BestLife InsuranceSpokane, WABest Life Insurance Companies in Spokane, WA, for 2023
By , Content Director
Fact Checked
By , Senior Content Editor
Updated: Sep 19, 2023
Purchasing life insurance is a good move if you want to leave your family members with money when you pass away. MoneyGeek analyzed prices and offerings to rank the best life insurance companies in Spokane, Washington, for a range of buyer profiles. This guide can help you shop around and compare rates for your particular needs so that you can land the best deals.
BestLife InsuranceSpokane, WABest Life Insurance Companies in Spokane, WA, for 2023
Most Popular in Washington - New York Life
Best for Young People - Transamerica
Best for Seniors - Transamerica
Best for Smokers - Transamerica
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Best Cheap Life Insurance in Spokane
The least expensive provider for men in Spokane for $250K in coverage is Transamerica at an average of $8 per month. At around $8 per month, MassMutual is the most affordable option for women.
Although a policy with a $250,000 coverage limit is less expensive, it might not be sufficient. A suggested level of coverage of $965K was established in Washington based on state-specific elements.
Transamerica offers the most affordable insurance for males at this level of coverage, costing around $20 per month. At approximately $15 per month, Nationwide has the cheapest coverage for women.
Cheapest Life Insurance Companies for Males and Females in Spokane
Cheapest For | $250K Coverage | $965K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | MassMutual | Nationwide |
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Life Insurance Costs in Spokane for Men and Women
Our statistics show that the average cost of life insurance for males in Spokane is around 16% less than the statewide average. Similarly, women in the city spend around 17% less on life insurance than the majority of people from Washington.
Men in Spokane spend about $15 monthly for life insurance with $250K coverage, while women pay roughly $13.
The suggested coverage amount for a policy in Washington is dependent on variables like average age, average personal debt, average mortgage debt and average per capita income from the U.S. Bureau of Economic Analysis. The recommended coverage amount is $965K, which costs men roughly $37 per month and women around $36.
Additionally, in Spokane, men pay around $22 while women pay approximately $21 for a 10-year term policy, regardless of the coverage amount.
Average Monthly Life Insurance Rates in Spokane: Men
Average Monthly Life Insurance Rates in Spokane: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Spokane using average buyer profile statistics, including the average age of 30, the average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $965,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
One of the biggest determinants of your life insurance cost is your gender. In light of their longer life expectancies, women often pay lower rates, according to a National Center for Health Statistics (NCHS) analysis. Men taking up riskier employment and missing regular health appointments are two reasons why women often outlive men. The average cost of life insurance for males is higher because of these statistical probabilities.
Despite the fact that women live longer, statistics suggest that males are more likely to purchase life insurance. Women should insure the economic value they provide to their home, whether or not they are the main breadwinners.
Most Popular Life Insurance Companies in Washington
The three most well-known life insurance companies in Washington are New York Life, Northwestern Mutual and Prudential Financial Inc., with around 9%, 8% and 5% of the market share, respectively. The top seven life insurance companies in Washington own approximately 39% of the state's market share.
The table below from MoneyGeek lists the major life insurance companies in Washington along with their market shares.
Most Popular Life Insurance Companies in Washington
MONEYGEEK DICTIONARY
The proportion of sales or income that a company generates relative to other businesses in the same sector is referred to as its market share. MoneyGeek compiled the most well-known life insurance providers in Washington for this guide using 2020 market intelligence reports from S&P Global.
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Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.
Cheapest Life Insurance for Young People in Spokane
The cost of life insurance for young individuals in Spokane ranges from around $14 to $23 per month. According to our research, the following providers offer this age group life insurance policies at the lowest average prices:
- Transamerica: $14 per month
- Mutual of Omaha: $15 per month
The table below shows a list of the city's top cheap life insurance companies for young people.
Best Life Insurance Companies for Young People in Spokane, WA
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Spokane who is 5 feet 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $340,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Adults under the age of 25 pay less for life insurance. As you get older and are more likely to develop certain illnesses, your insurance expenses will increase. As a result, buying life insurance when you're young is one of the biggest ways to save money on a policy. Your long-term expenditures can be greatly decreased by starting when you are young and healthy.
Cheapest Life Insurance for Seniors in Spokane
Seniors in Spokane may expect to pay around $31 and $67 per month in life insurance premiums. The city's top two most affordable life insurance companies for seniors are, on average:
- Transamerica: $31 per month
- MassMutual: $33 per month
The table below includes some of Spokane's best-rated and most affordable senior insurance providers.
Best Life Insurance Companies for Seniors in Spokane, WA
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Spokane who is 5 feet 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $102,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Because their coverage is likely to outlast them, seniors are seen as higher-risk individuals. Our sample policy's coverage for seniors is lower than for other groups since most seniors can get by with less insurance.
Seniors typically purchase less coverage since they have grown children who are less financially reliant on them. This means that they have less need for life insurance to protect future finances. This coverage often pays burial costs, outstanding debts and other lesser expenses.
Cheapest Life Insurance for Smokers in Spokane
In Spokane, smokers can typically expect to pay around $110 and $242 per month for life insurance. The following life insurance providers in the city, according to MoneyGeek, provide the most affordable average rates for smokers:
- Transamerica: $110 per month
- MassMutual: $130 per month
The table below lists several of the city's most affordable insurers for smokers.
Best Life Insurance Companies for Smokers in Spokane, WA
Rates were determined by analyzing quotes for a 30-year-old male smoker in Spokane who is 5 feet 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $965,000. 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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers are deemed hazardous to cover by life insurance companies because they are more likely to get diseases that shorten their lifespan. Smokers typically pay higher insurance premiums as a result. Fortunately, there are cheap life insurance options for smokers.
Since rates for smokers rise rapidly with age, you might think about purchasing a policy with a longer term of around 20 years.
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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
- Bureau of Economic Analysis. "Personal Income and Outlays, April 2022." Accessed July 7, 2022.
- 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.