In this article, we will review the best life insurance companies in Indiana based on our comprehensive insurance knowledge and meticulous analysis of company data from authoritative channels.
We understand how important this decision is, and our goal is to arm you with the information you need to make the best decision possible. To find out more about each company’s practices and which one best suits your needs and situation, read on.
What is Life Insurance?
Life insurance is an agreement between the policyholder and a life insurance company. In exchange for the premiums paid by the policyholder throughout their lifetime, a life insurance policy promises that the insurer will pay a certain amount of money to one or more designated beneficiaries upon the insured person’s death.
Note that:
- When an insured person passes away, life insurance is a legally enforceable contract that gives the policy owner a death benefit.
- The policyholder of a life insurance policy must pay an initial premium and/or ongoing premiums in order for the policy to stay in effect.
- The face value of the policy, or death benefit, will be paid to the designated beneficiaries upon the insured person’s passing.
- Term life insurance plans have a certain number of years before they expire. Until the insured passes away, ceases making premium payments, or surrenders the policy, the permanent life insurance policy is still in effect.
- The quality of a life insurance policy is contingent upon the financial stability of the issuing life insurance company. If the issuer is unable to make payments, state guarantee funds may make the payments.
Types of Life Insurance
#1. Term life insurance
Term life insurance is intended to end after a specific number of years. When you purchase the policy, you select the term. Terms like 10, 20, or 30 years are typical. The finest term life insurance strikes a compromise between affordability and stable long-term finances.
- Decreasing term life insurance has coverage that decreases at a predetermined rate over the policy’s duration.
- Convertible term life insurance permits holders to convert a term insurance policy into permanent coverage.
- Renewable-term life insurance provides a quotation for the year when the policy is bought. Term insurance, which is initially the least expensive, frequently has annual premium increases.
Once the term is finished, you can renew the contract with many term life insurance policies annually. This is one method to prolong your life insurance policy, but the premiums can increase significantly each year because the renewal rate is determined by your present age. Converting your term life insurance policy to a permanent policy is a preferable option if you want permanent coverage. If this is crucial to you, look for a convertible term policy, as not all term life policies offer this choice.
#2. Permanent Life Insurance
Permanent life insurance remains in effect for the duration of the insured’s life, unless the policyholder cancels or stops making premium payments.
- Whole life insurance is a category of long-term life insurance. Throughout the insured person’s lifetime, it accrues financial value. Additionally, the policyholder of cash-value life insurance can use the cash value for a variety of things, including paying policy premiums and using it as a source of loans or cash.
- Universal life (UL) insurance is a kind of permanent life insurance that has an interest-bearing cash value component. The premiums for Universal Life are adjustable. The premiums can be structured with a level death benefit or an escalating death benefit, unlike term and whole life, and they can be changed over time.
- Indexed universal life (IUL) is a kind of universal life insurance in which the cash value component allows the policyholder to earn a fixed or equity-indexed rate of return.
- Variable universal life (VUL) insurance permits the policyholder to invest the cash value of the policy in a different account that is available. It can be constructed with a level death benefit or an escalating death benefit, and it also offers adjustable premiums.
Best Life Insurance Companies in Indiana
Average Monthly Life Insurance Rates In Indianapolis For Men
| Company | Rates for $250K Coverage | Rates for $926K Coverage (Recommended) |
| MassMutual | $10 | $15 |
| Nationwide | $10 | $15 |
| Mutual of Omaha | $10 | $16 |
| Transamerica | $14 | $27 |
| State Farm | $18 | $30 |
| AAA | $19 | $37 |
| Progressive Life | $21 | $40 |
| Prudential | $26 | $59 |
Average Monthly Life Insurance Rates In Indianapolis For Women
| Company | Rates for $250K Coverage | Rates for $926K Coverage (Recommended) |
| Nationwide | $10 | $13 |
| Mutual of Omaha | $11 | $14 |
| MassMutual | $9 | $14 |
| Transamerica | $12 | $21 |
| State Farm | $20 | $29 |
| AAA | $17 | $32 |
| Progressive Life | $18 | $33 |
| Prudential | $19 | $36 |
Most Popular Life Insurance Companies In Indiana
| Company | Market Share |
| Northwestern Mutual | 11% |
| Prudential | 5% |
| Indiana Farm Bureau | 5% |
| Lincoln Financial | 5% |
| State Farm | 5% |
| MassMutual | 4% |
| Transamerica | 3% |
Best Life Insurance Companies For Young People In Indiana
| Company | Monthly Cost |
| Mutual of Omaha | $14 |
| MassMutual | $15 |
| Transamerica | $16 |
| Prudential | $17 |
| Nationwide | $18 |
| State Farm | $21 |
| Progressive Life | $21 |
| AAA | $21 |
Best Life Insurance Companies For Seniors In Indiana
| Company | Monthly Cost |
| MassMutual | $37 |
| Mutual of Omaha | $42 |
| Nationwide | $43 |
| State Farm | $50 |
| Progressive Life | $67 |
| AAA | $70 |
| Transamerica | $72 |
| Prudential | $76 |
Best Life Insurance Companies For Smokers In Indiana
| Company | Monthly Cost |
| MassMutual | $95 |
| State Farm | $97 |
| Nationwide | $101 |
| Transamerica | $104 |
| Mutual of Omaha | $105 |
| Progressive Life | $151 |
| Prudential | $156 |
| AAA | $177 |
Indiana Life Insurance Laws You Should Know
It is crucial to comprehend Indiana’s insurance rules and regulations if you are searching for life insurance. Among the important laws are:
#1. Free-look period:
Insurance firms are not required by Indiana law to offer you a free look period during which you can evaluate the coverage. Additionally, in Indiana, insurers are not required to provide you with ten days’ notice to terminate your insurance, unlike in other states where they must. Nonetheless, the majority of businesses still provide a free trial. Since it is not mandated by law, you will need to confirm with the specific insurer.
#2. Grace period for late payments:
According to Indiana insurance legislation, you have 30 days to make up any missed premium payments on your coverage. This implies that, as long as you make your payment within the 30-day grace period, your insurer cannot terminate your coverage.
#3. Time allowable to pay a claim:
According to Indiana insurance legislation, life insurance companies have sixty days from the date of filing to settle a claim. The insurance begins to collect interest if the insurer does not make payment within the allotted 60 days, and the insurer may be penalized for the late payment.
#4. Life insurance protection:
The Indiana Life & Health Insurance Guaranty Association guarantees your life insurance policy for up to $300,000 in death payments and up to $100,000 for cash surrender per insured person in the unusual event that your insurer becomes insolvent.
How to Get an Indiana Life Insurance License
#1. Finish the Prelicensing Education Course as required. Online access to approved courses is available at www.sircon.com/Indiana by selecting “Look up education courses/credits” and doing an “Approved Courses Inquiry.
Note that there are no specific prelicensing education courses or study guides that are recommended by Pearson VUE or the Indiana Department of Insurance (IDOI).
#2. Make an appointment for the exam and cover the exam cost. You can make a reservation online at https://www3.pearsonvue.com/testtaker/profile/create/SignUp/ININS or by phone with Pearson VUE for the exam.
#3. Visit the testing facility and complete the test. On the day of the test, report to the testing facility with the necessary materials (see below). At the conclusion of the test, a score report with a pass or fail result will be given.
#4. Apply for a license. After passing the exam, apply for your license online at www.sircon.com/indiana or www.nipr.com. To get the full licensing procedures, visit the IDOI’s website at https://www.in.gov/idoi/2446.htm.
How to contact the Indiana Department of Insurance
Producer and Agency Licensing
311 West Washington Street, Suite 300
Indianapolis, IN, 46204
Phone: 317-232-2412
Website: http://www.in.gov/idoi
Email: [email protected]
What is State Farm Life Insurance?
State Farm, originally established as a car insurance provider in 1922, is now a mutual organization with 85 million active policies and accounts.
#1. Policies:
Term, whole, and universal life insurance plans are available from State Farm, along with a survivorship universal option. Additionally, there are multiple policies to select from within each category.
#2. Coverage Limits:
Your choice of policy will determine the coverage. For instance, the death benefits under two of the three terms of insurance start at $100,000, while the other policy’s coverage only extends to $50,000. Furthermore, coverage for whole and universal insurance begins at $25,000.
#3. Coverage Restrictions:
Massachusetts does not allow the State Farm Life Insurance Co. or the State Farm Life and Accident Assurance Co. to sell policies, and neither state nor Rhode Island advertises new coverage. Furthermore, two of its three-term policies have cutoffs of just 45 or 60, despite the fact that many of the policies have quite high age cutoffs (ranging from 75 to 90).
How much is life insurance per month in Indiana?
In Indiana, average life insurance costs $593 per year and $49 per month.
What are the big four life insurance companies?
#1. New York Life
In 2021, New York Life Insurance Company ranked second in terms of insurance market share in the United States with 8.3%. In addition to selling life insurance, New York Life also runs a thriving investment management company and offers mutual funds, annuities, and long-term care insurance.
Being a mutual insurance provider, New York Life is not listed on any stock exchanges. It declared record-breaking operating earnings of $2.2 billion for 2021. Additionally, the business declared a $1.9 billion dividend payment for 2021. Cash payments provided by businesses to their clients are known as dividends.
#2. Northwestern Mutual
In the United States, Northwestern Mutual Life Insurance Company controls 8.93% of the market. The company provides annuities, investment goods, and financial planning services in addition to life insurance and other insurance products. The business had $31.1 billion in revenue in 2020, up from $11.7 billion in 2020 and $34 billion in 2021.
Furthermore, Northwestern Mutual is a mutual insurance firm, meaning that policyholders, not stockholders, are the company’s primary beneficiaries. Benefits to policyholders increased from $11.5 billion in 2019 to $11.7 billion in 2020. The privately held business declared that it will pay out $6.5 billion in dividends, its highest amount to date, in 2022.
#3. MetLife
Metropolitan Life Insurance Company (NYSE: MET) provides financial products and insurance. Commonly referred to as MetLife, it holds 7.18% of the market share and is the third-largest life insurer in the United States. MetLife provides accidental death plans in addition to term, group, and variable universal life insurance.
In addition, the company offers a broad range of additional insurance products, including home and health. MetLife is more than just an insurance provider; it also helps small businesses offer benefits to their staff members and offers financial products, including retirement and investment programs.
#4. Prudential
Prudential Financial, Inc. (NYSE: PRU) provides mutual funds, insurance, annuities, investment management services, and other products. The business was established in 1875 and now has operations in more than 40 nations across Europe, Asia, and North and South America. In 2021, Prudential will have a 6.66% market share of all life insurance providers in the US.
Who is the best to get life insurance through?
The best life insurance companies for the categories are:
- Best overall: Northwestern Mutual.
- Best for customer satisfaction: State Farm.
- Best for seniors: Mutual of Omaha.
- Best for term life insurance: Guardian.
- Best for whole life insurance: MassMutual.
- Best for universal life insurance: Pacific Life.
How much does $50,000 worth of life insurance cost?
The typical cost of a $50,000 whole life insurance policy is between $100 and $500 per month. Keep in mind that certain aspects, like your health and gender, will have a big impact on the final price.
A complete life pricing table with some estimated monthly costs can be found below.
| Age | Male Non-Tobacco | Male Non Tobacco | FemaleTobacco | MaleTobacco |
| 40-49 | $73 – $98 | $74 – $107 | $98 – $137 | $117 – $186 |
| 50-59 | $99 – $152 | $111 – $167 | $142 – $208 | $193 – $264 |
| 60-69 | $159 – $264 | $174 – $291 | $314 – $427 | $314 – $432 |
| 70-79 | $256 – $456 | $307 – $512 | $394 – $652 | $445 – $895 |
| 80-85 | $483 – $603 | $533 – $676 | $578 – $1105 | $640 – $1297 |
| 86-90 | $25,000 is the limit in this age range | $25,000 is the limit in this age range | $25,000 is the limitat in this age range | $25,000 is the limit in this age range |
What not to say when applying for life insurance?
Never lie about your age, weight, drug or cigarette usage, or medical or mental health history while applying for life insurance. During the application procedure, being upfront and transparent guarantees the validity of your policy and the advantages your beneficiaries are meant to get.
Advantages of buying life insurance
#1. Life insurance provides financial security for your family.
The death benefit from your policy, which is the amount of money your beneficiaries get in the event of your death, can be used to pay for future living expenses for your family, such as your children’s college tuition and a mortgage. Additionally, it might act as a financial safety net for unforeseen costs.
#2. Life insurance is affordable enough for most people to afford.
Term life insurance is generally a cost-effective choice. For a term life insurance policy, your monthly premiums might be as low as $20, depending on your age at application and the amount of coverage you require.
#3. Having life insurance provides comfort.
In the same way that you aim to avoid becoming sick or getting into an accident, life insurance is similar to other products like health insurance or auto insurance in that you know you are covered in the worst-case scenario if you do.
#4. Life insurance provides a safety net.
Providing a financial safety net for your family in the event of your death is the aim of life insurance. For this reason, the majority of consumers decide to purchase a life insurance policy that will protect them until retirement.
#5. It is customizable.
Riders are optional additions to your life insurance policy that allow you to personalize it and add more coverage for special circumstances. You may find out what riders are available for your policy from your agent, as well as whether adding them will make financial sense.
#6. Applying for life insurance is now simpler than ever.
Online life insurance pricing comparisons are made simply by Policygenius. You can obtain free quotations from numerous of the best life insurance providers in the nation in just ten minutes or less.
What is the downside of life insurance?
#1. The cost of life insurance may increase if you’re older or have health issues.
The best time to buy life insurance is when you’re young and in relatively good health. Your age, family medical history, and medical profile all affect your premiums. Obtaining life insurance might be too expensive and may not be worthwhile if you are elderly or have significant health problems.
#2. The cost of whole-life insurance is high.
Term life insurance is much less costly than whole life insurance; whole life insurance frequently costs hundreds of dollars a month. Getting a whole life policy when you’re young will cost you a lot of money for something you may not even need because most people don’t require as much life insurance after they retire.
#3. Getting a life insurance policy can be intimidating.
When it comes to life insurance, there are many questions. For example, what form of policy is ideal for me? Which should I buy: whole life or term? Can I even get coverage at all? Do some businesses charge less than others for the same level of risk?
At what point is life insurance not worth it?
A life insurance policy might not be required if you are childless or if your loved ones can pay for final expenses out of your current savings or investments.
Why shouldn’t you wait to get life insurance?
Since there is less risk involved in providing a policy, it is thought that the younger you are, the healthier you will be when it comes to figuring out the cost of life insurance. Protecting your future insurability is a key benefit of purchasing life insurance when you are still young and healthy.
Is it better to save or have life insurance?
While savings might be plenty in the near term, they probably won’t be enough if your demands change. You can only be sufficiently supported via such modifications by life insurance. Get a life insurance quote online right now, or start examining your alternatives.
Is it really worth having life insurance?
However, life insurance is probably worthwhile if you have dependents who rely on you for money or if you have obligations that your family would have to pay off in the event of your death. It’s a wise financial safeguard that’s frequently included in a comprehensive financial strategy.
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