BestLife InsuranceSioux Falls, SDBest Life Insurance Companies in Sioux Falls, SD, for 2023
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Fact Checked
By , Senior Content Editor
Updated: Sep 19, 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.
BestLife InsuranceSioux Falls, SDBest Life Insurance Companies in Sioux Falls, SD, for 2023
Most Popular in South Dakota - New York Life
Best for Young People - Transamerica
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Best Cheap Life Insurance in Sioux Falls
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.
Cheapest Life Insurance Companies for Males and Females in Sioux Falls
Cheapest For | $250K Coverage | $696K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
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Life Insurance Costs in Sioux Falls for Men and Women
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.
Average Monthly Life Insurance Rates in Sioux Falls: Men
Average Monthly Life Insurance Rates in Sioux Falls: Women
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.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Various factors contribute to the difference in life insurance rates for males and females. As per the National Center for Health Statistics, men often have a shorter lifespan than women. That’s why they tend to pay a higher premium. Generally, men engage in more dangerous work, are more likely to skip doctor’s appointments and have fewer social connections — any of which may shorten their lifespan.
While reports indicate that women tend to outlive men, it has also been noted that they are less likely to buy life insurance than men. Since women play an essential role both within and outside the home, they ought to invest in a life insurance policy to ensure their dependents get adequate financial support if they pass away.
Most Popular Life Insurance Companies in South Dakota
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.
Most Popular Life Insurance Companies in South Dakota
MONEYGEEK DICTIONARY
The market share of an insurer is the percentage of life insurance premiums sold with respect to the total premiums sold by other companies in the same industry. Companies with a high market share are more popular since they have sold more policies. MoneyGeek obtained the market share data for this study from the S&P Global 2020 Global market intelligence reports.
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Cheapest Life Insurance for Young People in Sioux Falls
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.
Best Life Insurance Companies for Young People in Sioux Falls, SD
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.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Life insurance rates are lower for young people and increase with age. MoneyGeek recommends that buyers who wish to save on the monthly premium purchase a life insurance policy at a young age.
Cheapest Life Insurance for Seniors in Sioux Falls
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.
Best Life Insurance Companies for Seniors in Sioux Falls, SD
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.
LIFE INSURANCE COSTS MORE FOR SENIORS
Older life insurance buyers pay more for coverage because their policies tend to outlive them, so insurers consider them high-risk. However, most seniors can save on the cost of life insurance by getting a policy with a lower coverage amount since their beneficiaries are often grown-ups and financially independent.
In many cases, life insurance policies for seniors only cover burial expenses, so MoneyGeek used a lower coverage amount for the sample policy than other groups.
Cheapest Life Insurance for Smokers in Sioux Falls
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.
Best Life Insurance Companies for Smokers in Sioux Falls, SD
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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers are a high-risk group to insure because they tend to develop health-related issues that may reduce their lifespan. That is why insurers charge them a higher premium than people who don’t smoke. All the same, there is still affordable life insurance for smokers in Sioux Falls.
MoneyGeek recommends getting a longer-term policy (20 years) if you are a smoker since rates increase as you age.
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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. Keep in mind 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.