Best Life Insurance Companies in Spokane, WA, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.