Best Life Insurance Companies In Connecticut For 2024

My research has shown that MassMutual is the best life insurance company in Connecticut.

min read
Updated: 15 April 2024
Written by
Bob Phillips
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While conducting research on life insurance here in Connecticut, I learned that the best life insurance in the state is MassMutual. This decision wasn’t founded on market share by itself, but by the company’s excellent coverage and customer service at the best price, also.

Taking a few minutes to read the results of my research as shown below will be a wise investment of your time. Life insurance is one of the most important financial issues you will ever encounter.

 

Best Life Insurance Companies In Connecticut, 2024

nationwide-icon-logo
Best for Smokers - Nationwide
mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
Best Life Insurance, Connecticut, 2024

Compare The Best Life Insurance Companies In Connecticut

To help you in evaluating the top life insurance companies in Connecticut, this table shows my preferred companies across a few important factors.

Overall Rating Best For A.M. Best Rating J.D. Power Rating Online Experience Get A Quote
MassMutual
4.8

Best Overall

A++

780

9.7

Instant Quote
Transamerica
4.7

Young Adults

A

740

9.8

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

801

9.7

Instant Quote
State Farm
4.8

Best For Customer Service

A++

839

9.5

Instant Quote
MassMutual
4.8

Best For Cheapest Life Insurance

A++

780

9.7

Instant Quote
Nationwide
4.6

Best For Smokers

A+

791

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

In order to decide which were the best life insurance providers in Connecticut, my approach to the research was extensive. I took numerous criteria into consideration, including such things as: cost product offerings, customer service ratings, and online user experience. Additionally, I used my own first-hand experience in life insurance sales, as well as my experience interacting with agents from other insurance carriers. My experience has provided me with invaluable insights into a wide variety of products and services.

35

Quotes Analyzed

15+

Years of Experience

24

Brands Reviewed

30+

Research Hours

Best Life Insurance Companies In Connecticut


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Research led me to believe that MassMutual earned the title of best life insurance company overall due to its numerous strong points. The company offers a broad selection of high quality life insurance products, such as term life, whole life, and universal life, with all at competitive rates. MassMutual policies offer a variety of riders that you can add to fit your situation, also.

MassMutual’s sales agents are extensively trained and well-informed about life insurance, and only represent MassMutual’s products. They’re often referred to as “career agents” with comprehensive training on the insurer’s life insurance products. This is helpful to those wishing to acquaint themselves with different types of life insurance available.

MassMutual’s impressive financial strength was yet another key point in my ratings. It has received the highest possible rating from AM Best (A++ Superior) due to its financial strength and stability, as well as its ability to pay claims.

Being selected as Best Overall is a reflection of MassMutual’s commitment to providing a broad range of insurance products and expert sales and service team, not based on rates alone. MassMutual may not have as much brand recognition or market share as some of its competitors in Connecticut, but rest assured that it’s a well known and reputable insurance provider within the state.

Benefits & Drawbacks

Benefits
  • Superior financial standings
  • Extensive array of products with numerous supplementary choices
  • Competitive rates in Connecticut
Drawbacks
  • Unavailability of online purchases for whole life products
  • Lower J.D. Power rating compared to certain major competitors
  • Limited purchasing avenues, accessible solely through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

For quite a few decades, Mutual of Omaha has been recognized for its commitment to addressing the life insurance needs of seniors. America’s older age group put their faith in this company, not just due to their famous television show “Mutual of Omaha’s Wild Kingdom,” but also because of the expert training their agents receive on serving the life insurance needs of the senior insurance market.

This insurance provider is well established in its portfolio of senior life insurance products, including two products that have been specifically designed for older people with health issues. One of these products is a guaranteed issue policy that does not require a medical examination or questions about an applicant’s health history, making it a good choice for seniors who have serious medical issues such as heart attack, cancer or stroke.

The other product is a simplified issue policy that does require medical history questions but doesn’t require undergoing a medical examination, making it an excellent choice for seniors with minor health issues such as high blood pressure or Type 2 Diabetes.

Benefits & Drawbacks

Benefits
  • Attractive rates for seniors in Connecticut
  • Provides seniors with reassurance through skilled agents
  • Robust financial stability of the company
Drawbacks
  • Comparatively higher ratio of complaints than certain competitors
  • Less agent presence in Connecticut compared to numerous other major insurers

Best Life Insurance Companies For Seniors In Connecticut

Company Monthly Cost
MassMutual $44.98
Nationwide $45.05
Mutual of Omaha $53.01
State Farm $62.04
Progressive Life $71.99

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica knows its own strong points, and one of these is affordable life insurance rates for young adults. The company recognizes that many young people are careful with their money, especially about buying life insurance.

This is why Transamerica has kept its premiums within reach of a younger, more wallet-conscious age group who are trying to expand their benefits while staying within their budget.

Transamerica, realizing that this younger demographic is accustomed to being on the internet, has a website that accommodates these buyers. This group wants a user-friendly experience with clear, succinct information.

The Transamerica site delivers that, so its visitors can navigate through their site quickly to get the information they need. Transamerica has a strong belief that everybody, no matter their age or budget, deserves the security, protection, and peace of mind that life insurance provides.

Life insurance carriers face a problematic market with a younger group of consumers. This is probably at least partially due to the fact that a lot of younger adults have not yet seen the advisability of having life insurance.

As a group, many are marrying later in life than their parents, and tend to postpone buying life insurance until after marriage or having children. Insurers such as Transamerica focus on providing life insurance to this demographic because they have lower mortality rates, meaning higher profits for the company.

Transamerica received the lowest ranking in customer service of any company I reviewed. This may be because of their dependence on using independent insurance agents for sales and service. Some independent agents, working alone without company supervision, probably need to improve in both of those areas.

Benefits & Drawbacks

Benefits
  • Attractive rates for seniors in Connecticut
  • Provides seniors with reassurance through skilled agents
  • Robust financial stability of the company
Drawbacks
  • Comparatively higher ratio of complaints than certain competitors
  • Less agent presence in Connecticut compared to numerous other major insurers

Best Life Insurance Companies For Young Adults In Connecticut

Company Monthly Cost
Transamerica $18.04
Mutual of Omaha $18.99
MassMutual $21.03
Nationwide $26.02
Progressive Life $31.05

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

An established, reputable insurance company with many local offices for sales and policyholder service. Their well known slogan: “Nationwide is on your side,” holds true for Connecticut smokers in the process of shopping for life insurance.

While Nationwide’s rates for smokers are slightly higher than some of its major competitors, I decided that it’s still the overall best selection for smokers because of its easy access to agents, competitive rates, and excellent customer service.

Benefits & Drawbacks

Benefits
  • An extensive network of highly trained agents sells Nationwide policies
  • Offers a comprehensive range of life insurance products
  • Maintains numerous offices located throughout Connecticut
Drawbacks
  • No option for online applications for life insurance products
  • Limited to purchasing through a Nationwide agent

Best Life Insurance Companies In Connecticut For smokers

Company Average Monthly Cost
Transamerica $147.99
MassMutual $171.01
State Farm $172.04
Nationwide $179.99
Mutual of Omaha $184.02

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Power, over the course of many years, has consistently recognized State Farm as a life insurance company with superior customer satisfaction ratings, which reflect this company’s commitment to excellent policyholder service. This isn’t surprising, since State Farm has more agents in the field than other insurance companies in the nation.

State Farm is renowned for its dedication to first-rate customer service, and this is appreciated by its policyholders. The company is unique in that it has a great number of local neighborhood offices where its policyholders can meet with their local agent face-to-face, to get the sales assistance or service they need.

State Farm is known for its above-average customer service as well as a prompt claims process. This is a crucial factor in life insurance, and becomes even more so when a family is mourning and depending on a life insurer for timely, compassionate assistance.

Benefits & Drawbacks

Benefits
  • Experiences considerably fewer customer complaints than the industry average
  • Maintains top financial ratings, ensuring robust claims-paying ability
  • Boasts the largest number of servicing agents compared to any other insurer
Drawbacks
  • Confined to purchasing policies exclusively through State Farm agents
  • Provides a limited range of available riders

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, Connecticut’s top life insurance provider, is a financially strong industry leader with competitive rates. While there are other insurers that offer low price term life insurance, MassMutual’s rates are the most economical option.

Although it’s not advisable to determine your life insurance purchase on cost alone, the fact is that price is a key factor amongst most life insurance buyers. MassMutual has the lowest premiums for Connecticut residents looking for life insurance, even though as a general rule this company is typically renowned for its professionalism rather than its affordability.

MassMutual is dedicated to the expansion of its market share within the state, and is using aggressive price strategies to attain this goal.

Benefits & Drawbacks

Benefits
  • An extensive network of highly trained agents sells MassMutual policies
  • Offers a diverse range of life insurance products
  • Is the most cost-effective option we evaluated for life insurance in Connecticut
Drawbacks
  • No availability of online applications for life insurance products
  • Confined to purchasing through a MassMutual agent

Cheapest Life Insurance Companies In Connecticut

Company Average Monthly Cost
MassMutual $11.05
Transamerica $9.02
Nationwide $13.99
Mutual of Omaha $13.02
State Farm $21.04

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker

How To Find The Best Life Insurance Company For You

If you’re shopping for life insurance in Connecticut, be aware that there isn’t any one-size-fits-all coverage. Insuranceopedia realizes that everyone’s situation is uniquely theirs, based on their particular circumstances.

I’ve kept this in mind as I was evaluating multiple insurers and designating awards for the different categories. To secure the best life insurance that suits your individual circumstances, I recommend that you follow these three simple steps:

  1. Determine the amount of coverage you need. Most insurance companies offer “life insurance calculators” on their websites to help you figure how much coverage is best for you.
  2. Choose three companies for comparisons. Comparing life insurance coverage and companies is wise, but don’t compare just their rates, but their financial strength, as well. While low rates are important, they would be worthless if your insurance company couldn’t pay your claim.
  3. Once you’ve narrowed your choices down to just one insurer, it’s time to apply for coverage. A lot of insurance shoppers don’t go on to become buyers, but put off securing life insurance until “later.” It’s important not to wait until some later time, because if you need life insurance, it will be too late to get it. Your family’s future security and well-being is at stake, so it’s critical to act quickly.
 

Average Cost Of Life Insurance In Connecticut For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Transamerica $9.02 $23.01
MassMutual $11.03 $21.02
Mutual of Omaha $13.02 $23.05
Nationwide $14.01 $20.03
State Farm $20.99 $41.04

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Average Cost Of Life Insurance In Connecticut For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $12.02 $25.03
Nationwide $11.01 $26.01
Mutual of Omaha $12.03 $28.01
Transamerica $9.99 $27.03
State Farm $18.99 $48.05

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Largest Life Insurance Companies In Connecticut

There are many life insurers doing business in Connecticut. Here are the five largest as measured by market share:

Company Market Share
New York Life 9.78%
State Farm 7.58%
Northwestern Mutual 6.82%
Primerica 3.84%
Southern Farm Bureau Life Insurance 3.67%

Factors That Impact The Cost Of Your Life Insurance In Connecticut

The price of life insurance in Connecticut is affected by multiple factors, including:

  • Your life insurance company
  • Age
  • Health status
  • Smoking habits
  • Gender
  • Credit score
  • Riders added to your policy

It’s not unusual for men to have higher life insurance premiums than women because historically, men have shorter life spans than women. This works the same way with rates for smokers: male and female smokers have more costly life insurance rates because they have lower life expectancies than the rest of the population in general.

In Connecticut, insurance carriers may look at other factors, too, like your credit score, when determining the price of your insurance rates. Also, if you add riders to your policy, like riders for a child or a disability waiver of premium, you will pay higher rates.

How Much Life Insurance Do You Need In Connecticut?

The amount of life insurance you need will depend on your circumstances. For example, if you are a homeowner, it is probable that you’ll need more coverage than people who rent their homes. People with dependents, such as children, often need more coverage, as well.

Life insurance agents will usually recommend that you secure coverage of ten to twenty times your yearly wages to ensure there is adequate protection in place for your family. For instance, if your annual income is $75,000, you may need coverage ranging anywhere from $750,000 to $1.5 million.

Connecticut Life Insurance Laws To Know

If you’re planning to purchase life insurance in Connecticut, you might find it helpful to become at least  somewhat familiar with the state’s guidelines that were put into effect as protection for insurance policyholders. These laws include:

Contestable Period

Life insurance companies in Connecticut can deny paying claims if they learn that the policyholder gave misleading or false information on their application, within 2 years of the effective date of the policy. But, after two years have passed, the insurer cannot contest the application based on  discrepancies or errors.

Free Look Period

After receiving your life insurance policy, you have ten days to review it. If you decide that you don’t want to keep the  policy during this ten day time frame, you may return it without a penalty and will receive a full refund of any premiums you’ve paid to the insurer.

Grace Period For Missed Payments

If you miss a payment, Connecticut law allows for a 30 day grace period during which time you can still make the payment, without forfeiting your insurance coverage.

Time Allowable To Settle A Claim

In order for beneficiaries to receive payment of life insurance policy benefits, they are required to file a claim with the insurance provider. Once the claim has been submitted, life insurance companies in Connecticut must settle the claim within 30 days.

 

FAQs

Is life insurance more expensive in Connecticut?

Life insurance prices in Connecticut are comparable to those in other states. Insurance providers who charge more costly rates may do this because they’ve paid more in claims than anticipated.

What is the average monthly cost of life insurance in Connecticut?

Life insurance rates for a thirty year old man in Connecticut could be as low as $10.00 a month for $250,000 of coverage. This same amount of coverage for a thirty year old female in Connecticut will cost $9.00 per month.

How much per month is a million-dollar life insurance policy in Connecticut?

Based on my research, MassMutual offers the most budget-friendly rates for a ten year term life policy of $1 million in Connecticut, with a premium of  $27 monthly.

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