Massachusetts Life Insurance

Planning for the future can be a tricky business. How will you know how much money you need to save to take care of your spouse or children if you pass away? You might also want to make sure that your funeral expenses or mortgage is taken care of after you pass. 

If you have loved ones who are dependent on you, one of the best ways to ensure that they remain financially secure after you're gone is through a Massachusetts life insurance policy.

Best Life Insurance Companies in Massachusetts

Though many different insurance companies in Massachusetts sell life insurance, they're not all equal in terms of coverage quality and cost. That's why we put together a list of the best life insurance companies in Massachusetts by category for your convenience. 

Starting by checking into these top-rated local carriers first can help you save both time and money when hunting for the right coverage. We selected these carriers based on rates, coverage options, financial strength ratings, Better Business Bureau (BBB) ratings, customer reviews, customer service options, and more.

• Best Massachusetts Life Insurance Company Overall: Banner Life
• Best Massachusetts Life Insurance Company for Females: Nationwide
• Best Massachusetts Life Insurance Company for Males: Nationwide
• Best Massachusetts Life Insurance Company for Seniors: Nationwide
• Best Massachusetts Life Insurance Company for Young Adults: Mutual of Omaha
• Best Massachusetts Life Insurance Company for Smokers: Mutual of Omaha
• Best Massachusetts Life Insurance Company for Term Life Insurance: Banner Life
• Best Massachusetts Life Insurance Company for Whole Life Insurance: MassMutual

Best Massachusetts Life Insurance Company Overall: Banner Life

We chose Banner Life as the best overall life insurance company in Massachusetts for a few reasons. The insurance company offers term life coverage with no medical exam, making life insurance more accessible for many more Massachusetts residents. 

Banner Life also has outstanding customer service scores and financial strength, with a rating of "A+" from AM Best. Average rates for a 45-year-old female are $43.75 per month, and for a 45-year-old male, $55.72.

Banner Life is known for providing competitive pricing on all kinds of life insurance. The carrier offers term life insurance, no-medical-exam term life insurance, and universal life insurance. 

Banner Life also has a reputation for outstanding financial strength and customer satisfaction. The insurance company dates back to 1981.

Best Massachusetts Life Insurance Company for Females: Nationwide

We chose Nationwide as the best life insurance company for females in Massachusetts. Nationwide has some of the cheapest life insurance rates for females in the state. 

The average cost for $250,000 in a 10-year term life insurance for females in Massachusetts is just $10.43 per month. In comparison, a policy with over $1 million in coverage is still highly affordable, at $30.32 per month. The carrier is also an excellent choice for coverage thanks to its financial strength and BBB ratings.

Nationwide has been in the industry for nearly a century. The carrier offers term, universal, whole, and variable options for life insurance. 

Nationwide has outstanding ratings from AM Best and the BBB alike. The insurance company also provides 24/7 claims reporting for customers through several mediums.

Best Massachusetts Life Insurance Company for Males: Nationwide

We also chose Nationwide as the best life insurance company for males in Massachusetts. Nationwide's rates for coverage for males in Massachusetts are also among the cheapest in the state overall. 

A 10-year term life insurance policy for males with $250,000 in coverage averages just $11.81 per month, while a policy with over $1 million in coverage averages $23.19 per month. Great rates combined with excellent financial strength and official BBB ratings make Nationwide an option not to be missed.

Nationwide has been in the industry for nearly a century. The carrier offers term, universal, whole, and variable options for life insurance. 

Nationwide has outstanding ratings from AM Best and the BBB alike. The insurance company also provides 24/7 claims reporting for customers through several mediums.

Best Massachusetts Life Insurance Company for Seniors: Nationwide

We chose Nationwide as the best life insurance company for seniors in Massachusetts. Nationwide also provides highly affordable rates for coverage for seniors in Massachusetts in combination with its outstanding customer service, financial strength, and other official ratings. 

A 10-year term life insurance policy with $120,000 in coverage for a 60-year-old non-smoker male of average height and weight in Massachusetts goes for an average of just $44.19 per month through Nationwide. 

Nationwide has been in the industry for nearly a century. The carrier offers term, universal, whole, and variable options for life insurance. Nationwide has outstanding ratings from AM Best and the BBB alike. The insurance company also provides 24/7 claims reporting for customers through several mediums.

Best Massachusetts Life Insurance Company for Young Adults: Mutual of Omaha

We chose Mutual of Omaha as the best life insurance company for young adults in Massachusetts. The carrier has highly affordable rates as well as outstanding financial strength ratings. 

For a 20-year term life insurance policy with $400,000 in coverage for a 25-year-old non-smoker male in Massachusetts, policies are available at an average of just $20.17 per month through Mutual of Omaha.

Mutual of Omaha has been in the industry for well over a century now. The carrier offers whole, term, and universal life insurance policies. 

Mutual of Omaha also offers living benefits for policyholders on many of its life insurance products. The carrier also offers guaranteed-issue coverage for customers with preexisting conditions along with several riders to enhance coverage even further.

Best Massachusetts Life Insurance Company for Smokers: Mutual of Omaha

We also chose Mutual of Omaha as the best life insurance company in Massachusetts for smokers. Life insurance for smokers in any state is notoriously much more expensive than coverage for non-smokers. However, Mutual of Omaha helps keep rates relatively affordable. 

A 20-year term life insurance policy for a 31-year-old male smoker of average height and weight with more than $1 million in coverage in Massachusetts is available for an average of $181.50 per month through Mutual of Omaha.

Mutual of Omaha has been in the industry for well over a century now. The carrier offers whole, term, and universal life insurance policies. 

Mutual of Omaha also offers living benefits for policyholders on many of its life insurance products. The carrier also offers guaranteed-issue coverage for customers with preexisting conditions along with several riders to enhance coverage even further.

Best Massachusetts Life Insurance Company for Term Life Insurance: Banner Life

We chose Banner Life as the best life insurance company in Massachusetts for term life insurance. The carrier offers flexible coverage options and highly affordable rates. 

Banner Life's term life insurance is also an excellent choice for customers with children or other beneficiaries. A 20-year term life insurance policy with $500,000 in coverage for a 45-year-old non-smoker male in Massachusetts averages just $55.72 per month from Banner Life.

Banner Life is known for providing competitive pricing on all kinds of life insurance. The carrier offers term life insurance, no-medical-exam term life insurance, and universal life insurance. 

Banner Life also has a reputation for outstanding financial strength and customer satisfaction. The insurance company dates back to 1981.

Best Massachusetts Life Insurance Company for Whole Life Insurance: MassMutual

We chose MassMutual as the best life insurance company in Massachusetts for whole life insurance. The carrier was chosen because it's known to pay higher dividends to policyholders in Massachusetts than most other carriers. 

A whole life insurance policy from MassMutual builds cash value and has the potential to earn dividends. The carrier also has strong financial stability and good customer satisfaction ratings. 

A Massachusetts independent insurance agent can help you obtain quotes for a whole life insurance policy through MassMutual.

MassMutual dates all the way back to 1851. The carrier specializes in life insurance and offers whole, term, universal, and variable life insurance policy options. 

MassMutual also has the highest available rating for financial strength from AM Best. Annuities and retirement planning options are available from MassMutual as well.

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The Different Types of Life Insurance in Massachusetts

There are different types of life insurance policies to choose from in Massachusetts, just like across the rest of the country. Each type of coverage has its pros and cons. 

Determining which policy is best depends on your personal situation, finances, and preferences. Here's a little more about each kind of life insurance policy:

• Term life insurance: Term life is purchased for a given time frame, or term, that usually ranges from 10 to 30 years. When the term is up, the policy is no longer effective. These policies are the least expensive option and provide coverage during the years that it's needed most.
• Whole life insurance: Whole life is one type of permanent life insurance, which means it doesn't expire as long as the policyholder is alive. Your policy and rate will stay in effect for as long as you continue to pay your premiums. Your policy can build equity that can be cashed in at any time or saved up to support your loved ones following your death. These policies are the most expensive option but offer the highest level of benefits.
• Universal life insurance: Universal life is a more flexible permanent life insurance policy. Like whole life, it accrues a cash value. You can access your accrued money in the form of low-interest loans. You can even use your accumulated earnings to cover your premium costs when necessary. These policies are more expensive than term life but less expensive than whole life.

A Massachusetts independent insurance agent can help you get set up with the right kind of life insurance for you.

Average Cost of Life Insurance in Massachusetts 

The average cost of life insurance in Massachusetts can vary based on many different factors, including gender. Women in Massachusetts pay an average of $15.99 per month for a policy that offers $250,000 in coverage. Men pay about $16.94 for the same amount of coverage. 

However, when increasing the amount of coverage to more than $1 million, the average amount women pay for a policy jumps to about $43.02. The average for this amount of coverage is just a few cents higher for men, at about $43.44 per month.

Massachusetts Life Insurance Laws

The state of Massachusetts has a few different laws regarding life insurance to be aware of. These laws are in place to help protect life insurance policyholders. They dictate how life insurance carriers in Massachusetts are allowed to operate. 

Here are a few Massachusetts life insurance laws to review and become familiar with:

• Free look period: In Massachusetts, policyholders are allowed 10 days to review their life insurance policy and receive a full refund for paid premiums if they want to cancel their coverage.
• Guaranty fund protection: In Massachusetts, if a customer's life insurance company goes bankrupt, the state's Life and Health Insurance Guaranty Association can cover them with limits of up to $100,000 for loss cash surrender and $300,000 for death benefits.
• Grace period: In Massachusetts, life insurance policyholders are allowed up to 30 days to catch up on missed premium payments before their carrier can cancel their coverage.
• Contestable period: In Massachusetts, there is a two-year period in which a life insurance policyholder's claims cannot be contested. After this contestable period ends, if the policyholder is found to have lied on their application, the insurance company may reject their claims.
• Time allowable: In Massachusetts, life insurance companies might be required to pay interest on the total amount of a claim if it takes longer than a month to provide the payout to the policyholder.

Massachusetts Life Insurance FAQs

Find the Best Massachusetts Life Insurance Policy for You

How do you decide which type of policy is the best Massachusetts life insurance option for you, and how much coverage you need? An independent insurance agent in Massachusetts can help you assess your coverage needs. 

Your independent insurance agent can explain each of your options and help you make an informed decision. These agents work with several different insurance companies to provide you with a variety of customized policies to compare.