Updated: May 22, 2024
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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.
BestLife InsuranceToledo, OHBest Life Insurance Companies in Toledo, OH, for 2023
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.
Cheapest For | $250K Coverage | $61K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
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.
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $27 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $11 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $11 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $12 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $25 |
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.
Gender impacts the cost of life insurance. In most U.S. cities, like Toledo, men pay more for health insurance. This is because women have a longer life expectancy than men.
Men die earlier than women because they engage in riskier behaviors, have a higher chance of developing heart disease and have a less active social life.
Despite the added cost, men are more likely than women to have health insurance. Women should consider purchasing health insurance to financially support their dependents at a lower cost than their male counterparts.
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.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| State Farm | Market Share5% |
| Western & Southern Financial | Market Share4% |
| New York Life | Market Share4% |
Market share refers to the number of policies a life insurance provider reports selling in comparison to its rivals. If a company has a higher market share, it has sold more policies than its competitors.
The market share information in this guide was based on the total written premiums in the state from the 2020 S&P Global data reports.
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:
A complete list of the companies that offer the best life insurance for young people in Toledo is included below.
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$15 |
| Prudential | Monthly Cost$16 |
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.
Young people pay less for life insurance, but the cost of your premium increases as you age. That’s why MoneyGeek recommends getting coverage when you're young to save money on life insurance premiums.
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.
In the table below, you can see what other companies offer the cheapest rates for seniors in Toledo.
| MassMutual | Monthly Cost$34 |
| Mutual of Omaha | Monthly Cost$38 |
| Nationwide | Monthly Cost$39 |
| State Farm | Monthly Cost$46 |
| Progressive Life | Monthly Cost$61 |
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.
Seniors typically pay higher rates as they’re considered riskier to insure. However, since seniors typically have adult beneficiaries that are financially independent, they may not need as much coverage. As such, MoneyGeek’s quoted policies for seniors have enough coverage for funeral arrangements and expenses.
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:
The table below shows the best and cheapest companies for people with smoking histories in Toledo.
| MassMutual | Monthly Cost$93 |
| State Farm | Monthly Cost$94 |
| Nationwide | Monthly Cost$97 |
| Mutual of Omaha | Monthly Cost$100 |
| Transamerica | Monthly Cost$104 |
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.
Smokers are riskier to insure because they’re more prone to health conditions like coronary heart disease, heart attack and stroke. Therefore, smokers typically pay more for health insurance. However, you can still get a reasonable rate by comparing prices to find the cheapest life insurance policy for smokers in your city. MoneyGeek recommends purchasing a longer-term coverage (at least 20 years), as rates exponentially increase 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.
