Best Life Insurance Companies in Worcester, MA, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.