Best Life Insurance Companies In Pennsylvania For 2024

My research has shown that MassMutual is the best life insurance company in Pennsylvania.

min read
Updated: 15 April 2024
Written by
Bob Phillips
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During my research into life insurance carriers in Pennsylvania, I came to the conclusion that the best life insurance overall in the state is MassMutual.

Other companies that ranked at the top in my ratings were: Nationwide for smokers, Mutual Of Omaha for seniors, Transamerica for young adults, State Farm for customer service and MassMutual for cheap life insurance.

 

Best Life Insurance Companies In Pennsylvania, 2024

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, 2024

Compare The Best Life Insurance Companies In Pennsylvania

To help you review the top life insurance carriers in Pennsylvania, the table below has my preferred companies across important areas.

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

My approach was to conduct in-depth examinations of top insurers in the state, and then compare them to each other. Many factors were considered, such as: product offerings, online user experience, customer service ratings, and last, but not least, cost. My years of experience as an insurance sales agent gave me an edge that the average consumer shopping for life insurance wouldn't have. That experience, combined with the years I spent interacting with agents from different insurance companies, gave me an advantage that came in handy while compiling these reviews. It provided me with valuable insights into various insurance products, as well as services that are major facets of the insurance industry. Once I began rating life insurance companies, I didn't go by price alone, except for the "Best for Cheapest Life Insurance" category. In my considered opinion, each of these providers is outstanding in their particular market, and it pays to look at more than price if you want to secure the best life insurance for your unique circumstances.

31

Quotes Analyzed

15+

Years of experience

15

Brands reviewed

32+

Research hours

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

My research brought me to the decision that MassMutual was most deserving of the title “Best Overall” due to its many strong points. This company has a wide selection of quality insurance products, including term life, whole life, and universal life, all at competitive rates.

MassMutual also offers an impressive array of riders that can be added to your policy, too.

MassMutual’s sales agents are thoroughly trained in all areas of life insurance, and they only represent MassMutual’s insurance products, nobody else’s. These agents are sometimes referred to as “career agents” due to their knowledge of the company’s life insurance products.

This makes these agents well qualified to answer questions consumers might need answered. This is helpful to policyholders, or those still shopping around, who don’t know much about life insurance and want or need to know more.

MassMutual’s financial strength was another key influence in my ratings. This company has received the highest possible rating from AM Best (A++ Superior) based on its sturdy financial standing, along with its ability to settle claims.

My award of Best Overall shows MassMutual’s dedication to offering a wide range of insurance products, in addition to a well-trained sales and service team. This award wasn’t based on just price, although its rates are competitive. MassMutual might not have the brand recognition or market share of some of its competitors, but it’s a noteworthy insurance carrier in Pennsylvania.

Benefits & Drawbacks

Benefits
  • Diverse product portfolio with many riders
  • Superior financial rating
  • Cheapest rates in Pennsylvania
Drawbacks
  • Cannot buy whole life products online
  • Must buy through MassMutual agents only
  • Lower J.D. Power rating than some competitors

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 has been in business, and meeting the life insurance needs of seniors, for over 100 years. America’s older group of citizens put their faith in Mutual of Omaha, not due to its television show “Mutual of Omaha’s Wild Kingdom,” but because of its numerous strengths, among them the comprehensive training its agents receive on how to best serve the life insurance needs of the senior niche market.

This company is known for its wide variety of senior life insurance products, especially two that were designed exclusively for older people with health issues. One of these products is a guaranteed-issue policy that doesn’t require a medical examination or even access to your medical history, which elevates it to a favorite for seniors with serious health problems such as cancer, heart disease or stroke.

The second product is a simplified-issue policy that, while you are required to provide your medical history, you don’t have to undergo a medical exam. This policy is ideal for seniors with minor health problems such as hypertension (high blood pressure) or Type II Diabetes.

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 $38.39
Mutual of Omaha $43.47
Nationwide $44.21
State Farm $51.52
Progressive Life $69.12

*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, Pennsylvania’s top life insurer, offers the sound financial footing that consumers want in an insurance company. It also has cost- premiums, another perk that consumers find attractive. Other providers might have low cost term life insurance, but MassMutual’s rates are your best bet if you’re looking for high quality at a low price.

Although it isn’t wise to select your life insurance on price alone, you should be aware that MassMutual offers the most cost-friendly rates in Pennsylvania. MassMutual is better known for professionalism instead of low prices, but the company is committed to expanding its market share in Pennsylvania, and is using aggressive price strategies to reach this objective.

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 my evaluations for life insurance in Pennsylvania
Drawbacks
  • Lacks the option for online applications when purchasing life insurance products
  • You can only purchase through a MassMutual agent

Cheapest Life Insurance Companies in Pennsylvania

Company Average Monthly Cost
MassMutual $9.97
Nationwide $10.61
Mutual of Omaha $11.24
Transamerica $14.15
State Farm $18.96

*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 knows its own strengths, and one of those strengths is offering low-price life insurance rates for young adults. The company realizes that a lot of younger people are frugal with their financial expenditures, especially when the purchase is an intangible product such as life insurance. Because of this, Transamerica makes it a priority to keep rates within the spending guidelines of a demographic that wants to have maximum life insurance coverage without a maximum price tag.

Transamerica also understands that for this younger age group, doing business online is what they’re accustomed to and familiar with. The company’s website is designed to be fast, smooth and easy to navigate and transition from one section to another.

Young adult consumers expect an online experience that’s user-friendly with crystal clear information that they can move through quickly and efficiently. Transamerica’s website provides that experience, making it possible for visitors to access the site with ease. Transamerica believes that everybody, regardless of age or financial situation, deserves the protection and peace of mind that is provided by life insurance.

Of the companies that I reviewed for this research, Transamerica came in the lowest in customer service. This might be due to Transamerica only using independent agents for sales as well as service. Some independent agents, working without company supervision, probably have room for considerable improvement in those areas, which would account for the less than perfect ratings in customer service.

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
Transamerica $15.12
Mutual of Omaha $16.82
MassMutual $17.03
Nationwide $21.02
Progressive Life $24.20

*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

J.D. Powers is a top marketing research firm in the United States, founded in 1909. This prestigious firm has long ranked State Farm as a life insurance company with superlative customer satisfaction. This commendation is a result of State Farm’s dedication to excellent customer service. It probably isn’t surprising, as State Farm has more agents in the field than any other insurance company in the nation.

State Farm is recognized for its great customer service, which is an area that’s appreciated by policyholders. State Farm also excels by placing many local offices where policyholders can meet fin person with local agents to get whatever help they need, when they need it.

State Farm receives acclaim for its superior customer service and quick claims process. Claim processing is a key area in the landscape of a life insurance company, and even more so when loved ones are mourning, dependent on an insurance provider for help that’s timely and compassionate.

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 is a reputable company with numerous local sales and service offices, making customer service easy and convenient for policyholders. The company’s famous slogan: “Nationwide is on your side,” holds true for smokers who reside in Pennsylvania and are actively looking around to purchase life insurance at a rate that won’t break the bank.

Nationwide’s rates for smokers may be higher than some of its competitors, but I think it’s still a viable choice for smokers because of its easy access to agents, excellent customer service, local offices, and competitive rates.

Benefits & Drawbacks

Benefits
  • Boasts an expansive network of well-trained agents dedicated to marketing Nationwide policies
  • Offers a full range 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
State Farm $127.30
MassMutual $128.36
Nationwide $135.07
Mutual of Omaha $135.86
Transamerica $137.24

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

How To Find The Best Life Insurance Company For You

If you live in Pennsylvania and want to secure life insurance, you should know that when it comes to life insurance, there is no one-size-fits-all. Insuranceopedia knows that each person’s situation is unique to that individual alone. I kept this in mind while reviewing various insurance companies and assigning awards for the different categories, based on my research.

What might be the ideal coverage for one person might not be best for the next. So, it makes sense to shop around before buying. To make sure you’re getting the best life insurance for your particular circumstances, I recommend that you follow these three steps:

  1. First, you need to determine what amount of life insurance coverage will be adequate. Many life insurance companies have “life insurance calculators” on their websites that you can use to help you figure how much is enough for your needs.
  2. Select 3 companies that appear suitable for your circumstances, then make comparisons between them. Comparing life insurance is a smart move, but don’t make the mistake of comparing just price and nothing else. You should compare coverage, financial strength, customer reviews, and other important elements. Low premiums are important, but cheap premiums won’t help your family if your life insurance company can’t pay a claim.
  3. When you’ve narrowed your choices down to just one company, it’s time to submit an application for coverage. Most companies will accept online applications, but if they won’t, you’ll need to meet with an agent. A lot of life insurance shoppers don’t continue on to become life insurance buyers, telling themselves they’ll get it another time. But, the thing about life insurance is that by the time it’s needed, it’s too late to get it. Your family’s financial security is up to you, so it’s vitally important not to postpone purchasing life insurance.
 

Largest Life Insurance Companies In Pennsylvania

There are many life insurance companies operating in Pennsylvania. Here are the five largest, measured by market share:

Company Market Share
New York Life 9.79%
State Farm 7.60%
Northwestern Mutual 6.81%
Primerica 3.87%
Southern Farm Bureau Life Insurance 3.67%

Average Cost Of Life Insurance In Pennsylvania For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12.02 $15.04
Mass Mutual $13.03 $16.02
Nationwide $10.01 $23.02
Transamerica $15.01 $28.05
State Farm $21.03 $32.04

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

Average Cost Of Life Insurance In Pennsylvania For Males 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10.03 $16.02
Nationwide $11.04 $17.03
Mutual of Omaha $12.01 $18.01
Transamerica $15.02 $31.04
State Farm $19.02 $32.01

 **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 price of life insurance in Pennsylvania is affected by a number of factors, including:

  • Health status
  • Age
  • Gender
  • Smoking habits
  • Riders added to your policy
  • Credit score

It’s not extraordinary for men to have higher life insurance costs than women because on the average, men have shorter life spans. This is kind of the same way it works with insurance rates for smokers.

Male as well as female smokers will generally pay more expensive rates for life insurance because on average, they have shorter life spans than nonsmokers. Insurance carriers in Pennsylvania may look at other factors, also, such as your health status or credit score, when they’re calculating your rates.

If you add riders to your policy, a child rider or a disability waiver of premium for instance, this will cause higher rates, too.

How Much Life Insurance Do You Need In Pennsylvania?

The amount of life insurance that will be adequate for your needs depends on your circumstances. Homeowners, for example, generally need more life insurance coverage than those who rent. People with dependents typically need more coverage, too.

Most life insurance agents will probably advise you to secure coverage of ten to twenty times your annual wages to ensure there’s enough coverage for your family. For example, if your annual income is $75,000, you may need coverage ranging from $750,000 to $1.5 million in order for your loved ones to live comfortably.

Pennsylvania Life Insurance Laws To Know

If you intend to buy life insurance in Pennsylvania, you may find it helpful to acquire some knowledge of the state’s guidelines that were put into place to protect policyholders. These laws include:

Contestable Period

Life insurance companies in Pennsylvania can deny paying a claim if it comes to light that the policyholder gave false or misleading information on their application, within the first 2 years of the policy’s effective date. But, once 2 years have passed the insurer can’t contest the application because of errors or discrepancies.

Free Look Period

Once you receive your life insurance policy, you’ll have ten days to review it. If you then decide that you don’t want the policy after all within this ten day period, you can return it with no penalty, and receive a full refund for any premiums paid.

Grace Period For Missed Payments

If you miss a payment, Pennsylvania law allows you a thirty day grace period. During this time, you’ll be able to make the late  payment and not lose your insurance.

Time Allowable To Settle A Claim

Beneficiaries must file a claim with the insurance company to receive benefits. After the claim has been filed, life insurance companies in Pennsylvania are required to pay the claim within thirty days.

Guarantee Of Death Claims

The South Carolina Life and Accident and Health Insurance Guaranty Association guarantees payment of life insurance claims to as much as $300,000 per person.

 

FAQs

Is life insurance more expensive in Pennsylvania?

No, it’s in-line with life insurance rates in other states. If companies charge higher rates, it may be because they underestimated and paid out more claims than they expected to.

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

According to my research, MassMutual has optimal rates for a ten year term life policy of $1 million in Pennsylvania, with a premium of approximately $25 monthly.

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

Life insurance premiums for an average thirty year old male in Pennsylvania will be in the neighborhood of $9.99 monthly for $250,000 of coverage. The same coverage amount for a thirty year old female in Pennsylvania will be about $9.40 monthly.

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