Best Life Insurance Companies In Kentucky For 2024

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

min read
Updated: 07 March 2024
Written by
Bob Phillips
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If you call the state of Kentucky home and have been thinking about purchasing life insurance, you probably hope the process is quick, simple and affordable. My objective is to make this process easier for you, by doing the legwork up front that will help you in finding and buying the life insurance most suitable for your needs, thereby saving you time and money.

In the course of my research into life insurance carriers in Kentucky, I determined that the best overall life insurance in the state is MassMutual. I didn’t come to this conclusion on market share or price alone, but was led to it by the company’s other good points like top-notch customer service, low price, and better than average coverage.The way I see it, those points add up to make MassMutual a wise choice for anyone who wants high quality life insurance at a price that won’t strain their budget.

If you’re contemplating buying life insurance, but putting it off because it seems like a daunting task to wade through all of that unfamiliar terminology, don’t worry, I’m here to help. Life insurance is at or near the top of the list among the most important purchases you’ll ever make.

Best Life Insurance Companies In Kentucky, 2024

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

Compare The Best Life Insurance Companies In Kentucky

To help you evaluate the leading life insurance providers in Kentucky, the table below shows my preferred companies across a few important criteria.

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
Nationwide
4.6

Best For Smokers

A+

791

9.6

Instant Quote
MassMutual
4.8

Cheapest For Life Insurance

A++

780

9.7

Instant Quote
Scroll to see comparisons

Our Methodology

My approach was to conduct in-depth examinations of the state's leading providers and compare them to each other across several important areas. A number of factors were considered, including things like: online user experience, cost, product offerings, and customer service ratings. My years of experience as an insurance sales agent gave me an advantage. That, combined with my years of interacting with agents from other insurance carriers, gave me an edge that was helpful in the process, since it provided me with valuable insights into a wide range of products along with services that are all important parts of the insurance industry.

29

Quotes Analyzed

15+

Years of Experience

19

Brands Reviewed

32+

Research Hours

The Best Life Insurance Companies In Kentucky


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 the informed opinion that MassMutual was amply suited to hold the title of “Best Overall” because of its many strong points. It offers a good selection of high quality insurance products, such as universal life, term life, and whole life, all at competitive premiums. MassMutual policies also offer a good selection of riders that may be added to your policy.

MassMutual’s sales agents are highly trained and knowledgeable about life insurance, and they represent MassMutual’s insurance products only. They’re often called “career agents” with their extensive knowledge of the company’s life insurance products, and are well qualified to answer the most frequently asked questions from consumers. This is helpful to policyholders, or those looking around, who want to have a basic understanding of life insurance.

MassMutual’s financial strength was 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.

The award of Best Overall is a direct result of MassMutual’s commitment to delivering a wide assortment of insurance products, as well as a well trained sales and service team. This award wasn’t based just on price, although its rates are competitive. MassMutual might not have the brand recognition or market share some of its competitors do, but it’s an established and highest quality insurance provider in Kentucky.

Benefits & Drawbacks

Benefits
  • Cheapest rates in Kentucky
  • Diverse product portfolio with many riders
  • Superior financial rating
Drawbacks
  • Cannot buy whole life products online
  • Must buy through MassMutual agents only
  • Lower J.D. Power rating than some competitors

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

Since way back in 1909, Mutual of Omaha has been in business, consistently maintaining a commitment to serving the life insurance needs of senior citizens. America’s older age group puts their faith in Mutual of Omaha, not because of its well known television show “Mutual of Omaha’s Wild Kingdom,” but because of the comprehensive training its agents are given on how to best serve the life insurance needs of the senior age market.

This company is renowned for its senior life insurance products, especially two that were designed for older aged people with health issues. One of these products is a guaranteed-issue policy that does not require a medical exam or access to an applicant’s medical records, which makes it a viable choice for seniors with serious health issues such as heart attack, stroke, or cancer.

The other product is a simplified-issue policy that while it does require a medical history, does not require a medical examination. This policy is popular with seniors who have minor medical issues like Type 2 Diabetes or high blood pressure.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in Kentucky
  • The company is strong financially
  • Gives seniors peace of mind through well trained agents
Drawbacks
  • Higher ratio of complaints than some insurers
  • Fewer agents in Kentucky than some other major insurance providers

Best Life Insurance Companies For Seniors In Kentucky

Company Monthly Cost
MassMutual $40.02
Mutual of Omaha $44.02
Nationwide $46.01
State Farm $53.03
Progressive Life $70.02

*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 is aware of its own strengths, and one of those is providing low cost life insurance for young adults. The company understands that a lot of younger people are careful with their finances, especially when buying an intangible product such as life insurance.

For this reason, Transamerica strives to keep its rates within the budget limits of a demographic that wants to maximize life insurance benefits without a maximum investment.

Transamerica also understands that this younger group of consumers is accustomed to doing business online, and have made sure that their own website is designed to be easy to navigate. This group of consumers want an online experience that’s user-friendly with clear, succinct information they can access quickly and efficiently.

Transamerica’s website provides that, so that visitors can move through the site smoothly. Transamerica believes that everybody, regardless of their age or budget, deserves the security and protection that life insurance delivers.

Life insurance companies can find it a challenge to market to a younger group of consumers. This may be because a lot of young adults don’t really grasp the importance of having life insurance at that point in their lives.

As time goes by, members of this younger group are waiting until later in life to marry, than generations that came before, tending to put off getting life insurance until after marriage or having children. Companies such as Transamerica put the focus on marketing life insurance to this group because it’s a good move financially: Younger policyholders have lower mortality rates, which translates to higher profits for the company.

Of the companies I reviewed, Transamerica came in lowest in customer service. This may be because the company uses independent insurance agents for sales and service. Without any supervision, some indie agents–working alone without any supervision–probably have room for considerable improvement in both areas. At any rate, this would account for the lower ranking in customer service.

Benefits & Drawbacks

Benefits
  • No medical examination for up to $2 million for qualifying applicants
  • Policy face amounts go to as much as $10 million
  • You can purchase term life insurance online
Drawbacks
  • Has a lower customer service satisfaction rating than some competitors
  • $25,000 is the minimum term life insurance face amount you can buy

Best Life Insurance Companies For Young Adults In Kentucky

Company Monthly Cost
Mutual of Omaha $24.01
MassMutual $17.03
Transamerica $21.24
Nationwide $19.61
Progressive Life $26.52

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

Why We Like Them

Nationwide is a reputable company with an abundance of local sales and service offices, which makes it a favorite with policyholders. The company’s slogan: “Nationwide is on your side,” is nothing less than the truth for smokers in Kentucky who want to secure life insurance at a reasonably low rate.

Nationwide’s premiums for smokers may be a little higher than its competitors, but I decided that it’s still a good choice for smokers due to its great customer service, easy access to agents, and competitive rates.

Benefits & Drawbacks

Benefits
  • Offers a full range of life insurance products
  • An extensive network of trained agents sells and service Nationwide policies
  • Has numerous offices located throughout Kentucky
Drawbacks
  • Can only buy through a Nationwide agent
  • No online applications for life insurance products

Best Life Insurance Companies In Kentucky For smokers

Company Average Monthly Cost
MassMutual $104.48
State Farm $127.12
Nationwide $103.26
Transamerica $110.19
Mutual of Omaha $107.02

*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. Powers is the leading marketing research firm in the United States and in business for over fifty years. This prestigious firm has long recognized State Farm as a life insurance company with above average customer satisfaction rankings, which are a reflection of this company’s commitment to great customer service. This won’t be surprising if you stop and think that State Farm has more agents in the field than any other insurance company in the US.

State Farm is often lauded for its superlative customer service, something that is appreciated by policyholders. It’s also unique in having numerous local offices where policyholders can meet in person with local agents for the sales help or service needed.

State Farm is renowned for its superior customer service and quick claims process. Claim processing is an important area in life insurance, especially so when a family is mourning…depending on a life insurance company for assistance that’s both timely and compassionate.

Benefits & Drawbacks

Benefits
  • Has fewer customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
  • More agents to provide service than any other insurer
Drawbacks
  • Can only purchase policies through State Farm agents
  • A limited number of riders are offered

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, Kentucky’s leader in life insurance products, is a financially strong and stable company with cost conscious rates. Other insurers might have low-cost term life insurance, but MassMutual’s rates are the most favorable choice for anyone looking to get high quality without a hefty price tag.

While it’s not wise to select your life insurance on cost alone, you should know that MassMutual has the lowest rates for Kentucky residents. In the usual way of things, MassMutual is better known for its professionalism rather than its low price, but the company is set on expanding its market share in the Hoosier State, and using aggressive pricing strategies to attain this goal.

 

Benefits & Drawbacks

Benefits
  • Offers a full portfolio of life insurance products
  • Least expensive of any I evaluated for Kentucky life insurance
  • A wide network of well-trained agents sell MassMutual policies
Drawbacks
  • You can only purchase through a MassMutual agent
  • Doesn't allow online applications for life insurance

Cheapest Life Insurance Companies In Kentucky

Company Average Monthly Cost
MassMutual $12.02
Mutual of Omaha $10.01
Nationwide $11.03
Transamerica $14.04
State Farm $21.02

*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 live in Kentucky and want to buy life insurance, you should know that when it comes to life insurance policies, there’s no such thing as a one-size-fits-all. Insuranceopedia realizes that everyone’s circumstances are unique to them, based on someone’s situation.

I kept this in mind while reviewing insurance companies and handing out virtual awards for the different categories. To get the best life insurance for your needs, I recommend that you follow these 3 steps:

  1. Your first step will determine how much coverage you’ll need. A lot of insurance companies have “life insurance calculators” on their websites that will help you calculate how much coverage will be adequate for your particular needs.
  2. Select 3 companies that seem suitable for you, and make comparisons between those three. Comparing life insurance is the smart thing to do, but don’t compare just rates and nothing else. You need to compare coverage, customer reviews, financial strength, and more important details, as well. Low rates are important, but those low rates would be completely without value if your life insurance company couldn’t pay the claim.
  3. Once you’ve narrowed your choices down to just one insurer, you can submit an application for coverage, provided that the insurance company accepts online applications. Far too many life insurance shoppers don’t go on to become buyers, but tell themselves they’ll do it another day. The thing about life insurance, though, is that by the time you need it, it will be too late to get it. Your family’s future, security and protection is up to you, so it’s important not to postpone purchasing a good life insurance policy.

Average Cost Of Life Insurance In Kentucky

Best Cheap Life Insurance Companies In Kentucky For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $10.02 $15.01
Mass Mutual $12.03 $15.02
Nationwide $11.02 $14.01
Transamerica $14.03 $24.02
State Farm $21.02 $32.02

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

Best Cheap Life Insurance Companies In Kentucky For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $11.02 $16.02
Nationwide $12.02 $17.03
Mutual of Omaha $12.01 $18.01
Transamerica $16.01 $26.02
State Farm $24.02 $33.03

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

Factors That Impact The Cost Of Your Life Insurance In Kentucky

The price of life insurance in Kentucky is influenced by a number of factors, including:

  • Gender
  • Age
  • Smoking habits
  • Riders added to your policy
  • Credit score
  • Health status

It’s not unusual for men to have more costly life insurance rates than women because historically, men have shorter life spans than women. This is basically the way it works with insurance premiums for smokers.

Male and female smokers typically pay higher rates for life insurance because, on average, they have shorter life spans than people who don’t smoke. Insurance carriers in Kentucky may look at other things, too, like your credit score or health status when they’re calculating your rates. If you add riders to your policy, such as a child rider or perhaps a disability waiver of premium, this will also cause higher rates.

Largest Life Insurance Companies In Kentucky

There are many life insurance companies operating in Kentucky. Here are the five largest, measured by market share:

Company Market Share
New York Life 9.76%
State Farm 7.57%
Northwestern Mutual 6.81%
Primerica 3.87%
Southern Farm Bureau Life Insurance 3.67%

How Much Life Insurance Do You Need In Kentucky?

The amount of life insurance that will be adequate for your particular needs depends on your unique circumstances.  Homeowners, for instance, usually need more life insurance than those who are renters. People with dependents normally need more coverage, also.

Life insurance agents will likely advise you to have coverage of 10-20 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 in order for your loved ones to live in comfort.

Kentucky Life Insurance Laws To Know

If you are looking to purchase life insurance in Kentucky, you may find it helpful to familiarize yourself with the state’s guidelines–put in place to protect policyholders. These laws include:

Contestable Period

Life insurance companies in Kentucky can deny paying benefits of a claim if it comes to light that the policyholder gave false or misleading information on their application, within the first 2 years of the policy’s effective date. However, once 2 years have gone by, the insurer can’t contest the application because of errors or discrepancies.

Free Look Period

Once you have received your life insurance policy, you’ll have 10 days to go over it. If you decide that you don’t want the policy within this 10 day period, you can return it with no penalty, and receive a full refund for any premiums you paid.

Grace Period For Missed Payments

If you miss a payment, Kentucky law allows you a 30 day grace period. During this time, you will be able to make the payment without losing your insurance.

Time Allowable To Settle A Claim

Beneficiaries must file a claim with the insurance company to receive benefits. Once the claim has been filed, life insurance companies in Kentucky must pay the claim within 30 days.

Guaranty Fund Protection

If your insurance company becomes insolvent, the Kentucky Life & Health Insurance Guaranty Association will protect your life insurance policy benefit for up to $300,000 in death benefits and up to $100,000 for cash surrender per insured person.

FAQs

Is life insurance more expensive in Kentucky?

No. Life insurance rates in Kentucky align with those in other states. Insurers who charge higher rates sometimes do this because they have covered more claims than they anticipated.

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

Based on my research, MassMutual offers the lowest rates for a 10 year term life policy of $1 million in Kentucky, with a premium of about $25 monthly.

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

Life insurance rates for the average 30 year old male in Kentucky are approximately $11 per month for $250,000 of coverage. This amount of coverage for a 30 year old female in Kentucky will cost around $10 monthly.

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