Best Life Insurance Companies in Massachusetts for June, 2024

I believe that MassMutual is the top life insurance company in Massachusetts.

min read
Updated: 16 May 2024
Written by
Bob Phillips
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Researching and choosing a life insurance company that offers the best policy for you and your family takes a lot of time and effort. At Insuranceopedia, our goal is to save you from having to painstakingly research all of the major life insurance companies and chase down insurance rates. We’ve done that for you, and as you read on, you’ll see that we’ve assembled a group of the best life insurance companies in Massachusetts for your review.

After evaluating dozens of life insurers, we chose MassMutual as the Best Overall because of the quality of their life insurance coverage, their competitive rates, and the fact that their home office is located in Massachusetts.

Following closely behind MassMutual in the Best of Category was Northwestern Mutual, which we believe has the best-trained agents in the industry and excels at educating people buying life insurance about what life insurance is, why they need life insurance, and which type is best for them.

You’ll also see that Mutual of Omaha excels in helping seniors, Transamerica is best for younger life insurance buyers, State Farm offers superior customer service, and Guardian Life has the cheapest rates for large term life insurance policies.

Best Life Insurance Companies In Massachusetts 2024

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Best Life Insurance Runner-Up - Northwestern Mutual
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Best for Seniors - Mutual of Omaha
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Best for Young People - Transamerica
Best Life Insurance, Massachusetts 2024

Compare The Best Life Insurance In Massachusetts

To help in your evaluation of the top life insurance companies in Massachusetts, here is a table displaying our preferred companies across a few key criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
Northwestern Mutual
4.8

Best Overall Runner-Up

A++

794

9.5

Instant Quote
Transamerica
4.7

Young Adults

A

740

9.8

Instant Quote
MassMutual
4.9

Best Overall

A++

780

9.7

Instant Quote
State Farm
4.8

Best For Customer Service

A++

839

9.3

Instant Quote
Guardian Life
4.7

Best For Cheapest Life Insurance

A++

787

9.5

Instant Quote
Mutual of Omaha
4.6

Best For Seniors

A+

801

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

We employed a thorough methodology that considered a range of factors, such as customer service ratings, product offerings, pricing, and the quality of the online experience. In addition, my experience selling life insurance and my interactions with agents who have worked for other life insurers have also provided me with valuable insights into their products and services.

Other than the category of Best for Cheapest Life Insurance, the companies we selected were not chosen solely on price. We believe they excel in their particular market niches and that cost is not, and should not be, the primary reason for choosing one life insurance policy or company over another.

68

Quotes Analyzed

15+

Years Of Industry Experience

17

Brands Reviewed

36+

Research Hours

Best Life Insurance Companies In Massachusetts


Best Overall

Overall Rating
4.9

Key Statistics

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

Why We Like Them

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.

Benefits & Drawbacks

Benefits
  • The company’s headquarters is located in Massachusetts
  • Diverse product portfolio
  • Very competitively priced
Drawbacks
  • Can’t buy whole life insurance products online
  • Lower J.D. Power rating than some competitors

Best Overall Runner-Up

Overall Rating
4.8

Key Statistics

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

Why We Like Them

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.

Benefits & Drawbacks

Benefits
  • Term and permanent policy options
  • High customer satisfaction ratings
  • Well-trained agent sales force
Drawbacks
  • Can only purchase through Northwestern Mutual career agents
  • Premiums can be too expensive for younger adults and seniors
  • Doesn’t sell a variable life insurance policy

Best For Seniors

Overall Rating
4.6

Key Statistics

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

Why We Like Them

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.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in Massachusetts
  • Provides seniors with peace of mind through well-trained agents
  • The company is very sound financially
Drawbacks
  • Higher ratio of complaints than some competitors

Best Life Insurance Companies For Seniors In Massachusetts

Company Monthly Cost
Transamerica $42.87
Nationwide $45.02
MassMutual $45.63
AAA $47.98
Mutual of Omaha $53.26

*Based on $120,000 of coverage for a 60-year-old male non-smoker


Best For Young Adults

Overall Rating
4.7

Key Statistics

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

Why We Like Them

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.

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
  • Has lower customer service satisfaction scores than competitors

Best Life Insurance Companies For Young Adults In Massachusetts

Company Monthly Cost
Transamerica $19.64
MassMutual $21.43
Mutual of Omaha $22.01
AAA $26.78
Nationwide $27.85

*Based on $400,000 of coverage for a 25-year-old male non-smoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

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

Why We Like Them

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.

Benefits & Drawbacks

Benefits
  • Has a much lower number of customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
  • More agents provide service than any other insurer
Drawbacks
  • Can only buy life insurance policies from State Farm agents
  • A limited number of riders are available

Best For Cheapest Life Insurance

Overall Rating
4.7

Key Statistics

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

Why We Like Them

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.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Guardian Life policies
  • Offers a full complement of life insurance products
  • Is the least expensive we evaluated for large term life policies
Drawbacks
  • No online applications for life insurance products

Cheapest Life Insurance Companies In Massachusetts

Company Average Monthly Cost
Guardian Life $61.00
State Farm $62.19
Lincoln Financial $65.40
Bestow $66.42
Nationwide $68.25

*Rates based on a $1 Million 20-year term life policy for a 35-year-old nonsmoker

How To Find The Best Life Insurance Company For You

One size does not fit all when it comes to life insurance in Massachusetts. Everyone’s situation is different, which is why Insuranceopedia evaluates so many insurers and has awards for different categories.

Here are three steps you can take to find the best life insurance to meet your unique needs:

  1. Determine the amount of coverage you need – Many life insurers have “life insurance calculators” on their websites that can help you figure out how much life insurance protection you need.
  2. Choose three companies to compare – It’s always good to compare insurance companies, not only their rates,  but also their financial strength. Good rates are important, but they won’t mean much if your insurer can’t pay your life insurance claim.
  3. Apply for coverage – This seems obvious, but many life insurance shoppers never make it this far in the buying process. Don’t procrastinate when it comes to buying life insurance; too much is at stake when it concerns your family’s financial future.
 

Largest Life Insurance Companies In Massachusetts

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

Life Insurance Company Market Share
Northwestern Mutual 9.80%
New York Life 8.57%
Lincoln Financial 8.04%
MassMutual 6.46%
John Hancock 5.76%

Average Cost Of Life Insurance In Massachusetts

Average Cost Of Life Insurance In Massachusetts For Females

Life Insurance Company Rates for $250,000 Coverage Rates for $1 Million Coverage
MassMutual $10.32 $19.80
Mutual of Omaha $12.86 $20.54
Nationwide $12.92 $31.75
Transamerica $13.53 $36.04
Progressive Life $20.01 $47.63
AAA $17.96 $50.11
Prudential $19.65 $59.98

*Rates based on a 10-year term life insurance policy for a 31-year-old female nonsmoker

Average Cost Of Life Insurance In Massachusetts For Males

Life Insurance Company Rates for $250,000 Coverage Rates for $1 Million Coverage
Transamerica $10.08 $20.04
Nationwide $11.56 $23.87
MassMutual $12.98 $25.47
AAA $13.73 $30.01
Prudential $30.67 $54.75
Progressive $17.61 $65.18

**Rates based on a 10-year term life insurance policy for a 31-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Massachusetts

Many factors affect the cost of life insurance in Massachusetts. They include:

  • The life insurance company: each insurer charges different rates than its competitors
  • Your age: life insurance gets more expensive each year you get older
  • Your gender: males pay more than females for life insurance because they have a shorter life expectancy
  • Your health: insurers charge more if you have pre-existing medical conditions
  • Whether you smoke: smokers pay more because they typically die sooner than nonsmokers
  • Your credit score: insurers in Massachusetts can use your credit score when determining your rate
  • Riders you add: most riders (i.e., disability waiver of premium, child rider, etc.) will add to the cost of your policy

These are the most common factors the best life insurance companies in Massachusetts will use to determine your rates.

How Much Life Insurance Do You Need In Massachusetts?

The amount of life insurance you need will vary by individual. For example, if you have a mortgage, you probably need more life insurance than someone who rents. Similarly, adults with children often need larger amounts of coverage.

Many life insurance agents recommend buying 10x to 20x your annual income to provide adequate protection for your loved ones. For example, someone earning $75,000 per year would need $750,000 to $1.5 million in coverage.

Massachusetts Life Insurance Laws To Know

Life insurance companies in Massachusetts must follow state guidelines that protect policyholders. These laws include:

Contestable Period

In Massachusetts, life insurance policies have a contestability period of two years from the effective date. During this time, an insurance company can reject a claim if it discovers that the policyholder provided inaccurate, misleading, or false information on their application. After two years, the company can’t dispute the application because of any mistakes or inconsistencies.

Free Look Period

After receiving their life insurance policy from the company or agent, the insured has 10 days to return the policy for a full refund of any premiums paid to the issuing insurance company without a penalty.

Grace Period For Missed Payments

If policyholders in Massachusetts miss a payment, they have a grace period of 30 days to make the payment and avoid cancellation of their life insurance coverage.

 

FAQs

Is life insurance more expensive in Massachusetts?

Life insurance is not more expensive in Massachusetts than in any other state. Life insurance rates are figured separately for each individual, and location is not a factor.

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

We found that the best rate for a $1 million policy in Massachusetts costs $61 per month through Guardian Life for a 20-year term life policy.

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

The average cost of life insurance in Massachusetts for a 31-year-old female, depending on the insurer, can be as low as $9.40 for $250,000 of life insurance coverage and $9.68 for a male who is the same age.

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