Best Life Insurance in Providence, RI (October 2024)
Updated: October 23, 2024
Advertising & Editorial Disclosure
Protective is the best life insurance provider in Providence, Rhode Island, with a MoneyGeek score of 92 for men and women. It offers an average monthly premium of $13 for women and $16 for men. The score and premium costs are based on a 20-year term policy with $500,000 coverage.
It's important to consider different factors when deciding what type of life insurance to buy. Your unique needs may mean a different company is best for you.
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies in Providence, Rhode Island.
Coverage costs and company information for life insurance providers were updated in October 2024.
BestLife InsuranceProvidence, RIBest Life Insurance Companies in Providence
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the overall best life insurance companies:
This was done using the average profile with a 20-year term policy and $500K coverage.
Protective offers the best life insurance in Providence, with a MoneyGeek score of 92 out of 100 for men and women. Its average monthly premiums are $16 and $13, respectively.
Top providers for men:
Top providers for women:
Protective stands out due to its high MoneyGeek score and affordable premiums. These attributes make it the best choice for the average individual looking to purchase life insurance in Providence.
In Providence, Protective is the premier choice for life insurance for men and women, with a MoneyGeek score of 92 for both. The company offers a balance of cost and quality, with average monthly premiums of $16 for men and $13 for women. Customers can trust in Protective's exceptional service and financial reliability when considering their life insurance needs.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies:
Quotes gathered were for a $250K life insurance policy with a 10-year term.
In Providence, Protective is the best term life insurance provider, with a MoneyGeek score of 91 for men and women. The average monthly premium is $8 for men and $7 for women. This ranking indicates that Protective offers a balance of affordability, customer satisfaction and financial stability, making it a strong choice for individuals in the market for term life insurance.
The top two term life insurance companies for men are:
For women, the top two are:
Term life insurance is a policy that provides coverage for a specific term, offering a death benefit to beneficiaries if the insured passes away during the term. For example, a parent might buy term insurance to ensure their child's education expenses are covered in the event of their untimely death.
In Providence, Protective is the premier choice for men and women seeking term life insurance, with a MoneyGeek score of 91 for both genders. It provides a balance of quality and value at an average monthly premium of $8 for men and $7 for women.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best whole life insurance companies:
We did not weigh affordability as we did not collect whole life insurance quotes. The company below has the highest score among the companies that offer whole life insurance policies based on a 20-year term at $500K coverage.
Protective is the top provider of the best whole life insurance in Providence, with a MoneyGeek score of 92 for men and women. This high score indicates that Protective offers a reliable balance of affordability, customer satisfaction, financial stability and product diversity.
Top whole life companies for men in Providence:
Top whole life companies for women in Providence:
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire lifetime. One key reason to choose whole life insurance over other types is the guaranteed death benefit and cash value accumulation, which can serve as a financial resource for beneficiaries or even the policyholder during their lifetime. For instance, a person might purchase whole life insurance to ensure their family's financial security or to plan for estate taxes.
Protective is the premier choice for whole life insurance in Providence, with a MoneyGeek score of 92 for men and women. The company's commitment to customer satisfaction and affordability sets it apart as a reliable option for life insurance seekers.
Pros:
Cons:
Ensure you're getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best universal life insurance companies:
We did not weigh affordability as we did not collect universal life insurance quotes. The company below has the highest score among the companies that offer universal life insurance policies over a 10-year term for $250K coverage.
Providence residents seeking the best universal life insurance can turn to Protective, which has a MoneyGeek score of 91 for men and women. This score indicates a strong performance across affordability, customer satisfaction, financial stability and product diversity, making it a solid choice for individuals looking to secure their financial future with a universal life insurance policy.
Best universal life insurance for men:
Best for women's universal life insurance:
Universal life insurance is a flexible type of life insurance that offers a death benefit and a savings component. For example, someone might choose universal life insurance over term life insurance for its potential cash value growth and the ability to adjust premiums and benefits over time.
In Providence, Protective is the premier choice for universal life insurance for men and women. With a MoneyGeek score of 91 for each gender, the company ensures comprehensive coverage and satisfaction.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies that don't require a medical exam:
We did not weigh affordability as we did not collect any insurance quotes for this category. The company below has the highest score among the companies that offer life insurance policies without mandatory medical exams for a 10-year term with $250K coverage if the insuree was in poor health.
Protective provides the best no-medical-exam life insurance in Providence, with a MoneyGeek score of 91 for men and women. Protective's top ranking is a testament to its consistent performance across affordability, customer satisfaction and financial stability, making it a solid choice for individuals seeking reliable life insurance without needing a medical exam.
Best no-medical-exam life insurance for men:
Best life insurance for women that does not require a medical exam:
Life insurance without a required medical exam allows individuals to secure a policy more quickly and with less hassle than traditional life insurance. It can be ideal for those with health concerns or a need for expedited coverage. For example, someone with a busy lifestyle or minor health issues might choose this insurance for its convenience and speed.
In Providence, Protective is the best choice for life insurance with no mandatory medical exam. Its MoneyGeek score of 91 for men and women reflects the company's commitment to customer satisfaction and financial stability.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for seniors:
We derived quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer's age to 70.
For Providence residents seeking the best term life insurance for seniors, Mutual of Omaha stands out with a MoneyGeek score of 91 for men and women. Its average monthly premiums are $33 and $30, respectively.
Age significantly influences life insurance premiums, with costs typically increasing as you age. Mutual of Omaha's top scores reflect its excellence in customer satisfaction, financial stability and product diversity, making it a prime choice for those prioritizing dependability in their insurance provider.
| 1 | Mutual of Omaha | $33 | 91 |
| 2 | Protective | $36 | 91 |
| 3 | Nationwide | $39 | 89 |
| 4 | Allstate | $31 | 89 |
| 5 | AAA | $43 | 88 |
| 6 | Transamerica | $37 | 87 |
| 7 | Prudential | $38 | 86 |
| 8 | Haven | $62 | 82 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for people who smoke:
We collected quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer to reflect an active smoker.
For those in Providence seeking the best term life insurance for smokers, Mutual of Omaha stands out with a MoneyGeek score of 91 for men and 90 for women. Its average monthly premiums are $34 and $31, respectively.
Smoking is a significant factor in determining life insurance premiums due to the health risks it poses, often resulting in higher costs for smokers than nonsmokers. Mutual of Omaha's top ranking reflects its strong performance across various metrics, including customer satisfaction and financial stability. These scores are crucial for individuals looking for reliable coverage and a smooth buying process.
| 1 | Mutual of Omaha | $34 | 91 |
| 2 | AAA | $41 | 88 |
| 3 | Protective | $56 | 88 |
| 4 | Transamerica | $34 | 88 |
| 5 | Prudential | $33 | 88 |
| 6 | Nationwide | $47 | 87 |
| 7 | Allstate | $51 | 85 |
| 8 | Haven | $60 | 82 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for young adults:
We collected quotes using a $250K life insurance policy with a 10-year term for a 20-year-old buyer.
For the best term life insurance for young adults in Providence, Protective stands out with a MoneyGeek score of 92 for men and women. Its average monthly premiums are $5 and $4, respectively. Protective's high MoneyGeek score reflects its overall value, including affordability, customer satisfaction and financial stability.
Age plays a significant role in determining life insurance premiums. Younger adults generally benefit from lower premiums due to their lower risk profiles. Protective offers a balanced combination of cost and quality for young adults in Providence seeking term life insurance.
| 1 | Protective | $5 | 92 |
| 2 | Mutual of Omaha | $5 | 92 |
| 3 | Nationwide | $7 | 90 |
| 4 | AAA | $6 | 89 |
| 5 | Allstate | $5 | 89 |
| 6 | Transamerica | $5 | 88 |
| 7 | Prudential | $8 | 87 |
| 8 | Haven | $6 | 86 |
| 9 | Bestow | $24 | 83 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best cheap term life insurance companies:
We adjusted the weighting to favor affordability for a $250K life insurance policy with a 10-year term.
In Providence, Allstate offers the best cheap term life insurance for men, with a MoneyGeek score of 91 and an average monthly premium of $7. For women, Protective leads with a MoneyGeek score of 91 and a monthly premium of around $7. Allstate and Protective excel in affordability, customer satisfaction and financial stability, contributing to their high MoneyGeek scores.
Several factors influence the cost of life insurance premiums, including age, health, coverage amount and term length. To get the lowest premiums, individuals should maintain good health, avoid tobacco and choose a suitable coverage amount and term length.
| 1 | Allstate | $7 | 91 |
| 2 | Mutual of Omaha | $8 | 91 |
| 3 | Protective | $8 | 91 |
| 4 | Transamerica | $9 | 87 |
| 5 | Nationwide | $10 | 86 |
| 6 | AAA | $10 | 85 |
| 7 | Prudential | $11 | 82 |
| 8 | Haven | $11 | 81 |
The average monthly cost of term life insurance in Providence is $12 for women and $15 for men.
Several factors can affect the cost of life insurance premiums, including age, health, lifestyle, occupation, coverage amount and policy term. Insurance companies assess these factors to determine the risk and set the premium accordingly.
In Providence, the cost of life insurance might vary compared to the rest of Rhode Island due to local health statistics, economic conditions, crime rates and lifestyle factors. For instance, if Providence has higher health care costs or a higher prevalence of certain health conditions, premiums might be higher. Conversely, premiums could be lower if the area has a lower cost of living or lower crime rates. Understanding these factors can help you make informed decisions when purchasing life insurance and ensure you get the best coverage for your needs.
Protective offers the best life insurance for men in Providence. Its MoneyGeek score of 92 out of 100 reflects its strong affordability, customer satisfaction and financial stability.
The average monthly premium for the best life insurance for men in Providence is $16. This cost is based on a 20-year term policy with coverage ranging from $250,000 to $500,000 and assumes excellent health and no tobacco use.
Protective is the best life insurance company for women in Providence. With a MoneyGeek score of 92 out of 100, it excels in affordability, customer satisfaction and financial stability.
The average monthly premium for the best life insurance for women in Providence is $13. This cost is for a 20-year term policy with coverage ranging from $250,000 to $500,000, based on excellent health and no tobacco use.
Life insurance in Providence is similar to the rest of Rhode Island. Protective offers the best policies in both regions, with consistent scores in affordability, customer satisfaction and financial stability. However, premium costs may vary slightly based on individual health and coverage needs.
If a life insurance company goes bankrupt in Providence, policies are typically protected by state guaranty associations. These associations cover claims up to certain limits, ensuring policyholders are not left without coverage. It's important to check specific state limits and protections.
Providence residents need life insurance for financial security and to cover final expenses. Life insurance can help pay off debts, provide for dependents and cover funeral costs. It ensures that loved ones are financially protected in the event of the policyholder's death.
To find a lost life insurance policy in Providence, contact the insurance company directly. Check bank statements for premium payments and use online resources like the National Association of Insurance Commissioners' Life Insurance Policy Locator.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
