Best Life Insurance Companies In Indiana For 2024
My research has shown that MassMutual is the best life insurance company in Indiana.
If you live in Indiana and are thinking about securing life insurance, you’re probably in hopes of the process being fast, simple and affordable. My goal is to make this task easier for you, by doing the research up front that will help you find and purchase the best life insurance for your needs, while saving your time and money.
In my research about life insurance companies in Indiana, I was led to the conclusion that the overall best life insurance in the state is MassMutual. I didn’t base this decision on market share or price alone, but was influenced by some of the company’s other pluses such as low price, top-notch customer service, and better than average coverage. In my opinion, those points add up to make MassMutual the best choice for anyone who wants to get the best quality life insurance at the best price.
Best Life Insurance Companies In Indiana 2024
Compare The Best Life Insurance Companies In Indiana
To help you in evaluating the top life insurance companies in Indiana, this table shows my preferred companies across a few important factors.
| A.M. Best Rating | Best For | Overall Rating | Online Experience | J.D. Power Rating | Get A Quote | |
|---|---|---|---|---|---|---|
| Mutual of Omaha |
A+ |
Seniors |
|
9.7 |
801 |
Instant Quote |
| MassMutual |
A++ |
Best Overall |
|
9.7 |
780 |
Instant Quote |
| Transamerica |
A |
Young Adults |
|
9.8 |
740 |
Instant Quote |
| State Farm |
A++ |
Best for Customer Service |
|
9.5 |
839 |
Instant Quote |
| MassMutual |
A++ |
Best for Cheapest Life Insurance |
|
9.7 |
780 |
Instant Quote |
| Nationwide |
A+ |
Best for Smokers |
|
9.6 |
791 |
Instant Quote |
Our Methodology
My approach was to conduct an in-depth evaluation of the state's top providers and then compare them to each other across several areas. Numerous factors were taken into consideration, including things such as: product offerings, online user experience, cost, and customer service ratings. I had an advantage because of my years of experience as an insurance sales agent. That, along with my years of interaction with agents from other insurers, gave me an edge that facilitated the process, since it gave me insights into a broad range of products along with services that are all part and parcel of the insurance industry.
Quotes Analyzed
Years of experience
Brands reviewed
Research hours
The Best Life Insurance Companies In Indiana
Best Overall
Key Statistics
Why We Like Them
⇅Research led me to the determination that MassMutual was suited to hold the title of “Best Overall” due to its numerous strong points. It offers an assortment of high quality insurance products, such as universal life, whole life, and term life, all at competitive rates. MassMutual policies offer a good line-up of riders that may be added to your policy, as well.
MassMutual’s sales agents are expertly trained and highly knowledgeable in the field of life insurance, and they only represent MassMutual’s insurance products. They’re sometimes referred to as “career agents” with their comprehensive knowledge of the company’s life insurance products, and are qualified to answer the most frequently asked questions asked by consumers.
This is immeasurably helpful to policyholders, or those shopping around, who want to have a basic understanding of life insurance.
MassMutual’s noteworthy financial strength was another major factor in my ratings. It has received the highest possible rating from AM Best (A++ Superior) because of its financial strength and stability s, along with its ability to pay claims.
The award of Best Overall is a by-product of MassMutual’s commitment to providing a broad variety of insurance products, as well as an outstanding sales and service team. This determination wasn’t based solely on price, although its rates are certainly competitive.
MassMutual may not have the brand recognition or market share as some of its competition, nevertheless it’s an established and high quality insurance provider in Indiana.
Benefits & Drawbacks
⇅- Outstanding financial ratings
- Extensive product range with numerous rider choices
- Most budget-friendly rates in Indiana ✓
- Incapacity to buy whole life products online
- Slightly lower J.D. Power rating in comparison to specific major competitors
- Restricted availability, solely accessible through MassMutual agents ✘
Best for Young Adults
Key Statistics
Why We Like Them
⇅Transamerica is well aware of its own strengths, and one of those is offering inexpensive life insurance rates for young adults. The company realizes that many younger people are cautious with their finances, especially when it comes to buying an intangible product like life insurance.
This is why Transamerica is careful to keep its rates within the limits of a younger, cost-conscious demographic trying to maximize their life insurance benefits while minimizing their financial expenditure.
Transamerica is also aware that this younger group of consumers is used to doing business online, and have consequently made sure that their website is designed to be easy to navigate and comfortable. This group of consumers want an online experience that’s user-friendly with clear, concise information that they can access quickly and efficiently.
Transamerica’s website provides that, so visitors can move through the site easily. Transamerica believes that everybody, regardless of age or budget, deserves the peace of mind and protection that having life insurance provides.
Life insurance companies often find it a challenge marketing to a young group of consumers. This could be because many young adults don’t “get” the importance of having life insurance yet. As time goes on, members of this younger group are waiting until later in life to marry, with a tendency to put off getting life insurance until after marriage or having children.
Companies such as Transamerica put the spotlight on offering life insurance to this group because it’s a good move financially: Younger policyholders have lower mortality rates, meaning higher profits for the company.
Of the companies I reviewed, Transamerica was ranked the lowest in customer service. This might well be because of their practice of utilizing independent insurance agents for both sales and service. Some independent agents, working alone without any supervision, probably have room for improvement in both of those areas. This would probably account for the lower rating in customer service.
Benefits & Drawbacks
⇅- Online purchasing of term life insurance is convenient.
- Policy face amounts can reach as high as $10 million.
- Qualifying applicants can obtain coverage of up to $2 million without requiring a medical exam. ✓
- The minimum face amount for term life insurance is fixed at $25,000.
- Customer service satisfaction scores are comparatively less favorable than those of competitors. ✘
Best Life Insurance Companies For Young Adults In Indiana
| Company | Monthly Cost |
| Mutual of Omaha | $14.97 |
| MassMutual | $15.34 |
| Transamerica | $16.25 |
| Nationwide | $18.60 |
| Progressive Life | $21.51 |
*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.
Best for Seniors
Key Statistics
Why We Like Them
⇅Mutual of Omaha has been in business since 1909 and has consistently maintained a commitment to meeting the life insurance needs of senior citizens. America’s older age group places their trust in Mutual of Omaha, not only because of its well known television show “Mutual of Omaha’s Wild Kingdom,” but also because of the extensive training its agents receive on how to competently serve the life insurance needs of the senior age niche market.
This company is acclaimed for its senior life insurance products, including 2 that were specially created for older aged people with health issues. One of these is a guaranteed-issue policy that doesn’t require a medical exam or access to an applicant’s medical records, which makes it an attractive choice for seniors with serious health issues such as cancer, heart attack, or stroke.
The other product is a simplified-issue policy that although it requires a medical history, it doesn’t require a medical exam. This policy is a favorite of seniors who have minor medical problems such as high blood pressure or Type 2 Diabetes
Benefits & Drawbacks
⇅- Competitive rates are available for seniors in Indiana.
- Extensive product range with numerous rider choices
- The company maintains robust financial stability. ✓
- The company has a higher complaint ratio in comparison to specific competitors.
- Indiana has fewer agents representing this insurer than many other major insurance companies. ✘
Best Life Insurance Companies For Seniors In Indiana
| Company | Monthly Cost |
| MassMutual | $38.36 |
| Mutual of Omaha | $43.49 |
| Nationwide | $49.18 |
| State Farm | $51.51 |
| Progressive Life | $69.19 |
*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.
Best for Smokers
Key Statistics
Why We Like Them
⇅Nationwide is a distinguished company with numerous local offices for sales and service, which makes it popular with policyholders. The company’s slogan: “Nationwide is on your side,” is the truth for smokers in Indiana trying to purchase life insurance at an economical rate.
Nationwide’s rate for smokers might be slightly higher than its competitors, but I came to the conclusion that it’s still the best choice for smokers because of its easy access to agents, great customer service, as well as competitive rates.
Benefits & Drawbacks
⇅- Nationwide policies are available through an extensive network of highly trained agents.
- Offers a wide array of life insurance products.
- Features a multitude of conveniently located offices throughout Indiana. ✓
- The lack of online applications for life insurance products.
- The sole option to purchase through Nationwide agents. ✘
Best Life Insurance Companies In Indiana For smokers
| Company | Average Monthly Cost |
| MassMutual | $98.48 |
| State Farm | $101.15 |
| Nationwide | $105.28 |
| Transamerica | $107.85 |
| Mutual of Omaha | $108.59 |
*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker
If you’re a smoker and are shopping for life insurance, you’ll soon find out that your rates are probably going to be much higher than for nonsmokers. You’ll save time and money if you can prove to an insurer that you haven’t smoked for the past one to two years.
This depends on the insurance company’s policies, and the grim truth is that some providers will charge higher premiums if you’ve ever smoked at all. Still, by doing your due diligence and shopping around for the best rates, you might get a lower price. You can probably count on having a paramedical exam along with a blood test to prove that you don’t have nicotine in your bloodstream.
Best for Customer Service
Key Statistics
Why We Like Them
⇅J.D. Powers is the leading marketing research firm in the United States and has been in business for over half a century. This prestigious firm has long recognized State Farm as a life insurance company with excellent customer satisfaction rankings, a reflection of this company’s commitment to excellent customer service. This won’t come as a surprise if you stop to think that State Farm has more agents in the field than any other insurance company in the nation.
State Farm is often commended for its dedication to customer service, something that is much appreciated by policyholders. It’s also unique in having numerous local offices where policyholders can meet face-to-face with a local agent for the sales help or service they need.
State Farm is known for its excellent customer service and quick claims process. Claim processing is a vital point in life insurance, and especially so when a family is mourning…dependent on a life insurance company for assistance that’s not only timely but compassionate.
Benefits & Drawbacks
⇅- Registers notably fewer customer complaints than the industry average.
- Achieves outstanding financial ratings for its claims-paying capacity.
- Features the largest agent network, surpassing any other insurer. ✓
- Policies are exclusively available for purchase through State Farm agents.
- Provides a limited selection of riders. ✘
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅MassMutual, Indiana’s leading life insurance provider, is a financially strong company with competitive rates. Other insurers may have low cost term life insurance, but MassMutual’s rates are the most economical choice.
While it isn’t wise to choose your life insurance on price alone, there’s no doubt that MassMutual has the best rates for Indiana residents who are in the market for life insurance. It’s usually more well known for its professionalism rather than its low cost, but MassMutual is committed to expanding its market share in the Hoosier State, and is using aggressive pricing strategies to achieve this objective.
Benefits & Drawbacks
⇅- Showcases an extensive network of highly trained agents committed to selling MassMutual policies.
- Offers a comprehensive array of life insurance products.
- Presents the most competitive rates among the choices we evaluated for life insurance in Indiana. ✓
- Does not provide the option for online applications when acquiring life insurance products.
- Restricts purchases exclusively to MassMutual agents. ✘
Cheapest Life Insurance Companies In Indiana
| Company | Average Monthly Cost |
| MassMutual | $9.98 |
| Mutual of Omaha | $10.65 |
| Nationwide | $10.84 |
| Transamerica | $14.92 |
| State Farm | $18.62 |
*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 are living in Indiana and looking to purchase life insurance, you should be aware that when it comes to life insurance policies, there is no such thing as one-size-fits-all. Insuranceopedia knows that everyone’s circumstances are uniquely theirs, depending on a person’s situation.
I kept this in mind when reviewing various insurance companies and handed out virtual awards for different categories. To get the best life insurance for your specific needs, we recommend that you follow these three simple steps:
- Your first step is to determine the amount of coverage you’ll need. Many insurance companies have “life insurance calculators” on their websites to help you calculate how much coverage will be adequate for your needs.
- Select 3 companies that seem to be a good fit for you, and then make comparisons. Comparing life insurance is savvy, but don’t compare their rates and nothing else. You should compare their customer reviews, financial strength, coverage, and other important details, too. Low rates are important, but would be worthless if your life insurance company couldn’t pay the claim.
- When you have narrowed your choices down to just one company, it’s time to submit an application for coverage. Many life insurance shoppers don’t continue on to complete the buying process, but postpone securing life insurance until another day. But the thing about life insurance is that you need it, it will be too late to get it. Your family’s security, peace of mind and protection is up to you, so it’s important not to delay.
Largest Life Insurance Companies In Indiana
There are many life insurance companies operating in Indiana. Here are the five largest, measured by market share:
| Company | Market Share |
| Northwestern Mutual | 11.20% |
| MassMutual | 4.35% |
| New York Life | 3.86% |
| State Farm | 3.72% |
| Southern Farm Bureau Life Insurance | 3.18% |
Average Cost Of Life Insurance In Indiana
Best Cheap Life Insurance Companies In Indiana For Males
| Company | Rates for $250,000 Coverage | Rates for $632,000 Coverage |
| MassMutual | $10.02 | $17.02 |
| Nationwide | $12.02 | $17.03 |
| Mutual of Omaha | $12.01 | $19.02 |
| Transamerica | $16.01 | $30.02 |
| State Farm | $20.02 | $34.03 |
**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker
Best Cheap Life Insurance Companies In Indiana For Females
| Company | Rates for $250,000 Coverage | Rates for $632,000 Coverage |
| MassMutual | $12.02 | $16.01 |
| Mutual of Omaha | $13.03 | $17.02 |
| Nationwide | $14.02 | $23.01 |
| Transamerica | $16.03 | $28.02 |
| State Farm | $21.02 | $33.01 |
*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker
Factors That Impact The Cost Of Your Life Insurance In Indiana
The price of life insurance in Indiana is affected by several factors, including:
- Age
- Credit score
- Health status
- Gender
- Riders added to your policy
- Smoking habits
It isn’t out of the ordinary for men to have more expensive life insurance rates than females because statistically, men have shorter life spans than women. This is more or less how it works with insurance premiums for smokers.
Male and female smokers generally have higher premiums for life insurance because, on average, they have shorter projected life spans than nonsmokers. Insurance providers in Indiana may consider other things, also, like your credit score or health status when calculating your rates. If you add riders to your policy, a child rider or perhaps a disability waiver of premium, this will also mean higher rates.
Indiana Life Insurance Laws To Know
If you’re ready to purchase life insurance in Indiana, you might find it helpful to acquaint yourself with the state’s guidelines that were put in place to protect policyholders. These laws include:
Contestable Period:
Life insurance companies in Indiana may deny paying benefits of a claim if they find out the policyholder gave false or misleading information on their application, within the first two years of the policy’s effective date. But, once two years have passed, the insurer cannot contest the application due to errors or discrepancies.
Free Look Period:
Once you receive your life insurance policy, you will have ten days to look it over. If you decide that you don’t want the policy within this ten day period, you can return it without a penalty, and get a full refund for any premiums you paid.
Grace Period For Missed Payments:
If you miss a payment, Indiana law allows you a thirty day grace period. During this time, you will still be able to make the payment without losing your insurance.
Time Allowed For Claim Settlement:
Beneficiaries have to file a claim with the insurance company to receive benefits. Once the claim has been filed, life insurance companies in Indiana must settle the claim within thirty days.
Guaranty Fund Protection
If your insurer becomes insolvent, the Indiana Life & Health Insurance Guaranty Association protects your life insurance policy benefit for as much as $300,000 in death benefits and up to $100,000 for cash surrender per insured person.
How Much Life Insurance Do You Need In Indiana?
The amount of life insurance that will be adequate for your particular needs depends on your unique circumstances. Homeowners, for example, typically need more life insurance than renters. People with dependents usually need more coverage, also.
Life insurance agents will almost always advise you to have 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 might require coverage ranging from $750,000 to $1.5 million.
FAQs
Is life insurance more expensive in Indiana?
No. Life insurance rates in Indiana are comparable to those in other states. Insurers who charge higher rates may occasionally do this due to paying out more claims than was anticipated.
How much per month is a million-dollar life insurance policy in Indiana?
According to my research, MassMutual has the lowest rates for a 10 year term life policy of $1 million in Indiana, with a monthly premium of around $25.
What is the average monthly cost of life insurance in Indiana?
Life insurance rates for a thirty year old male in Indiana may be about $11 monthly for $250,000 of coverage. The same amount of coverage for a thirty year old female in Indiana will cost around $10 monthly.
