Best Life Insurance Companies in Pennsylvania

In Pennsylvania, MassMutual stands out as the top choice for life insurance. 

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Bob Phillips

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Like everyone else, Pennsylvanians want to streamline the process of finding the best life insurance coverage while keeping costs down. My aim is to simplify your search and help you secure the best policy for your needs.

Through my research, MassMutual has emerged as the best life insurance company in Pennsylvania. It’s not just about market share; it’s about delivering exceptional coverage and service at the most affordable rates, a combination that sets MassMutual apart.

Additionally, our ratings also highlight Mutual of Omaha as the top choice for seniors, Transamerica for young individuals, State Farm for outstanding customer service, and Nationwide for smokers. MassMutual also earns recognition for offering the most budget-friendly life insurance in Pennsylvania.

Taking a few moments to review these findings is a valuable investment. Without the right life insurance, your loved ones may not have the financial security you desire for them in case of unforeseen events. Purchasing life insurance is a tangible expression of your commitment to safeguarding those you hold dear.

Best life insurance companies in Pennsylvania 2023

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, Pennsylvania 2023

Comparison of the best life insurance companies in Pennsylvania

To help you in assessing the leading life insurance companies in Pennsylvania, we've prepared a table showcasing our favored companies based on several key factors.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience Get A Quote
Mutual of Omaha
4.6

Seniors

A+

801

9.7

Instant Quote
Transamerica
4.7

Young Adults

A

740

9.8

Instant Quote
MassMutual
4.8

Best Overall

A++

780

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

Best for Cheapest Life Insurance

A++

780

9.7

Instant Quote
Scroll to see comparisons

Our Methodology

Our process for choosing the top life insurance companies was exhaustive and all-encompassing. We considered various aspects, such as customer service ratings, product variety, pricing, and online user experience. Additionally, my experience in the life insurance industry and interactions with agents from different insurers have given me valuable insights into their offerings and services. Our selection of companies wasn't solely based on offering the most affordable life insurance, except in the "Best for Cheapest Life Insurance" category. We firmly believe that each of these companies excels in its specific market niche, and while price is important, it shouldn't be the sole determining factor when selecting a life insurance policy or provider.

31

Quotes Analyzed

15+

Years of experience

15

Brands reviewed

32+

Research hours

Reviews of the best Life Insurance Companies in Pennsylvania


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 has been acknowledged as the best overall policy due to its many strengths. The company offers a wide selection of high-quality life insurance products, including term, whole, and universal life insurance, all at very competitive rates. Additionally, their policies provide a diverse range of riders to choose from.

The sales agents at MassMutual are highly trained and knowledgeable. They are referred to as “career agents” and have undergone extensive training on the company’s life insurance product line. These agents are dedicated to selling exclusively MassMutual products, which is advantageous for life insurance buyers who need to become more familiar with the different types of life insurance.

MassMutual’s financial strength was also a significant factor in our decision. It has received the highest rating possible from AM Best (A++ Superior) because of its outstanding financial strength and claims-paying ability.

Earning the title of Best Overall reflects MassMutual’s commitment to offering a wide variety of products backed by a proficient sales team, going beyond merely having the lowest rates. While MassMutual may not have the same level of brand recognition or market share as some competitors in Pennsylvania, it is a highly regarded and respected brand throughout the state.

Benefits & Drawbacks

Benefits
  • Exceptional financial ratings
  • Wide-ranging product offerings with numerous additional options
  • Offers the most budget-friendly rates in Pennsylvania
Drawbacks
  • The absence of an online option for purchasing whole life products
  • A comparatively lower J.D. Power rating in comparison to certain prominent competitors
  • Exclusive availability 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 renowned for its specialization 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 comprehensive training provided to their agents in serving the senior market.

The insurance company is widely recognized for its range of senior life insurance products, specifically designed to address the health concerns of seniors. These include two distinct types of policies tailored to senior needs. One is a guaranteed-issue policy that doesn’t necessitate a medical examination or health history inquiries, making it an ideal choice for seniors dealing with serious medical conditions like cancer, stroke, or heart problems.

The other option is a simplified-issue policy, which requires responses to medical history questions but doesn’t mandate a medical exam. This option suits seniors with less severe health issues such as high blood pressure or type 2 diabetes, who prefer to avoid a medical examination.

Senior citizens typically face higher life insurance costs compared to other age groups, and many place their trust in Mutual of Omaha. This company has established a strong presence in the insurance industry, particularly in catering to the needs of seniors through products like Medicare supplements and life insurance. Both Baby Boomers and their parents are familiar with and have confidence in this company, often having been exposed to it since childhood.

Furthermore, Mutual of Omaha stands out as one of the most recognized and respected names in senior insurance products. This reputation is bolstered by its robust direct mail program specifically targeting the senior market, along with the well-trained agents who possess in-depth knowledge of the product line.

Benefits & Drawbacks

Benefits
  • Offers seniors competitive rates in Pennsylvania
  • Ensures peace of mind for seniors with their highly trained agents
  • Demonstrates strong financial stability as a company
Drawbacks
  • Exhibits a higher ratio of complaints in comparison to certain competitors
  • Maintains a smaller agent presence in Pennsylvania when compared to numerous other major insurers

Best Life Insurance Companies for Seniors in Pennsylvania

Company Monthly Cost
MassMutual $36
Mutual of Omaha $41
Nationwide $46
State Farm $54
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 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, acknowledged as Pennsylvania’s top life insurance provider, also stands out as a financial leader with highly competitive rates across the state. Despite the presence of numerous low-cost term insurance companies in Pennsylvania, MassMutual maintains the most favorable rates.

While it’s not advisable to base your life insurance decision solely on price, it remains a crucial factor for life insurance buyers. MassMutual offers the best rates for individuals seeking life insurance in Pennsylvania, even though the company is primarily known for professionalism rather than affordability.

Nevertheless, MassMutual is committed to expanding its market share in Pennsylvania and is pursuing aggressive pricing strategies to achieve this goal.

When considering life insurance, affordability is a significant consideration in today’s economy. MassMutual emerges as an excellent option due to its offering of budget-friendly premiums and substantial coverage.

While their whole and universal life policies might not be as competitive in terms of pricing, MassMutual often provides generous coverage amounts for term life insurance since permanent life insurance tends to be pricier.

Benefits & Drawbacks

Benefits
  • Maintains a widespread network of well-trained agents who market MassMutual policies
  • Provides a comprehensive range of life insurance products
  • Demonstrates the lowest costs among our evaluations for life insurance in Pennsylvania
Drawbacks
  • Lacks the option for online applications when purchasing life insurance products
  • Restricts purchases solely to MassMutual agents

Cheapest Life Insurance Companies in Pennsylvania

Company Average Monthly Cost
MassMutual $10
Mutual of Omaha $12
Nationwide  $13
Transamerica $14
State Farm $21

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


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 recognizes its company’s strengths, including the provision of budget-friendly life insurance rates tailored to young adults. They understand that many young individuals are careful with their finances, especially when it comes to life insurance.

Therefore, Transamerica has structured its policies to cater to younger, budget-conscious consumers, enabling them to attain substantial coverage without straining their finances.

Additionally, the company has designed its website with a focus on younger buyers who value clear, concise information that is easily accessible and understandable. Transamerica has ensured that its website is informative and user-friendly, aligning with the preferences of this demographic.

The company firmly believes that everyone, regardless of age or budget constraints, should have access to the protection and peace of mind offered by life insurance.

Life insurance companies encounter a unique challenge when targeting younger buyers. Many young adults often don’t perceive the immediate necessity of life insurance. They tend to marry later and delay their life insurance purchases until they have dependents, such as children or spouses.

Nevertheless, companies like Transamerica persist in serving this demographic because younger individuals generally have lower mortality rates, which can translate into higher profitability.

Among the companies we assessed, Transamerica received the lowest rating for customer service. This aspect might be linked to their reliance on independent insurance agents for both sales and service. Some of these independent agents, particularly those working independently, may require improvements in their customer service capabilities.

Benefits & Drawbacks

Benefits
  • Online purchase option available for term life insurance
  • Offers policy face amounts as high as $10 million
  • Qualifying applicants can obtain coverage up to $2 million without the need for a medical examination
Drawbacks
  • The minimum face amount for term life insurance is set at $25,000
  • Records lower customer service satisfaction scores compared to competitors

Best Life Insurance Companies for Young Adults in Pennsylvania

Company Monthly Cost
Mutual of Omaha $16
MassMutual $17
Transamerica $18
Nationwide $20
Progressive Life $23

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


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

State Farm has consistently received high customer satisfaction rankings from J.D. Powers for its excellent policyholder service. This recognition is not surprising because State Farm has more agents in the field than any other insurance company in the U.S.

State Farm is well-known for its commitment to exceptional customer service, which policyholders greatly appreciate. What makes the company unique is its widespread network of local neighborhood offices, making it easy for policyholders to meet with their local agent for any sales assistance or policyholder service they need.

State Farm is well-known for its outstanding customer service and quick claims processing, which is crucial in the life insurance sector, particularly during difficult times when families rely on their life insurer for timely and compassionate support.

Benefits & Drawbacks

Benefits
  • Boasts a significantly lower number of customer complaints compared to the industry average
  • Holds top-notch financial ratings for its claims-paying ability
  • Offers a higher number of agents providing service than any other insurer
Drawbacks
  • The purchase of policies is restricted to State Farm agents exclusively
  • Presents a limited selection of riders for policy customization

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, a reputable company with numerous local offices for sales and service, lives up to its motto, ‘Nationwide is on your side,’ especially when it comes to Pennsylvania residents who are smokers seeking life insurance.

While Nationwide’s rates for smokers are slightly higher compared to its top competitors, our assessment leads us to conclude that it is the optimal choice for smokers in Pennsylvania due to its competitive rates, accessible agents, and excellent customer service.

Benefits & Drawbacks

Benefits
  • Boasts an expansive network of well-trained agents dedicated to marketing Nationwide policies
  • Presents a comprehensive array of life insurance products
  • Maintains numerous offices across Pennsylvania
Drawbacks
  • Lacks the option for online applications when purchasing life insurance products
  • Limits purchases exclusively to Nationwide agents

Best Life Insurance Companies in Pennsylvania for smokers

Company Average Monthly Cost
MassMutual $106
State Farm $105
Nationwide $109
Transamerica $116
Mutual of Omaha $117

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

For individuals who smoke and are considering life insurance, it’s crucial to be aware that premiums are significantly higher compared to nonsmokers. However, there is an opportunity to reduce these rates to a level comparable to those of nonsmokers. This can be achieved by providing evidence of tobacco abstinence for a specific period, typically ranging from 12 to 24 months, depending on the insurance company’s policy. It’s important to note that this process often involves a paramedical examination and a blood test to confirm the absence of nicotine in your bloodstream.

How to find the best life insurance company for you

When searching for life insurance in Pennsylvania, it’s crucial to recognize that there is no one-size-fits-all solution. At Insuranceopedia, we acknowledge the uniqueness of every individual’s circumstances.

That’s why we assess multiple insurance providers and present awards across various categories. To help you discover the most suitable life insurance for your specific needs, we recommend following these three steps:

  1. Assess your coverage needs: Determine the amount of coverage that suits your requirements. Many life insurance companies offer “life insurance calculators” on their websites, making it easier to gauge your coverage needs.
  2. Compare three companies: It’s wise to compare not only the rates but also the financial stability of insurance companies. While low rates are essential, they hold no value if your insurer can’t fulfill your claim.
  3. Take action: Many individuals researching life insurance fail to complete the purchasing process. Therefore, it’s crucial not to delay when acquiring life insurance. Your family’s financial security is at stake, so prompt action is vital.

Largest life insurance companies in Pennsylvania

Numerous life insurance companies operate in Pennsylvania. Below, we’ve listed the five largest companies based on 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%

Average Cost of Life Insurance in Pennsylvania 

Best Cheap Life Insurance Companies in Pennsylvania for Females 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12 $15
MassMutual $11 $16
Nationwide $10 $23
Transamerica $15 $28
State Farm $21 $32

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

Best Cheap Life Insurance Companies in Pennsylvania for Males 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10 $16
Nationwide $11 $17
Mutual of Omaha $12 $18
Transamerica $15 $31
State Farm $19 $32

 **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 Pennsylvania

The cost of life insurance in Pennsylvania depends on various factors, which include:

  • Your choice of life insurance company
  • Your age
  • Gender
  • Health condition
  • Smoking habits
  • Credit score
  • Any additional riders you include in your policy

Typically, men tend to have higher premiums compared to women due to their shorter lifespans. Smokers also face increased rates because of their shorter life expectancies. In Pennsylvania, your credit score may influence your insurance rate as well. Additionally, adding riders such as disability waiver of premium or child riders can impact the overall cost of your insurance policy.

How much life insurance do you need in Pennsylvania?

The amount of life insurance you need depends on your specific situation. Homeowners often require more coverage compared to renters, and individuals with dependents like children may also need higher protection.

Typically, life insurance agents advise getting coverage that’s 10 to 20 times your annual salary. For instance, if your yearly income is $75,000, you might consider coverage ranging from $750,000 to $1.5 million to ensure sufficient protection for your loved ones.

Pennsylvania life insurance laws to know

If you’re considering life insurance in Pennsylvania, it’s crucial to understand the state’s policies in place to safeguard policyholders. Here are some key regulations:

Contestable Period:

Pennsylvania law permits life insurance companies to reject a claim if they find that the policyholder provided false or misleading information within two years from the policy’s effective date. However, after this two-year period, the insurer cannot contest the application due to errors or discrepancies.

Free Look Period:

Upon receiving your life insurance policy, you have a 10-day window to review it. If you decide you don’t want the policy during this period, you can return it without penalties and receive a full refund of any premiums paid to the issuing insurance company.

Grace Period for Missed Payments:

Pennsylvania law allows a 30-day grace period if you miss a payment. During this time, you can make the payment without losing your coverage.

Claim Settlement Timeframe:

Beneficiaries must file a claim with the insurer to receive benefits. Once a claim is submitted, all life insurance companies in Pennsylvania must settle it within 30 days.

FAQs

Is life insurance more expensive in Pennsylvania?

The cost of life insurance in Pennsylvania is in line with rates in other states. When insurers charge higher premiums, it’s often because they’ve experienced more claims than expected. This can impact pricing but is a standard practice across the industry.

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

Our research indicates that MassMutual provides the best rate for a 10-year, $1 million term life policy in Pennsylvania, with a monthly premium of just $25. This makes it a cost-effective choice for many individuals seeking life insurance coverage in the state.

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

Typically, the monthly cost of life insurance in Pennsylvania for a 30-year-old male can start as low as $9.99 for coverage worth $250,000. Similarly, for females of the same age, it can be as affordable as $9.40 per month.

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