Updated: May 22, 2024
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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.
BestLife InsuranceTacoma, WABest Life Insurance Companies in Tacoma, WA, for 2023
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 For | $250K Coverage | $965K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | MassMutual | Nationwide |
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.
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $22 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $23 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $29 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $31 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $42 |
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.
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.
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.
| New York Life | Market Share9% |
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share5% |
| Prudential | Market Share5% |
| State Farm | Market Share4% |
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.
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:
Below, we provided a complete list of life insurance companies and their rates for young people.
| Transamerica | Monthly Cost$15 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$20 |
| State Farm | Monthly Cost$21 |
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.
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.
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:
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.
| Transamerica | Monthly Cost$35 |
| MassMutual | Monthly Cost$37 |
| State Farm | Monthly Cost$40 |
| Nationwide | Monthly Cost$42 |
| Mutual of Omaha | Monthly Cost$42 |
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.
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.
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:
In the table below, MoneyGeek compiled life insurance companies in Tacoma that offer affordable policies for smokers.
| Transamerica | Monthly Cost$123 |
| MassMutual | Monthly Cost$146 |
| State Farm | Monthly Cost$150 |
| Nationwide | Monthly Cost$153 |
| Mutual of Omaha | Monthly Cost$162 |
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.
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.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
