Best Life Insurance Companies in Sioux Falls, SD, for 2023

A life insurance policy secures your beneficiaries’ future financial stability by ensuring they receive financial support when you pass away. MoneyGeek reviewed average life insurance rates in Sioux Falls, South Dakota, to help you find the best company for your unique profile. We considered various age groups, gender and smoking history.

The cost of life insurance varies depending on several factors, including the coverage amount and gender of the buyer. In Sioux Falls, MassMutual is the cheapest for men and women for a policy with a $250,000 coverage limit. Men pay an average of $11 per month, and women pay around $10.

Although a policy with $250K of coverage costs less, it may not provide adequate financial security for your loved ones.

You may choose to purchase the recommended coverage amount in South Dakota of $696,000. The determination for this amount is based on state-specific factors like average age, average income, cost of living and personal debt.

On average, the most affordable life insurance company for South Dakota’s recommended coverage of $696K for men is MassMutual at $19 per month, and for women, it is Nationwide, costing $15 monthly.

Based on MoneyGeek’s research, life insurance costs for men and women in Sioux Falls, South Dakota, are higher than the state average. Generally, men pay about 10% more than the state average, whereas women pay around 4% more.

How much you pay for life insurance also depends on your gender. In Sioux Falls, the average cost of life insurance for men is $20 per month for a $250K coverage amount and $17 for women for the same coverage.

MoneyGeek reviewed life insurance quotes in Sioux Falls for the South Dakota recommended coverage amount of $696K because it considers per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age, and is a better amount for city residents.

Based on the findings, a $696K life insurance policy in Sioux Falls has an average cost of $42 monthly for males and $34 for females.

If you do not consider coverage amount and only the term, in Sioux Falls, male policyholders pay an average of $27 per month for a 10-year term policy, and female policyholders pay around $22.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Sioux Falls using average buyer profile statistics, including the average age of 30, the average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $696,000.

Based on MoneyGeek’s analysis, Prudential Financial Inc., New York Life and Lombard International are the most sought-after life insurance providers in South Dakota, with around 16%, 9% and 6% as their respective market shares.

Overall, the top seven life insurance companies in South Dakota make up around 54% of the state’s total market. You can view the following table to compare individual market share data for these insurers.

In Sioux Falls, young people (aged 25 and below) often pay lower rates for life insurance compared to older buyers, with policies ranging between $16 and $26 per month.

On average, the cheapest life insurance in Sioux Falls for young buyers comes from the following companies:

• Transamerica: $16 per month
• Mutual of Omaha: $18 per month

The following table highlights the life insurance companies in the city for young people and their rates.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Sioux Falls who is 5 feet 10 inches tall and weighs 164 pounds with a 20-year term contract at the average coverage need of $290,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Seniors pay approximately $42 to $90 per month for life insurance in Sioux Falls, which is higher than younger policyholders.

From MoneyGeek’s average rate research, the cheapest providers of life insurance in the city for seniors are:

• MassMutual: $42 per month
• Mutual of Omaha: $48 per month

You can compare rates for other life insurance companies for seniors in Sioux Falls in the following table.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Sioux Falls who is 5 feet 10 inches tall and weighs 193 pounds with a 10-year term contract at the average coverage need of $86,000.

Sioux Falls life insurance companies charge smokers an average of $125 to $232 per month.

According to the average rate analysis carried out by MoneyGeek, the two companies with the most affordable life insurance in Sioux Falls for smokers are:

• MassMutual: $125 per month
• State Farm: $125 per month

The following table lists the life insurance companies in the city for smokers, alongside their rates.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Sioux Falls who is 5 feet 10 inches tall and weighs 193 pounds with a 20-year term contract at the average coverage need of $696,000.

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.