Best Life Insurance Companies in Massachusetts for September, 2024

MassMutual was chosen as Best Overall because they have so many strengths in Massachusetts. The most obvious is that they are a Massachusetts-based life insurance company that employs thousands and has shown a strong commitment to the state, its employees, and its policyholders.

Of course, MassMutual isn’t the Best Overall just because they’re headquartered in The Bay State. They have a high-quality product line consisting of competitively priced term life insurance, whole life insurance, and universal life insurance, all of which come with a nice variety of different types and with a wide assortment of riders that can be added to the policies.

Their agent sales force is also extremely well-trained. MassMutual products are sold by “career agents” who have been thoroughly trained on the company’s life insurance product line and are committed to selling only MassMutual products.

Being selected Best Overall means much more than MassMutual having competitive rates. It means being committed to maintaining a diverse product line backed by a well-trained salesforce and a home office staff that is domiciled in Massachusetts. MassMutual doesn’t have the same high level of brand recognition as some of its competitors across the country, but it is an unmistakably respected brand in Massachusetts.

Northwestern Mutual, also known as “The Quiet Company,” hasn’t been quiet in Massachusetts when it comes to selling life insurance. It owns the largest market share percentage of all the major life insurers doing business in Massachusetts.

The reason for Northwestern Mutual’s popularity isn’t because it advertises the most; it’s because of the commitment the company has to help people understand the value of life insurance and choose a life insurance policy that they can keep for the rest of their lives.

It also excels at keeping its agents with the company for many years, which provides stability for policyowners and results in a very high policy retention rate, which has helped Northwestern Mutual become one of the most financially-sound companies in the insurance industry.

Northwestern Mutual may very well be the most respected name in the life insurance industry among career life insurance agents with other companies, which was a significant factor in being chosen as best runner-up.  Agents who understand top-quality products sold by a top-rated company have come to regard Northwestern Mutual as the leader in whole life insurance products.

Arguably, no insurance company understands senior’s insurance needs better than Mutual of Omaha. It has been a favorite of seniors for decades not only because of the famous television show it sponsored, “Mutual of Omaha’s Wild Kingdom,” but because it extensively trains its agents on the nuances of the senior market and how best to serve them.

Mutual of Omaha is famous in the insurance industry for its senior life insurance product portfolio. It offers two types of products that seniors with health issues need: a guaranteed-issue policy and a simplified-issue product.

Guaranteed issue policies are precisely what the name implies; they will be issued regardless of a senior applicant’s health history. No medical examination is required, and no health history questions need to be answered. It makes it the perfect policy for a senior who has had serious medical issues, such as cancer, stroke, or heart attack.

Simplified issue policies aren’t guaranteed to be issued, but they don’t require a medical examination either, though they do require an applicant to answer questions about their medical history. This policy type is ideal for seniors with minor medical issues (high blood pressure, type 2 diabetes) and who don’t want to undergo a medical exam.

Because rates for seniors in Massachusetts jump significantly, Mutual of Omaha delivers some very low premiums for Baby Boomers and their parents. Its guaranteed and simplified issue policies are also what has made Mutual of Omaha a household name with seniors.

Transamerica knows its strengths as a company, and one of its many strengths is its low life insurance rates for young adults. Many younger life insurance consumers are budget-conscious about what they purchase, including life insurance. Getting as much coverage as they can at a price they can afford is a priority for them.

Transamerica understands this and has priced its life insurance for young adults accordingly. In addition to its highly competitive rates, young adults often choose Transamerica because its website is informative and easy to navigate. Younger buyers want their information quickly and concisely, and Transamerica delivers that to them.

Younger buyers of life insurance make up the toughest market for insurers because many don’t yet believe in the need for life insurance. Transamerica makes it easy for younger people on strict budgets to own life insurance by providing the lowest premiums for this demographic.

State Farm has earned the J.D. Powers life insurance customer satisfaction rankings for several years running, and the honor is well-deserved. The company has more agents in the life and health insurance field than any other insurance company in America, and they are highly regarded for their dedication to excellent customer service.

Many policyholders appreciate the ability to personally visit their State Farm agent’s local neighborhood office and personally meet with their agent when they need policyholder service. Many of the companies we reviewed don’t have local offices; customers must receive service from a remote office located in another state. This isn’t the case with State Farm.

State Farm is not only known for its superior customer service, but policyholders are well-pleased with its response time related to claims. This is extremely important in the life insurance industry when a family is grieving and is relying on the life insurer to provide timely, compassionate service.

Guardian Life may not be as well-known as the other companies we’ve reviewed, but it’s undeniable that it is a financial powerhouse with the most competitive rates in Massachusetts for large term life insurance policies.

As we’ve mentioned, it’s not advisable to buy life insurance based on price alone, but price is definitely a factor when it comes to life insurance policies with large face amounts, and for people buying a $1 million term life policy, Guardian has the best rates.

Guardian also offers highly-rated customer service. In addition to its New York City headquarters, the company has five regional offices throughout the U.S. to serve clients. Additionally, many independent agents sell and service Guardian Life policies, which nicely compliments their low rates.

In today’s economy, price is a factor in almost everything we buy, including life insurance. Guardian Life has done an outstanding job of providing the perfect combination of outstanding premiums and high face amounts. The company is not as competitive with its whole life insurance and universal life insurance products as it is with its term life insurance, but large face amounts are usually associated with term life insurance because of the significantly higher cost of permanent life insurance.