Best Life Insurance Companies in Tacoma, WA

In Tacoma, Transamerica offers the best life insurance policies for the average adult. The insurer is also the best life insurance provider for young people, seniors and smokers in the city.

The cost of a life insurance policy starts at $9 per month for one with a $250K coverage limit and $22 per month for one that includes the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Life insurance is a safety net for your family’s future. It guarantees that your beneficiaries will be financially supported after you pass away.

MoneyGeek analyzed rates from different life insurance companies in Tacoma based on gender, age and smoking habits to help you find the best provider.

iconBestLife InsuranceTacoma, WA
2023

Best Life Insurance Companies in Tacoma, WA, for 2023

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Best Cheap Life Insurance in Tacoma

The cost of your insurance premium will vary based on your gender and selected coverage amount. For a policy with a $250K coverage limit, Transamerica offers the cheapest policies for men at $9 per month, while MassMutual offers the cheapest to women at $9 per month.

A policy with a $250K coverage limit is less expensive, but it may not provide sufficient coverage for your beneficiaries. Washington’s recommended coverage amount of $965K is based on state-specific factors, like average cost of living, age and debt. As such, it may be more representative of the coverage amount you need.

For the state recommended coverage amount of $965K, the cheapest companies in Tacoma are Transamerica for males at $22 per month and Nationwide for females at $17 per month.

Cheapest Life Insurance Companies for Males and Females in Tacoma
  • Cheapest For
    $250K Coverage
    $965K Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Tacoma for Men and Women

Compared to the average cost in Washington, the rates for life insurance in Tacoma are 6% cheaper for men and 4% cheaper for women. It’s important to note that gender is one of the major factors that affects the cost of life insurance.

In Tacoma, the cost of a life insurance policy with a $250K coverage limit is $16 per month for men and $16 per month for women.

On average, a life insurance policy that includes the state-recommended coverage of $965K costs $42 per month for men and $41 per month for women. This coverage amount was based on several state-specific factors like the average per capita income from the U.S. Bureau of Economic Analysis, mortgage debt, personal debt and age.

For a life insurance policy with a 10-year term, it costs an average of $25 per month for men and $24 per month for women, regardless of coverage amount.

Average Monthly Life Insurance Rates in Tacoma: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $22
  • Nationwide
    $11
    $23
  • MassMutual
    $10
    $23
  • Mutual of Omaha
    $11
    $25
  • AAA
    $13
    $29
  • State Farm
    $18
    $44
  • Prudential
    $28
    $49
  • Progressive Life
    $15
    $65
Average Monthly Life Insurance Rates in Tacoma: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $17
  • MassMutual
    $9
    $18
  • Mutual of Omaha
    $10
    $18
  • Transamerica
    $12
    $31
  • State Farm
    $19
    $42
  • AAA
    $16
    $46
  • Progressive Life
    $18
    $47
  • Prudential
    $18
    $56

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Tacoma 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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Women tend to pay less for life insurance than men because they live longer. As a result of having dangerous jobs, engaging in risky activities and avoiding the doctor, men die earlier than women.

Despite the lower cost, women purchase less life insurance than men. Women may benefit by closing this gender gap, as they can purchase cheaper policies than men to ensure their loved ones’ financial security.

Most Popular Life Insurance Companies in Washington

New York Life, Northwestern Mutual and Prudential Financial Inc. are three of the most popular life insurance companies in Washington — each with a respective market share of 9%, 8% and 5%. Overall, the seven best companies in this state have a total market share of 39%. The table below contains the market shares of the seven most popular life insurance companies in Washington.

Most Popular Life Insurance Companies in Washington

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  • Company
    Market Share
  • New York Life
    9%
  • Northwestern Mutual
    8%
  • Prudential
    5%
  • Lincoln Financial
    5%
  • John Hancock
    4%
  • Pacific Life
    4%
  • State Farm
    4%
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MONEYGEEK DICTIONARY

A company’s market share is a good indicator of the size of the company and how well it’s doing. Companies with a higher market share have sold more policies than others in the same industry.

MoneyGeek used the market share data from the 2020 S&P Global data reports. Total premiums in Tacoma were used to generate information regarding the market shares.

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Cheapest Life Insurance for Young People in Tacoma

For young people, the price of life insurance in Tacoma ranges from $15 to $25 per month — with the following companies offering the most affordable policies:

  • Transamerica: $15 per month
  • Mutual of Omaha: $17 per month

Below, we provided a complete list of life insurance companies and their rates for young people.

Best Life Insurance Companies for Young People in Tacoma, WA

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  • Company
    Monthly Cost
  • Transamerica
    $15
  • Mutual of Omaha
    $17
  • MassMutual
    $17
  • AAA
    $20
  • State Farm
    $21
  • Prudential
    $21
  • Nationwide
    $22
  • Progressive Life
    $25

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Tacoma who is 5 feet 10 inches in height and weighs 156 pounds with a 20-year term contract at the average coverage need of $340K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Those 25 years old and younger will pay less for life insurance. Because of this, it’s financially smart to purchase a policy while you’re young since you can save money over time. Even though your rate will still increase as you age, it won’t be as expensive as the rate you’re quoted later in life.

Cheapest Life Insurance for Seniors in Tacoma

Seniors in Tacoma can purchase life insurance from $35 to $75 per month. The following companies offer the cheapest policies to seniors in the city:

  • Transamerica: $35 per month
  • MassMutual: $37 per month

The table below shows the different companies in Tacoma that offer life insurance for seniors. We have also included their monthly cost to help you analyze the prices and see which company best fits your budget.

Best Life Insurance Companies for Seniors in Tacoma, WA

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  • Company
    Monthly Cost
  • Transamerica
    $35
  • MassMutual
    $37
  • State Farm
    $40
  • Nationwide
    $42
  • Mutual of Omaha
    $42
  • AAA
    $43
  • Progressive Life
    $65
  • Prudential
    $75

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tacoma who is 5 feet 10 inches tall and weighs 183 pounds with a 10-year term contract at the average coverage need of $102K.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurance companies in Tacoma view seniors as high-risk individuals because their life insurance policies will likely outlive them. As such, they typically pay higher premiums.

However, seniors can save money by purchasing a policy with lower coverage. A low-coverage policy is typically sufficient because seniors’ beneficiaries are usually financially independent. MoneyGeeks’ sample coverage amount of $102K is enough to cover funeral expenses or arrangements.

Cheapest Life Insurance for Smokers in Tacoma

Smokers will pay between $123 and $270 per month for life insurance in Tacoma. Smokers can find the most affordable life insurance rates from the following companies:

  • Transamerica: $123 per month
  • MassMutual: $146 per month

In the table below, MoneyGeek compiled life insurance companies in Tacoma that offer affordable policies for smokers.

Best Life Insurance Companies for Smokers in Tacoma, WA

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  • Company
    Monthly Cost
  • Transamerica
    $123
  • MassMutual
    $146
  • State Farm
    $150
  • Nationwide
    $153
  • Mutual of Omaha
    $162
  • Prudential
    $182
  • Progressive Life
    $234
  • AAA
    $270

Rates were determined by analyzing quotes for a 30-year-old male smoker in Tacoma who is 5 feet 10 inches tall and weighs 183 pounds with a 20-year term contract at the average coverage need of $965K.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because smoking is linked to life-threatening health conditions, insurers charge smokers higher premiums. However, smokers can still find life insurance that fits their budget. To avoid paying extremely high premiums, smokers can choose to purchase a 20-year term policy. This extended coverage will help prevent the consistent increase in the cost of their premiums as smokers age.

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Insurance Rates

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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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