Best Life Insurance Companies in Worcester, MA

After carefully evaluating different life insurance companies in Worcester, MoneyGeek discovered that Transamerica is the best overall insurer for adults, young adults, seniors and smokers. The cheapest rates in Worcester for men range from $9 per month for a $250K policy to $17 per month for the state-recommended coverage level of $1,030,000.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Purchasing life insurance is a smart investment, if you want to ensure that your beneficiaries will be taken care of financially after your death. In this guide, MoneyGeek evaluates rates and compares providers to identify the best life insurance companies in Worcester, Massachusetts, for various buyer profiles.

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2023

Best Life Insurance Companies in Worcester, MA, for 2023

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Best Cheap Life Insurance in Worcester

Transamerica offers the cheapest life insurance with $250K in coverage for men in Worcester ($9 per month on average). Conversely, MassMutual is the most affordable insurance provider for women in Worcester (about 8 per month).

Although a policy with a $250,000 coverage maximum is less expensive, it may not be sufficient for most people. Each state establishes its recommended coverage amount based on state-specific characteristics, such as the average cost of living, average income, average personal debt and average age.

To secure adequate financial assistance for your loved ones, consider purchasing the $1,030,000 in coverage recommended by the state of Massachusetts. At this level of coverage, Transamerica offers men the most affordable life insurance in Worcester, Massachusetts, at $17 per month. Mass Mutual’s policy, at $15 per month, is the most affordable for women.

Cheapest Life Insurance Companies for Males and Females in Worcester
  • Cheapest For
    $250K Coverage
    $1,030,000 Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    MassMutual

    MassMutual

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Life Insurance Costs in Worcester for Men and Women

MoneyGeek examined the average cost of life insurance in Worcester for men and women based on coverage amount and policy length. We discovered that the cost of life insurance for men in Worcester is 12% less than the state average. Meanwhile, women in Worcester pay 18% less for life insurance than women in other Massachusetts cities.

Gender and coverage level substantially influence the cost of life insurance. Men in Worcester pay roughly $15 per month for a $250K life insurance policy, while women pay approximately $13 per month.

Adjusting the coverage level to the average coverage recommended in Massachusetts ($1,030,000) revealed that the average monthly premium for men in Worcester is $38. In contrast, the average monthly premium for women is $35. It’s important to note that the recommended coverage in Massachusetts is based on several factors, such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

Men in Worcester pay an average of $22 per month for a 10-year term policy, regardless of the coverage limit. The same term insurance costs women an average of $21 per month.

Average Monthly Life Insurance Rates in Worcester: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $17
  • Nationwide
    $10
    $21
  • MassMutual
    $10
    $22
  • Mutual of Omaha
    $11
    $24
  • AAA
    $12
    $26
  • Prudential
    $26
    $48
  • Progressive Life
    $14
    $57
Average Monthly Life Insurance Rates in Worcester: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $8
    $15
  • Mutual of Omaha
    $9
    $16
  • Nationwide
    $9
    $25
  • Transamerica
    $11
    $28
  • Progressive Life
    $15
    $38
  • AAA
    $14
    $40
  • Prudential
    $16
    $49

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Worcester using average buyer profile statistics, including the average age of 31, the average weight of 174 pounds for males and 138 pounds for females, and an average coverage need of $1,030,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is the primary determinant of your life insurance premiums. According to a report from the National Center for Health Statistics (NCHS), women have a higher average life expectancy and pay cheaper rates. Men tend to have riskier jobs and neglect regular doctor's appointments, which contributes to men’s shorter lifespans. These risk factors increase the average cost of life insurance for men.

However, according to reports, despite women living longer, most life insurance policyholders are men. Whether or not they are the household's primary earner, women should insure the financial contributions they make.

Most Popular Life Insurance Companies in Massachusetts

According to MoneyGeek's assessment, Northwestern Mutual, New York Life and Lincoln Financial are, in terms of market share, the three most popular life insurance providers in Massachusetts. Northwestern Mutual has the largest market share in the state at 9.8%, followed by New York Life at 8.57% and Lincoln Financial at 8.04%.

The market shares of Massachusetts’s top seven life insurance companies comprise 49.15% of the state's life insurance sector. Check out the seven most popular Massachusetts life insurance providers below.

Most Popular Life Insurance Companies in Massachusetts

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  • Company
    Market Share
  • Northwestern Mutual
    10%
  • New York Life
    9%
  • Lincoln Financial
    8%
  • John Hancock
    6%
  • MassMutual
    6%
  • Prudential
    5%
  • SB Mutual Life Insurance Co. of MA
    5%
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MONEYGEEK DICTIONARY

A company's market share is the proportion of its sales or revenue relative to competitors in the same industry. Using S&P Global's 2020 market intelligence reports, MoneyGeek compiled a list of the most popular life insurance providers in Massachusetts for this guide.

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Cheapest Life Insurance for Young People in Worcester

The monthly rates for life insurance for young individuals in Worcester typically range from $17 to $26. MoneyGeek discovered the cheapest life insurance providers for this age group are:

  • Transamerica: $17 per month
  • MassMutual: $18 per month

Below is a comprehensive list of the best life insurance companies in Worcester for young adults.

Best Life Insurance Companies for Young People in Worcester, MA

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  • Company
    Monthly Cost
  • Transamerica
    $17
  • MassMutual
    $18
  • Mutual of Omaha
    $18
  • AAA
    $21
  • Nationwide
    $23
  • Prudential
    $23
  • Progressive Life
    $26

MoneyGeek analyzed quotes for a 25-year-old male non-smoker in Worcester who is 5 feet 10 inches tall and weighs 148 pounds with a 20-year term contract at the average coverage need of $400,000. We chose a 20-year term to provide a more extended coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is typically more affordable for younger individuals and becomes more expensive with age. If you want to save money on life insurance in Worcester, you should purchase a policy while you’re young, when rates are typically lower.

Cheapest Life Insurance for Seniors in Worcester

The monthly average cost of life insurance for seniors in Worcester ranges from $38 to $84 on average. According to MoneyGeek's analysis, the most affordable companies for senior citizens in Worcester are:

  • Transamerica: $38 per month
  • Nationwide: $39 per month

See the table below for additional Worcester life insurance providers with the lowest rates for seniors.

Best Life Insurance Companies for Seniors in Worcester, MA

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  • Company
    Monthly Cost
  • Transamerica
    $38
  • Nationwide
    $39
  • MassMutual
    $40
  • AAA
    $40
  • Mutual of Omaha
    $45
  • Progressive Life
    $61
  • Prudential
    $84

MoneyGeek analyzed quotes for a 60-year-old male non-smoker in Worcester who is 5 feet 10 inches tall and weighs 174 pounds with a 10-year term contract at the average coverage need of $120,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Typically, older persons pay higher life insurance rates due to their shorter life expectancy. One strategy to save money on life insurance is to purchase less coverage if you’re older. If the beneficiaries of a senior's life insurance policy are grown adults who can provide for themselves, purchasing less coverage makes sense.

Most senior citizens merely require life insurance to cover burial expenses and outstanding obligations. Thus, the sample policy coverage for Worcester seniors is $120,000.

Cheapest Life Insurance for Smokers in Worcester

The average cost of life insurance for a smoker in Worcester can range from $124 to $211 per month. According to MoneyGeek, the most affordable companies for smokers in Worcester are:

  • Transamerica: $124 per month
  • MassMutual: $149 per month

Consult the table below for more Worcester-based companies that provide life insurance to smokers.

Best Life Insurance Companies for Smokers in Worcester, MA

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  • Company
    Monthly Cost
  • Transamerica
    $124
  • MassMutual
    $149
  • Nationwide
    $153
  • Mutual of Omaha
    $160
  • AAA
    $171
  • Prudential
    $179
  • Progressive Life
    $211

MoneyGeek analyzed quotes for a 31-year-old male smoker in Worcester who is 5 feet 10 inches tall and weighs 174 pounds with a 20-year term contract at the average coverage need of $1,030,000.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Life insurance firms view smokers as high-risk due to their increased susceptibility to ailments that diminish life expectancy. Consequently, smokers typically incur higher insurance premiums. Fortunately, smokers have access to affordable life insurance options.

Consider purchasing a longer-term (20-year) policy if you are a smoker, as premiums for smokers climb exponentially with age.

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Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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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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