Best Life Insurance Companies In Louisville, KY For 2023

I believe that Northwestern Mutual is the best life insurance option in Louisville.

min read
Updated: 11 September 2023
Written by
Bob Phillips
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In Louisville, we selected Northwestern Mutual as the top choice overall. While their prices may not be the lowest among top-tier life insurance companies, their products are exceptional and backed by the largest life insurance company in the U.S.

Other companies that ranked well with Insuranceopedia were Kentuck Home as Top Runner-Up, Mutual of Omaha as Best for Seniors, Transamerical as Best for Young People, MassMutual as our choice for Best for Smokers, and Nationwide as Best for Cheapest Life Insurance.

Our review will cover various life insurance policy types, including whole, term, and guaranteed issue. We’ll also provide information on the average cost of life insurance in Louisville across different categories. This will assist you in selecting the policy which will best meet your specific needs.

Best Life Insurance Companies In Louisville, KY 2024

northwesternmutualicon-logo
Best Life Insurance Overall - Northwestern Mutual
mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
mass-mutual-icon-logo
Best for Smokers - MassMutual
Best Life Insurance, Louisville 2024

Compare The Best Life Insurance Companies In Louisville, KY

To help you evaluate the best life insurance companies in Louisville, we’ve provided a table that displays our preferred companies based on specific criteria.

Overall Rating (Best 5.0) Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
Northwestern Mutual
4.9

Best Overall 

A++

794

9.5

Instant Quote
Kentucky Home
4.8

Best Overall Runner-Up

B+

Not Rated

9.6

Instant Quote
Nationwide
4.8

Best For Cheapest Life Insurance

A+

791

9.6

Instant Quote
Mutual of Omaha
4.7

Best For Seniors

A++

801

9.5

Instant Quote
Transamerica
4.6

Best For Young Adults

A+

740

9.4

Instant Quote
MassMutual
4.5

Best For Smokers

A++

780

9.8

Instant Quote
Scroll to see comparisons

Our Methodology

Our methodology considers several factors, including customer service ratings, product offerings, pricing, and online experience quality. Moreover, my experience selling life insurance and interacting with agents from other life insurers have shaped my opinions and provided me with valuable insights regarding their products and services.

82

Quotes Analyzed

15+

Years Of Industry Experience

19

Brands Reviewed

40+

Research Hours

Life Insurance Company Reviews


Best Overall

Overall Rating
4.9

Key Statistics

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

Why We Like Them

Did you know that Northwestern Mutual is the largest life insurance seller in the United States and the most popular in Louisville? It offers both term and permanent life insurance policies, and one of the unique benefits of its term life insurance is that it can be converted to permanent coverage without requiring a medical exam.

Northwestern Mutual has established its prominence in Louisville and throughout Kentucky not through excessive advertising but through its commitment to educating people on the importance of life insurance and helping them select a policy that suits their specific needs.

Furthermore, the company’s agents tend to have long tenure with the company, resulting in a high policy retention rate and financial stability. This makes Northwestern Mutual one of the most secure companies in the insurance industry. In fact, they are projected to pay $6.8 billion in dividends to qualifying policyholders in 2023.

Northwestern Mutual was selected best overall because of its diverse product line, even though its premiums are higher than most other premier life insurance companies in America. The fact that you can confidently keep a Northwestern Mutual life insurance policy in force for your entire life is why they are the leading life insurance company in Louisville and throughout the U.S.

Benefits & Drawbacks

Benefits
  • A low number of complaints filed with state regulators
  • Diverse product portfolio
  • Exceptional claims-paying ability
Drawbacks
  • Rates are higher than most competitors
  • Products are only sold through company agents
  • Can’t get quotes or apply online

Best Overall Runner-Up

Overall Rating
4.8

Key Statistics

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

Why We Like Them

Now headquartered in Lexington, Kentucky, Kentucky Home Life Insurance Company began operations in Louisville in 1936. The company has continued to grow and increase its product line to include credit life and disability insurance products. In addition to its high-quality whole life and term life insurance products, this has helped make Kentucky Home a very popular choice among companies selling life insurance in Louisville.

As one of America’s smaller states, Kentucky has fewer than ten life insurance companies with headquarters in the state. This means that the Kentucky Department of Insurance regulates and protects the company and its policyowners. Today, Kentucky Home serves its Louisville customers through independent insurance agents, many of whom are neighbors of the company’s policyowners.

We selected Kentucky Home as runner-up for Best Overall because it is a high-quality company with headquarters in The Bluegrass State and because of its strong commitment to the state and its policyowners.

Benefits & Drawbacks

Benefits
  • Term and permanent policy options
  • Kentucky-based company
  • Many independent agents sell their policies
Drawbacks
  • Limited website information is available
  • No online quotes given
  • Must buy from an agent

Best For Seniors

Overall Rating
4.7

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage level

Why We Like Them

I worked as a licensed agent with Mutual of Omaha for over five years and can confidently say that the company has a solid understanding of the senior market. Their senior life product line offers a guaranteed issue whole life product, which is issued without considering your health history. This means that you are guaranteed coverage, but the premiums may be higher due to the increased financial risk to the company.

If you prefer to avoid the higher premiums associated with a guaranteed issue policy, Mutual of Omaha also provides a simplified issue product for seniors. The application process for this product requires answering a few medical questions, but no medical exam is necessary. Although the rates are lower than the guaranteed issue product, the coverage is not guaranteed. For instance, if you have a history of heart problems or cancer, your application may be denied.

Senior residents of Louisville pay higher life insurance rates than younger people because older adults have a lower life expectancy and classify as a higher risk for insurance companies. However, seniors can still find reasonably priced life insurance in the “Derby City.” Mutual of Omaha doesn’t have the lowest rates for seniors, but it understands the senior market and its unique needs better than its competitors.

Benefits & Drawbacks

Benefits
  • Well-trained agents sell senior life products.
  • Complete line of senior products, including life insurance and Medicare Supplements
  • No exam is required for senior life insurance policies
Drawbacks
  • Not as many term life plans as competitors
  • Guaranteed issue life has limited face amounts and graded death benefits

Best Life Insurance Companies For Seniors In Louisville, KY

(Average age 60, average weight of 197 pounds, average coverage need of $70,000)

Company Rates for $70,000 Coverage
MassMutual $38
Mutual of Omaha $43
Nationwide $44
State Farm $51
Transamerica $68

Best For Smokers

Overall Rating
4.5

Key Statistics

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

Why We Like Them

MassMutual, founded in 1851, offers a variety of life insurance products, including term, whole, and universal life. Their variable universal life insurance allows for flexible premiums and investment opportunities.

MassMutual is a well-known and trusted name among Louisville residents due to its consistent advertising and reputation for financial stability. Policyholders with MassMutual don’t have to worry about the company ever being unable to pay death benefits.

MassMutual’s premiums for smokers are the most competitive in the Louisville market. While not typically known for having cheap life insurance premiums, MassMutual has been very aggressive with pricing for smokers in Louisville.

If you’re a smoker buying life insurance, keep in mind that you can get your rates reduced to non-smoker rates if you can show that you’ve gone 12-24 months without smoking, depending on the insurer. You will have to have a paramed exam with a blood test at that point to prove you have no nicotine in your bloodstream.

Benefits & Drawbacks

Benefits
  • Most competitive rates for smokers in Louisville
  • The company is very sound financially
  • Strong dividend-payment history
Drawbacks
  • Only sold through MassMutual agents
  • Can’t be purchased online

Best Life Insurance Companies In Louisville For Smokers

(Rates based on $566,000 of 20-year term life for a 31-year-old male smoker)

Company Average Monthly Cost
MassMutual $98
Nationwide $101
Mutual of Omaha $105
Transamerica $109
State Farm $125

Best For Young Adults

Overall Rating
4.6

Key Statistics

9/10 Affordability
7/10 Customer Reviews
10/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

If you’re a young adult looking for a reliable life insurance provider in Louisville, Transamerica is a great choice. They have a broad network of independent agents who sell their policies, and their term life insurance is particularly affordable, especially for young adults.

Most young adults prefer to get their insurance information online, and Transamerica offers a seamless online experience through its website. You can quickly get a quote and apply for term life insurance with different face amounts and smoker and nonsmoker rates.

Transamerica also has a “Locate an Agent” button on its website if you would rather speak to someone in person. This feature helps you find a local agent who can help you choose the right policy for your needs.

Overall, Transamerica’s dedication to affordability and user-friendliness makes them a top choice for any young adult looking to buy life insurance in Louisville.

Transamerica meets a need that young people in Louisville need: affordability. Providing affordable life insurance to young adults helps protect many young families, and the company does that with its low-priced, high face amount term life insurance products. Fortunately, younger people can obtain lower rates because they pose less of a risk to life insurance companies when it comes to paying death claims.

Benefits & Drawbacks

Benefits
  • You can buy term life insurance online
  • Policy face amounts go as high as $10 million
  • No medical exam for up to $2 million for qualifying applicants
Drawbacks
  • $25,000 is the minimum term life insurance face amount available
  • Final Expense Policy is not guaranteed issue

Best Life Insurance Companies For Young People In Louisville, KY

(Male, average age of 25, average weight of 168, average coverage need of $230,000)

Company Rates for $230,000 Coverage
MassMutual $15
Nationwide $19
Transamerica $20
Mutual of Omaha $20
AAA $22

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage level

Why We Like Them

Are you searching for affordable life insurance options in Louisville? Look no further than Nationwide. They offer some of the lowest rates among all life insurance providers in the area. Their policies include both term and permanent options such as whole life, universal life, and variable universal life insurance. Additionally, Nationwide offers a no-exam life insurance plan.

Nationwide is home to a team of highly skilled career and independent agents who can provide accurate pricing and excellent service. With numerous local offices in Louisville, finding an agent nearby is easy. Alternatively, you can call the home office to connect with an agent who can assist you with your needs.

Nationwide boasts superior financial ratings and high customer satisfaction levels, making it one of the best life insurance companies in the industry. Their commitment to quality protection at an affordable price has made Nationwide a household name in America.

We selected Nationwide as the Best for Cheap Life Insurance because its premiums rank lowest in Louisville. This is an important category, not because the cheapest is always the best, but because a high-quality company like Nationwide is the winner. With Nationwide, you’re not sacrificing quality for low rates; you’re getting the best of both worlds.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Nationwide policies
  • Offers a full complement of life insurance products
  • Has the best rates in Louisville
Drawbacks
  • Term life applicants must be 70 or younger
  • No online quotes or applications for permanent products

Best Cheap Life Insurance Companies In Louisville For Females

Company Rates for $250,000 Coverage Rates for $566,000 Coverage (Recommended)
Nationwide $9 13
Mutual of Omaha $11 $13
MassMutual $9 $13
Transamerica $13 $25
State Farm $20 $29

Best Cheap Life Insurance Companies In Louisville For Males

Company Rates for $250,000 Coverage Rates for $566,000 Coverage (Recommended)
Nationwide $11 $15
MassMutual $9 $15
Mutual of Omaha $11 $16
Transamerica $15 $26
AAA $19 $35

How To Find The Best Life Insurance Company For You

It’s important to keep in mind that insurance companies offer policies that are tailored to meet individual needs. Depending on your circumstances, one company might be more advantageous for you than others.

For instance, if you’re 25 years old and looking for $250,000 of term life insurance, Transamerica may be the best option for you. Alternatively, if you’re 65, Mutual of Omaha might be a more suitable choice for a life insurance policy.

Furthermore, if you prefer to purchase life insurance online, companies such as Transamerica might be better suited for you than those that only offer policies through agents. To determine which insurance company is the most appropriate for you, ask yourself the following five questions.

  1. What are the financial ratings of the company?
  2. Does the company offer the type of policy I need?
  3. Do I prefer assistance from a local agent or searching for policies online?
  4. Are the company’s rates competitive for my age group?
  5. Are most online reviews of the company positive?

Remember that everyone’s needs are unique, and yours may differ from those of your friends, neighbors, or coworkers.

Largest Life Insurance Companies In Louisville, KY

There are dozens of life insurance companies doing business in Louisville. These are the five largest as measured by market share:

Company Market Share
Northwestern Mutual 9.62%
Transamerica 8.43%
State Farm 5.45%
Lincoln Financial 5.36%
New York Life 3.50%

Average Cost Of Life Insurance In Louisville, KY

Average Cost of Cheap Life Insurance For Females

Company Rates for $250,000 Coverage Rates for $566,000 Coverage (Recommended)
Nationwide $9 13
Mutual of Omaha $11 $13
MassMutual $9 $13
Transamerica $13 $25
State Farm $20 $29

Average Cost of Cheap Life Insurance For Males

Company Rates for $250,000 Coverage Rates for $566,000 Coverage (Recommended)
Nationwide $11 $15
MassMutual $9 $15
Mutual of Omaha $11 $16
Transamerica $15 $26
AAA $19 $35

Average Cost Of Life Insurance For Young People In Louisville, KY

(Male, average age of 25, average weight of 168, average coverage need of $230,000)

Company Rates for $230,000 Coverage
MassMutual $15
Nationwide $19
Transamerica $20
Mutual of Omaha $20
AAA $22

Average Cost Of Life Insurance For Seniors In Louisville, KY

(Average age 60, average weight of 197 pounds, average coverage need of $70,000)

Company Rates for $70,000 Coverage
MassMutual $38
Mutual of Omaha $43
Nationwide $44
State Farm $51
Transamerica $68

Factors That Impact The Cost Of Life Insurance In Louisville

Many factors affect the cost of life insurance in Louisville. For example, life insurance rates can vary depending on the insurer you choose. Your gender and whether you are a smoker or non-smoker can also affect your rates. Men generally have higher rates due to a shorter life expectancy, while smokers tend to pay more due to their shorter lifespans.

Additionally, insurers in Louisville may consider your credit score when determining your rate. Having a lower credit score can mean higher rates for you. If you choose to add riders, such as a disability waiver of premium or child rider, your premiums may also increase.

Your location can also be a factor when insurers calculate rates. Louisville’s lower-than-average per capita income level can affect mortality rates and premium costs, depending on the insurance company.

Kentucky Life Insurance Laws To Know

Life insurance companies in Kentucky must comply with state regulations that protect policyholders and establish guidelines for insurers.

Contestable Period

Life insurance policies in Kentucky have a two-year contestability period from their effective date. Within this period, the insurance company has the right to reject any claims made if they discover that the policyholder provided inaccurate, misleading, or false information on their application.

Free Look Period

Individuals who purchase a life insurance policy in Kentucky are entitled to return the policy within ten days and receive a full refund of any premiums paid to the issuing insurance company.

Information About Louisville

Louisville, Kentucky, is a vibrant city known for its rich history, cultural diversity, and exciting attractions. Home to the Kentucky Derby, Louisville offers a unique blend of Southern charm and urban sophistication. The city is renowned for its bourbon distilleries, such as the famous Maker’s Mark and Jim Beam. Additionally, Louisville boasts the Muhammad Ali Center, showcasing the life and legacy of the famous boxer.

FAQs

What is the average cost of life insurance in Louisville?

Depending on the insurer, life insurance in Louisville can be found for as low as $9 per month for a $250,000 policy.

Where is the best place to get life insurance in Louisville?

Depending upon your personal preferences, the best place to get life insurance is either through a website like InsuranceWise, which can get you quotes from many different companies, or through an independent agent.

What is the best kind of life insurance in Louisville?

The best kind of life insurance depends on how long you need protection. Term life is best for a temporary need, while whole or universal life are better if you need coverage throughout your lifetime.

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