Best Life Insurance Companies In Utah For 2024
My research has shown that MassMutual is the best life insurance company in Utah.
If you make your home in Utah and are thinking about purchasing life insurance, you probably hope that it isn’t going to be a hassle searching out and buying a policy. My aim is to help you accomplish this task by conducting research that will save you time and money.
In the course of my research into life insurance companies in Utah, I formed the opinion that the best life insurance in the state is MassMutual.
Life insurance is one of the most important purchases you’ll ever make. Without it, your family may not be able to live the comfortable lifestyle you want for them if you passed away. Making sure there’s enough insurance coverage to provide peace of mind, protection and security for your loved ones shows your commitment to them, too.
Best Life Insurance Companies In Utah, 2024
Compare The Best Life Insurance Companies In Utah
To help you review the leading life insurance carriers in Utah, this table shows my preferred companies across several areas.
| Best For | Overall Rating | A.M. Best Rating | Online Experience | J.D. Power Rating | Get A Quote | |
|---|---|---|---|---|---|---|
| MassMutual |
Best Overall |
|
A++ |
9.7 |
780 |
Instant Quote |
| Transamerica |
Young Adults |
|
A |
9.8 |
740 |
Instant Quote |
| State Farm |
Best For Customer Service |
|
A++ |
9.5 |
839 |
Instant Quote |
| Mutual of Omaha |
Seniors |
|
A+ |
9.7 |
801 |
Instant Quote |
| MassMutual |
Best For Cheapest Life Insurance |
|
A++ |
9.7 |
780 |
Instant Quote |
| Nationwide |
Best For Smokers |
|
A+ |
9.6 |
791 |
Instant Quote |
Our Methodology
My approach was to do extensive examinations of leading insurers within the state, and compare them to each other. Multiple elements were considered, including: product offerings, cost, online user experience, and customer service ratings. My life experience in life insurance products gave me an edge that the majority of consumers shopping for life insurance wouldn't have. That experience, combined with the years I spent interacting with agents from various insurance companies, came in handy while conducting these reviews. It gave me valuable insights into different insurance products, and services that are key facets of the insurance industry, as well.
Quotes Analyzed
Years of Experience
Brands Reviewed
Research Hours
The Best Life Insurance Companies In Utah
Best Overall
Key Statistics
Why We Like Them
⇅Research brought me to the opinion that MassMutual was the most qualified to have the title “Best Overall” due to its many strengths. The company has a diverse range of high quality insurance products, including whole life, universal life, and term life…all at competitive rates. MassMutual has a sizable array of available riders, too, that you may add to your policy.
MassMutual’s sales agents are comprehensively trained in every aspect of life insurance, and they only represent MassMutual’s insurance products, no other company’s. So, they’re specialists in MassMutual insurance, something that is beneficial to policyholders and anyone looking to secure life insurance. These agents are sometimes referred to as “career agents” because of their exhaustive knowledge of the insurer’s life insurance products.
MassMutual’s financial strength and stability were other factors that affected my ratings. The company has received the highest rating from AM Best (A++ Superior) based on its impressive financial strength, along with its ability to pay claims.
My ranking of Best Overall is a reflection of MassMutual’s dedication to providing a varied selection of insurance products, in addition to maintaining a competent sales and service team. This determination wasn’t based on just price, although its rates are competitive. MassMutual may not have the brand recognition or market share as some of its competition, but nevertheless it’s a respected, long established insurance carrier in Utah.
Benefits & Drawbacks
⇅- Superior financial ratings
- Extensive product range with numerous riders
- Most affordable rates in Utah ✓
- Whole life products cannot be purchased online
- J.D. Power rating is lower than some major competitors
- Purchase only possible through MassMutual agents ✘
Best For Seniors
Key Statistics
Why We Like Them
⇅Since way back in 1909, Mutual of Omaha has been serving the life insurance needs of seniors. America’s older group of consumers put their faith in Mutual of Omaha, not because of its television show “Mutual of Omaha’s Wild Kingdom,” but due to its many strengths. Chief among these strengths is the intensive training its agents receive on how to best address the life insurance needs of the senior niche market in the U.S.
The company is well known for its wide range of senior life insurance products, especially two that were designed especially for older people with health problems. One of these is a guaranteed-issue policy, which means no medical exam or sharing your health records. This makes it a favorite amongst seniors with serious health conditions such as cancer, heart disease, or stroke.
The second product is a simplified-issue policy that, while you’ll have to provide your medical history, you won’t need to have a medical examination. This policy is ideal for seniors with minor health problems such as Type 2 Diabetes or hypertension (high blood pressure).
Benefits & Drawbacks
⇅- Competitive rates for seniors in Utah
- Provides peace of mind to seniors through well-trained agents
- Strong financial stability ✓
- Higher ratio of complaints compared to some competitors
- Presence of fewer agents in Utah than many other major insurers ✘
Best Life Insurance Companies For Seniors In Utah
| Company | Monthly Cost |
| MassMutual | $35.02 |
| Mutual of Omaha | $41.01 |
| Nationwide | $42.02 |
| State Farm | $49.01 |
| Progressive Life | $67.03 |
*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
Key Statistics
Why We Like Them
⇅Transamerica is a company that realizes its own strong points, and one of those is offering low cost life insurance for young adults. This insurance carrier is aware, too, that many younger people are careful with their expenditures, especially when the purchase is an intangible product such as life insurance.
So with this in mind, Transamerica actively tries to keep rates within the budgetary guidelines of a demographic that wants big benefits with small prices.
Transamerica also realizes that with this younger age group, doing business online is what they’re accustomed to and what they prefer. The company’s website is therefore designed to meet the expectations of younger adults.
It’s fast, smooth and easy to navigate, transitioning from one section to another with ease. Transamerica’s sincere belief is that everyone, regardless of their age or financial situation, deserves the security and protection of life insurance.
Of the companies I included in my reviews for this research, Transamerica had the lowest rating in customer service. This could be because Transamerica uses only independent agents for sales and service. Some independent agents, working without company supervision, probably have room for improvement in those areas. This would certainly account for the low ratings in customer service.
Benefits & Drawbacks
⇅- 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 ✓
- 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 Utah
| Company | Monthly Cost |
| Mutual of Omaha | $13.02 |
| MassMutual | $14.05 |
| Transamerica | $14.08 |
| Nationwide | $17.03 |
| Progressive Life | $20.01 |
*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.
Best For Smokers
Key Statistics
Why We Like Them
⇅Nationwide is a high profile company with many local sales and service offices, making its customer service easy and convenient. The company’s famous slogan: “Nationwide is on your side,” is true for smokers who live in Utah and are hoping to purchase life insurance at a price that won’t bust their budget.
Nationwide’s premiums for smokers may be higher than some of its competitors, but I believe it’s still a great choice for smokers due to its competitive rates, easy access to agents, great customer service, and local offices.
Benefits & Drawbacks
⇅- Extensive network of trained agents selling Nationwide policies
- Offers a complete range of life insurance products
- Numerous offices located throughout Utah ✓
- No option for online applications for life insurance products
- Limited to purchasing through a Nationwide agent ✘
Best Life Insurance Companies In Utah For Smokers
| Company | Average Monthly Cost |
| MassMutual | $102.02 |
| State Farm | $102.08 |
| Nationwide | $106.01 |
| Transamerica | $112.02 |
| Mutual of Omaha | $113.05 |
*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker
Best For Customer Service
Key Statistics
Why We Like Them
⇅J.D. Powers is a long established marketing research firm in the United States that was founded back in 1909. This prestigious firm has repeatedly recognized State Farm as a life insurance company with a high level of customer satisfaction.
I feel sure that this is a result of State Farm’s commitment to excellent customer service. It’s not surprising, since State Farm has more agents in the field than any other insurance company in the U.S..
State Farm is often commended for its outstanding customer service, an area that consumers appreciate.
The company also stands out by having numerous local offices where consumers can meet in person with agents for the assistance they need, in a timely manner.
State Farm receives much recognition for its excellent customer service along with its fast claims process. Claim processing is an important element in a life insurance company, especially when loved ones are mourning, looking to an insurance company for assistance that’s both timely and compassionate.
Benefits & Drawbacks
⇅- 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 ✓
- Limited to purchasing policies from State Farm agents
- Availability of only a limited number of riders ✘
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅MassMutual, a leading company in Utah life insurance, offers the solid financial base that consumers want in an insurance company. It has cost-conscious premiums, also, which is another plus that consumers find attractive. Other providers may have low price term life insurance, but MassMutual should be your go-to life insurance carrier if you want low rates along with superior coverage.
Although it isn’t prudent to choose your life insurance on nothing but price, you should know that MassMutual has the most pocketbook friendly premiums in Utah. MassMutual is best known for professionalism rather than low prices, but is committed to expanding its market share in Utah, and using aggressive price strategies to attain this objective.
Benefits & Drawbacks
⇅- Extensive network of well-trained agents marketing MassMutual policies
- Provides a comprehensive array of life insurance products
- Considered the most economical choice for life insurance in Utah according to our assessment ✓
- No provision for online applications for life insurance products
- Restricted to purchasing through a MassMutual agent ✘
Cheapest Life Insurance Companies In Utah
| Company | Average Monthly Cost |
| MassMutual | $9.02 |
| Mutual of Omaha | $10.01 |
| Nationwide | $10.02 |
| Transamerica | $13.04 |
| State Farm | $19.01 |
*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
If you make your home in Utah and want to purchase life insurance, you should know that in the matter of life insurance, there’s no one-size-fits-all policy. Insuranceopedia realizes that every individual’s situation is unique to that person alone and nobody else.
I kept this in mind while reviewing different insurance companies and assigning awards for the various categories. The ideal coverage for one person might not be best for the next person. So, it makes sense to shop around before securing life insurance.
To ensure that you’re getting the best life insurance for your particular needs, I recommend that you follow these three steps:
- First of all, determine how much life insurance coverage you need. Most life insurance companies have “life insurance calculators” available on their websites to help you figure how much is adequate for your situation.
- Select three companies that seem like a good fit for your circumstances, then make comparisons between them. Comparing life insurance is a good move, just don’t make the mistake of comparing price and nothing else. You should compare financial strength, customer reviews, coverage, and other important areas. Low premiums are great, but low premiums won’t help your family if your life insurance company can’t pay a claim.
- When you’ve narrowed your choices to one company, you can submit an application for coverage to that top choice. Most companies do accept online applications, but not all. If you run across one that won’t, you will have to meet with an agent. Too many life insurance shoppers don’t continue on to become life insurance buyers, telling themselves they’ll get it later. But, here’s the thing about life insurance: By the time it’s needed, it’s too late to get it. Your family’s financial security is in your hands, so don’t postpone securing life insurance.
Largest Life Insurance Companies In Utah
There are many life insurance companies operating in Utah. Here are the five largest, measured by market share:
| Company | Market Share |
| New York Life | 9.8 |
| State Farm | 7.5 |
| Northwestern Mutual | 4.2 |
| Primerica | 3.4 |
| Southern Farm Bureau Life Insurance | 3.2 |
Average Cost Of Life Insurance Companies In Utah For Females
| Company | Rates for $250,000 Coverage | Rates for $632,000 Coverage |
| Mass Mutual | $8.99 | $14.07 |
| Mutual of Omaha | $10.04 | $13.01 |
| Nationwide | $10.08 | $21.01 |
| Transamerica | $13.25 | $26.06 |
| State Farm | $19.37 | $30.02 |
*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker
Average Cost Of Life Insurance Companies in Utah for Males
| Company | Rates for $250,000 Coverage | Rates for $632,000 Coverage |
| MassMutual | $8.98 | $16.03 |
| Nationwide | $10.04 | $16.02 |
| Mutual of Omaha | $10.01 | $17.02 |
| Transamerica | $14.02 | $29.04 |
| State Farm | $18.07 | $32.05 |
**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 Utah
The price of life insurance in Utah is affected by a number of factors, including:
- Age
- Gender
- Health status
- Smoking habits
- Credit score
- Riders added to your policy
Statistically, men have higher rates for life insurance than women because males tend to have shorter life spans than women. This works in a similar manner with life insurance rates for smokers. Male and female smokers pay more for life insurance because they may have shorter life spans than those of nonsmokers.
Insurance providers in Utah will look at other factors, as well, such as health status or credit score, when they’re figuring your rates. If you tack on riders to your policy, for example a child or disability waiver of premium, this will incur increased rates, also.
How Much Life Insurance Do You Need In Utah?
How much life insurance you need is dependent on your particular situation. For example, homeowners usually need more life insurance coverage than renters. Those with dependents will ordinarily need more coverage, as well.
The majority of life insurance agents will recommend that you purchase coverage of 10-20 times your yearly income to make sure there’s enough to provide for your family. For instance, if your annual income is $75,000, you may need coverage ranging from $750,000 to $1.5 million for your family to live comfortably.
Utah Life Insurance Laws To Know
Anyone living in Utah and shopping around for life insurance might find it helpful to acquire some knowledge of the state’s guidelines that were implemented to protect policyholders. These laws include:
Contestable Period
Within the first two years of the policy’s effective date, life insurance companies in Utah may deny paying claims if they discover that the policyholder provided false or misleading information on the application. However, once those two years have elapsed, the insurer cannot contest the application due to errors or discrepancies.
Free Look Period
When you receive a life insurance policy, you’ll have 10 days to review it. If you decide that you don’t want it within this 10 day timeframe, you can return it without penalty, and receive a full refund of any premiums you have paid.
Grace Period For Missed Payments
If you miss a payment, under Utah law you have a 30 day grace period. During this time, you can still pay the late payment and will not lose your insurance.
Time Allowable To Settle A Claim
Beneficiaries are required to file a claim with the insurance company to receive benefits. Once the claim has been filed, life insurance companies in Utah must pay the claim within thirty days.
FAQs
Is life insurance more expensive in Utah?
No, the cost of life insurance in Utah is comparable to rates in other states across the country. When companies charge higher rates, it might be because they’ve paid more claims than they anticipated.
What is the average monthly cost of life insurance in Utah?
Life insurance premiums for the average 30 year old man in Utah are about $10 monthly for $250,000 of coverage. The same coverage amount for a 30 year old female in Utah will cost about $9.50 monthly.
How much per month is a million-dollar life insurance policy in Utah?
According to my research, MassMutual offers the best rates for a 10 year term life policy of $1 million in Utah, with a monthly premium of about $25.
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