Best Life Insurance Companies in Toledo, OH, for 2023

Life insurance helps to financially safeguard your beneficiaries if you pass away. With multiple life insurance providers in Toledo, Ohio, shopping around guarantees that you’ll find the best rate for your circumstances.

MoneyGeek listed the best life insurance providers to help shoppers in Toledo, Ohio, find the right policy for their profile.

In Toledo, life insurance quotes vary significantly between genders and coverage amounts. MassMutual offers the cheapest $250K coverage policy to both men and women at $9 and $8 per month, respectively.

While a $250K coverage policy is the cheapest option, shoppers in Toledo might consider getting a higher coverage limit, like the state’s recommended coverage amount of $61K. This is based on state-specific factors like the average cost of living, income and debt.

For this coverage amount, Nationwide is the cheapest provider in the city, offering policies for an average cost of $14 per month for men and $11 per month for women.

In Toledo, the cost of a life insurance policy for men and women is less than the average cost of life insurance in the state. Men and women in the city pay 12% and 17% less than the state average, respectively.

On average, monthly premiums for a $250K coverage policy cost $17 for men and $14 for women.

For the state-recommended coverage of $614K, the average monthly cost of life insurance is $31 for men and $26 for women. The state-recommended coverage amount takes into account state-specific factors like average per capita income from the U.S. Bureau of Economic Analysis, mortgage debt, personal debt and age.

A 10-year term policy, on the other hand, will cost around $20 per month for men and $17 per month for women, regardless of the coverage limit.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Toledo using average buyer profile statistics, including the average age of 31, the average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $614,000.

In Ohio, Prudential Financial Inc., Lincoln Financial and State Farm are the most popular life insurance companies with respective market shares of 8%, 7% and 5%. According to MoneyGeek's data, the top seven life insurance companies in the state account for 36% of the market share.

See which Toledo-based insurers have the largest market shares below.

In Toledo, the average cost of life insurance for young people ranges from $12 to $20 per month. The following companies offer the cheapest policies for young people in Toledo:

• Transamerica: $12 per month
• Mutual of Omaha: $14 per month

A complete list of the companies that offer the best life insurance for young people in Toledo is included below.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Toledo who is 5 feet 10 inches and 170 pounds that purchases a 20-year term contract at the average coverage need of $270K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

The cost of life insurance for seniors in Toledo ranges from $34 to $70 per month. MoneyGeek’s rankings show that the following companies have the cheapest policies for this age group.

• MassMutual: $34 per month
• Mutual of Omaha: $38 per month

In the table below, you can see what other companies offer the cheapest rates for seniors in Toledo.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Toledo who is 5 feet 10 inches and 200 pounds that purchases a 10-year term contract at the average coverage need of $80K.

In Toledo, smokers pay between $93 and $170 per month for life insurance. Based on our research, the following companies offer the cheapest insurance policies for smokers:

• MassMutual: $93 per month
• State Farm: $94 per month

The table below shows the best and cheapest companies for people with smoking histories in Toledo.

Rates were determined by analyzing quotes for a 31-year-old male smoker in Toledo who is 5 feet 10 inches and 200 pounds that purchases a 20-year term contract at the average coverage need of $614K. 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.