Best Life Insurance Companies In Maryland For April, 2024

After thorough research, MassMutual stands out as the top life insurance choice in Maryland.

min read
Updated: 17 March 2024
Written by
Bob Phillips
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Like most people, Maryland residents aim to save time and money while securing the best life insurance. My objective is to streamline your search and help you in finding the most suitable policy for your own individual needs.

Based on my findings, MassMutual emerges as the top life insurance provider in Maryland due to its impressive coverage and service at a competitive price—a winning combination in my assessment. 

In addition to MassMutual, other notable companies in our rankings include Mutual of Omaha, recognized for being a top option for seniors, Transamerica for young individuals, State Farm for excellent customer service, and Nationwide as a solid choice for smokers. MassMutual is also lauded for providing the most affordable life insurance in Maryland.

Reviewing the detailed results below will only take a few moments, a worthwhile investment of your time. Ensuring you have appropriate life insurance in place is crucial to guaranteeing your loved ones can maintain the lifestyle you desire for them in the event of an unexpected passing. Acquiring life insurance is a clear demonstration of your commitment to those you care about.

Best Life Insurance Companies In Maryland, 2024

mass-mutual-icon-logo
Best Overall - MassMutual
mutualofohamaicon-logo
Best For Seniors - Mutual of Omaha
transamerica-icon-logo
Best For Young Adults - Transamerica
nationwide-icon-logo
Best For Smokers - Nationwide
Best Life Insurance, Maryland, 2024

Comparison Of The Best Life Insurance Companies In Maryland

To assist you in comparing the best life insurance companies in Maryland, we've put together a table highlighting our preferred companies based on important criteria.

Overall Rating (Best 10.0) Best For A.M. Best Rating Online Experience (Best 10.0) J.D. Power Rating (Best 1000)
MassMutual
4.8

Overall

A++

9.7

780

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

9.7

801

Instant Quote
Transamerica
4.7

Young Adults

A

9.8

740

Instant Quote
State Farm
4.8

Customer Service

A++

9.5

839

Instant Quote
MassMutual
4.8

Cheapest Life Insurance

A++

9.7

780

Instant Quote
Nationwide
4.6

Smokers

A+

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

Our process for choosing the top life insurance companies was careful and comprehensive. We considered various aspects like how well they serve customers, what products they offer, their pricing, and the ease of using their online services. Drawing from my own experience in selling life insurance and engaging with agents from different insurers, I gained valuable insights into what they provide. Our selection of companies wasn't solely based on providing the most affordable life insurance, except in the "Best for Cheapest Life Insurance" category. We strongly believe that each of these companies excels in their specific market niche, and it's important to look beyond just the price when selecting a life insurance policy or company.

35

Quotes Analyzed

15+

Years Of Experience

21

Brands Reviewed

30+

Research Hours

Reviews Of The Best Life Insurance Companies In Maryland


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

MassMutual earned the title of Best Overall due to its many policy strengths. The company offers a variety of high-quality life insurance products like term, whole, and universal life insurance at competitive rates. Moreover, their policies offer a wide array of add-ons to choose from.

The sales agents at MassMutual, referred to as “career agents,” are well-trained and knowledgeable about the company’s life insurance product line. They exclusively sell MassMutual products, which is beneficial for buyers looking to understand the different types of life insurance.

Considering MassMutual’s financial stability was also crucial in our assessment. The company received the highest possible rating, A++ Superior, from AM Best due to its outstanding financial strength and ability to honor claims.

Receiving the title of Best Overall signifies MassMutual’s commitment to offering a broad range of products backed by a knowledgeable sales team, rather than focusing solely on having the lowest prices. While MassMutual might not be as widely known or have the same market presence as some other insurers in Maryland, it is a highly esteemed brand across the state.

Benefits & Drawbacks

Benefits
  • Excellent financial ratings
  • Wide range of products with numerous riders
  • Most affordable rates in Maryland
Drawbacks
  • Whole life products not available for online purchase
  • J.D. Power rating is lower than some major competitors
  • Purchase only possible 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

Mutual of Omaha is well-known for its expertise in meeting the insurance needs of seniors. Over the years, seniors have placed their trust in the company, not only because of their famous show “Mutual of Omaha’s Wild Kingdom,” but also due to the extensive training their agents undergo to serve the senior market.

The insurance company has gained fame for its portfolio of senior life insurance products. These include two types of products designed for seniors with health concerns. One is a guaranteed-issue policy, which doesn’t require a medical examination or health history questions. This makes it an excellent option for seniors dealing with significant medical issues like cancer, stroke, or heart attack.

The other option is a simplified-issue policy, where answers to medical history questions are needed, but a medical examination is not required. This makes it a great fit for seniors with minor medical concerns like high blood pressure or type 2 diabetes who prefer to skip a medical exam.

Seniors often pay higher premiums for life insurance, and one company they trust is Mutual of Omaha. The company has a strong reputation in the insurance industry, particularly for catering to seniors through products like Medicare supplements and life insurance. Baby Boomers and their parents are familiar with and trust this company due to its long-standing presence.

Moreover, Mutual of Omaha stands out as a widely recognized and highly respected name in the realm of senior insurance products. This is partly due to their effective direct mail program focused on the senior market, coupled with well-trained agents who have in-depth knowledge of their product offerings.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in Maryland
  • Offers peace of mind to seniors through well-trained agents
  • Strong financial stability
Drawbacks
  • Higher ratio of complaints compared to some competitors
  • Presence of fewer agents in Maryland than many other major insurers

Best Life Insurance Companies For Seniors In Maryland

Company Monthly Cost
MassMutual $40
Mutual of Omaha $45
Nationwide $46
State Farm $53
Progressive Life $71

*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 understands its strengths, and one notable aspect is providing life insurance at rates that suit young adults’ budgets. They recognize that many young individuals are mindful of their finances, especially when it comes to life insurance. This is why Transamerica has set its policy prices to be affordable for younger, budget-conscious consumers who want ample coverage without stretching their finances.

Furthermore, they’ve designed their website with young buyers in mind. Understanding that this demographic values clear and easy-to-find information, Transamerica ensures that their website is informative and user-friendly. They aim to make it simple for their customers to navigate their options. Transamerica firmly believes that everyone, regardless of age or financial situation, deserves the protection and peace of mind that comes with having life insurance.

Life insurance companies often find it challenging to attract younger buyers. Many young adults don’t immediately see the need for life insurance. They often delay purchasing it until after they get married or have children. However, companies like Transamerica still emphasize selling life insurance to this group because younger individuals tend to have lower mortality rates, resulting in higher profits.

In our evaluation of various companies, Transamerica received the lowest customer service score. This could be linked to their reliance on independent insurance agents for both sales and service. Some independent agents working alone may need to enhance their customer service skills.

Benefits & Drawbacks

Benefits
  • Online purchase available for term life insurance
  • Policy face amounts can go as high as $10 million
  • No medical exam required for up to $2 million for qualifying applicants
Drawbacks
  • Minimum term life insurance face amount available is $25,000
  • Customer service satisfaction scores are lower than competitors

Best Life Insurance Companies For Young Adults In Maryland

Company Monthly Cost
Mutual of Omaha $18
MassMutual $19
Transamerica $17
Nationwide $24
Progressive Life $27

*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

Nationwide is a well-respected company with numerous local offices for sales and service. Their slogan, “Nationwide is on your side,” is especially relevant for smokers in Maryland looking for life insurance. Even though Nationwide’s rates for smokers are a bit higher than those of its main competitors, we’ve determined that it’s the top choice for smokers due to its competitive rates, easy access to agents, and outstanding customer service.

 

Benefits & Drawbacks

Benefits
  • Extensive network of trained agents selling Nationwide policies
  • Offers a complete range of life insurance products
  • Numerous offices located throughout Maryland
Drawbacks
  • No option for online applications for life insurance products
  • Limited to purchasing through a Nationwide agent

Best Life Insurance Companies In Maryland For Smokers

Company Average Monthly Cost
MassMutual $159
State Farm $161
Nationwide $170
Transamerica $178
Mutual of Omaha $169

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

If you smoke and want life insurance, your premiums will be significantly higher compared to nonsmokers. However, you can reduce your rates to a level similar to those of non-smokers by showing that you’ve not smoked for 12-24 months, depending on the insurance company. This will require a paramedical examination and a blood test to confirm the absence of nicotine in your system.


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 has consistently acknowledged State Farm as a top life insurance company, receiving high ratings for customer satisfaction. This speaks to the company’s dedication to providing excellent service to its policyholders. It’s no surprise, considering State Farm has the highest number of agents across the country compared to other insurance companies.

State Farm is well-respected for its unwavering commitment to outstanding customer service, a quality highly valued by its policyholders. The company’s approach is unique—having numerous local offices in neighborhoods allows policyholders to meet their local agent face-to-face for any sales or policy-related assistance they might need.

State Farm is well-known for its outstanding customer service and quick claims processing—a crucial aspect in the life insurance industry. This is especially vital when a family is grieving and relies on their life insurance provider for timely and compassionate help.

Benefits & Drawbacks

Benefits
  • Maintains a significantly lower number of customer complaints than the industry average
  • Holds top financial ratings for claims-paying ability
  • Largest number of agents providing service compared to any other insurer
Drawbacks
  • Limited to purchasing policies from State Farm agents
  • Availability of only a limited number of 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 is known as the top life insurance provider in Maryland and stands out as a financial leader with highly competitive rates across the state. Despite the presence of many low-cost term insurance companies in Maryland, MassMutual maintains the most favorable rates.

While it’s important not to base your life insurance purchase solely on price, it’s a crucial factor for buyers. MassMutual offers the best rates for those seeking life insurance in Maryland, even though the company is usually associated with professionalism rather than affordability. Nevertheless, MassMutual is committed to expanding its market share in Maryland and is employing aggressive pricing strategies to achieve this objective.

Price matters when purchasing life insurance, especially in today’s economy. MassMutual is an excellent option as it provides affordable premiums and substantial coverage amounts. Although their whole and universal life policies may not be as cost-effective, MassMutual generally offers generous coverage for term life insurance, given that permanent life insurance tends to be pricier.

Benefits & Drawbacks

Benefits
  • Extensive network of trained agents selling MassMutual policies
  • Offers a complete range of life insurance products
  • Least expensive option for life insurance in Maryland according to our evaluation
Drawbacks
  • No option for online applications for life insurance products
  • Limited to purchasing through a MassMutual agent

Cheapest Life Insurance Companies In Maryland

Company Average Monthly Cost
MassMutual $10
Mutual of Omaha $12
Nationwide $12
Transamerica $14
State Farm $21

*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

When searching for life insurance in Maryland, keep in mind that one plan won’t suit everyone. At Insuranceopedia, we recognize that each person’s situation is different. That’s why we assess numerous insurers and recognize excellence in various categories.

To find the best life insurance for your unique needs, we suggest following these three steps:

  1. Figure out how much coverage you need. Many insurance companies provide “life insurance calculators” on their websites to help you determine the right coverage amount.
  2. Select three companies to compare. It’s wise to compare insurance companies, considering not only their rates but also their financial stability. Low rates matter, but they’re pointless if your insurer can’t fulfill your claim.
  3. Apply for coverage. Many life insurance shoppers don’t complete the purchase process. Therefore, it’s crucial not to delay when buying life insurance. Your family’s financial security is on the line, so prompt action is vital.

Average Cost Of Life Insurance In Maryland

Best Cheap Life Insurance Companies in Maryland for Females

Company Rates For $250,000 Coverage Rates For $632,000 Coverage
Mutual of Omaha $12 $15
MassMutual $10 $15
Nationwide $12 $20
Transamerica $14 $17
State Farm $21 $31

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

Best Cheap Life Insurance Companies In Maryland For Males

Company Rates For $250,000 Coverage Rates For $632,000 Coverage
MassMutual $10 $19
Nationwide $11 $18
Mutual of Omaha $12 $20
Transamerica $14 $34
State Farm $26 $41

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

Largest Life Insurance Companies In Maryland

Many life insurance companies operate in Maryland. Here are the top five, ranked by their market share:

Company Market Share
New York Life 9.77%
State Farm 7.58%
Northwestern Mutual 6.80%
Primerica 3.85%
Southern Farm Bureau Life Insurance 3.68%

Factors That Impact The Cost Of Your Life Insurance In Maryland

The cost of life insurance in Maryland depends on various factors:

  • The life insurance company you choose
  • Your age
  • Your gender
  • Your health condition
  • If you smoke
  • Your credit score
  • Any additional options added to your policy

Typically, men may pay higher premiums than women due to their shorter lifespans. Smokers also face higher costs as they tend to have shorter life expectancies. Insurance companies in Maryland might also consider your credit score when determining your insurance rate. Furthermore, including additional options, such as disability waiver of premium or child riders, can increase the overall cost of your insurance policy.

How Much Life Insurance Do You Need In Maryland?

The amount of life insurance you need differs based on your situation. For instance, homeowners often need more coverage than renters. If you have dependents, like children, you may also need a higher level of protection.

Life insurance agents usually suggest getting coverage that’s 10 to 20 times your yearly salary to guarantee sufficient protection for your family. For instance, if you earn $75,000 annually, you might need coverage between $750,000 to $1.5 million.

Maryland Life Insurance Laws To Know

If you’re thinking about getting life insurance in Maryland, understanding the state’s specific regulations is crucial to safeguard your interests as a policyholder. Here are the key laws:

Contestable Period

According to Maryland law, within the initial two years of the policy’s effective date, life insurance companies can deny a claim if they find that the policyholder provided false or misleading information on their application. After two years, any discrepancies won’t affect the application.

Free Look Period

After receiving your life insurance policy, you have a 10-day window to review it. If you decide during this time that you don’t want the policy, you can return it without any penalty and receive a full refund of the premiums you’ve already paid.

Grace Period For Missed Payments

If you miss a payment, Maryland law offers a 30-day grace period. During this time, you can still make the payment and retain your coverage without any interruptions.

Timeframe For Settling A Claim

Beneficiaries must file a claim with the insurer to receive benefits. Maryland mandates that all life insurance companies settle a claim within 30 days once a claim is submitted.

FAQs

Is life insurance more expensive in Maryland?

The price of life insurance in Maryland is similar to that in other states. Insurers might charge higher premiums if they’ve paid out more claims than they expected.

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

On average, a 30-year-old male in Maryland can get life insurance for as low as $10.99 per month for $250,000 of coverage. Similarly, for a female of the same age, it can be as low as $10.40 per month.

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

Our research indicates that MassMutual provides the best rate for a 10-year term life policy of $1 million in Maryland, at a premium of $25 per month.

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