mutual, Pacific Life and Lincoln Financial, with respective market shares of 7%, 6% and 6%. The combined market share of the top seven most well-known businesses in the state is 37%.

The top seven life insurance providers, along with their market shares, are included in the table below.

On average, young people in Salt Lake City can expect to pay between $13 and $21 per month for life insurance. MoneyGeek’s analysis shows that the following providers offer the most affordable rates to young people in the city:

• Transamerica: $13 per month
• Mutual of Omaha: $14 per month

Check out the table below for a comprehensive look at life insurance options for young people in Salt Lake City.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Salt Lake City who is 5 feet 10 inches and 159 pounds that purchases a 20-year term contract at the average coverage need of $260K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

The average monthly cost of life insurance for seniors in Salt Lake City is between $37 and $76. The following two insurance companies in Salt Lake City offer the cheapest policies for seniors:

• MassMutual: $37 per month
• Mutual of Omaha: $42 per month

A comprehensive list of other cheap life insurance providers for seniors in Salt Lake City is included below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Salt Lake City who is 5 feet 10 inches and 187 pounds that purchases a 10-year term contract at the average coverage need of $78K.

Life insurance for smokers in Salt Lake City costs between $93 and $171 per month. The following two providers offer the most affordable life insurance in Salt Lake City for smokers.

• Transamerica: $94 per month
• State Farm: $107 per month

Additional information on cheap insurance providers in Salt Lake City for smokers is included below.

Rates were determined by analyzing quotes for a 25-year-old male smoker in Salt Lake City who is 5 feet 10 inches and 187 pounds that purchases a 20-year term contract at the average coverage need of $764K. 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, 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.