Best Life Insurance Companies in Iowa

MassMutual received the Best Overall Runner-Up award thanks to its impressive selection of life insurance policies. It offers term, whole, and universal life coverage at affordable prices, along with a variety of riders for customization. The company’s agents are well-trained professionals who exclusively sell its products, giving them a unique advantage in helping customers make informed decisions.

AM Best awarded MassMutual its highest rating of A++ Superior, reflecting its financial strength and reliability. While it may not dominate the Iowa market, the company remains a highly respected player in the insurance industry.

Known for its iconic headquarters in New York City and offices throughout the state, New York Life has been a leading life insurer in Iowa since 1845, employing thousands of people. We chose it as the best overall due to its well-established name and broad product offerings. Among term life insurance providers, New York Life stands out for offering high-value policies, such as the Million Plus Level Term 10, which features fixed rates for ten years and coverage starting at $1 million.

After the initial ten-year period, premiums for New York Life’s term policies will rise. Many term policies can also be converted into permanent life insurance options. The company offers a variety of whole life plans, including one with flexible payment options for those with fluctuating incomes or a desire to pay early. The Secure Wealth Plus plan caters to individuals aged 0 to 60 and can be fully paid in 10 years. New York Life’s impressive size and financial strength earned it the title of Best Overall. It’s the third largest life insurance provider in the country, the largest mutual insurer, and ranks #72 on the Fortune 500 list.

Mutual of Omaha is a name seniors trust, thanks to its long-standing focus on their needs. Known for the iconic “Wild Kingdom” show, the company also stands out for its highly trained agents who understand the challenges seniors face. The insurer provides senior-focused life insurance products, including two options for those with health problems: a guaranteed-issue policy with no medical exam or health questions, ideal for those with severe illnesses like cancer or heart disease, and a simplified-issue policy requiring health questions but no exam, suited for minor conditions like diabetes or high blood pressure.

State Farm’s high customer satisfaction ratings from J.D. Power highlight its unwavering dedication to its policyholders. With the largest network of agents in the U.S., the company provides convenient access to local agents through its many neighborhood offices. Known for its compassionate service and prompt claim resolutions, State Farm is a trusted name for families relying on caring support in challenging moments.

Transamerica capitalizes on its ability to provide affordable life insurance options for young adults who are mindful of their budgets. To meet the needs of this demographic, the company ensures its policies are both cost-effective and practical. The website caters to young buyers by offering an intuitive design and clear information, simplifying the process of choosing coverage. Transamerica remains committed to delivering protection for all, regardless of financial circumstances.

Younger buyers often postpone life insurance, seeing it as unnecessary until major life events like marriage or parenthood. Still, companies like Transamerica aim to attract this group because they present lower risks and higher profit potential. However, Transamerica received the lowest customer service rating in our review, possibly due to its reliance on independent agents, who sometimes fall short in service delivery.

MassMutual holds the title of Iowa’s leading life insurance provider, offering some of the most competitive rates in the state. While there are several budget options available, MassMutual continues to deliver top-notch affordability. Although cost shouldn’t be the sole focus when choosing life insurance, it’s an important factor for many buyers. MassMutual leverages competitive pricing to strengthen its position in Iowa. Their term life insurance policies are particularly notable for offering generous coverage limits at affordable prices, even as their whole and universal life insurance options remain higher in cost.

Nationwide boasts a strong presence nationwide with numerous local offices dedicated to sales and service. Their motto, “Nationwide is on your side,” holds true for smokers in Iowa seeking life insurance. While their smoker rates are slightly higher than those of their top competitors, we found Nationwide to be the best choice for smokers due to its competitive rates, accessible agents, and outstanding customer service.