Best Life Insurance Companies in Tacoma, WA, for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.