Updated: November 21, 2024
Advertising & Editorial Disclosure
The best life insurance provider in Springfield, Massachusetts, for both men and women is Protective. It has a MoneyGeek score of 91 and average monthly premiums of $19 for women and $23 for men.
These scores and premium costs are based on a 20-year term policy with $500,000 coverage. Different factors should be considered when deciding on life insurance, such as amount and term length. 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 Springfield, Massachusetts.
Coverage costs and company information for life insurance providers were updated in October 2024.
BestLife InsuranceSpringfield, MABest Life Insurance Companies in Springfield
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.
In Springfield, the best life insurance provider is Protective, which has a MoneyGeek score of 91 and average monthly premiums of $23 for men and $19 for women.
Top providers for men:
Top providers for women:
With its high MoneyGeek score and competitive premiums, Protective is an excellent choice for individuals looking for life insurance in Springfield.
Protective is the premier choice for life insurance for both men and women, with an overall MoneyGeek score of 91. The company offers average monthly premiums of $19 for women and $23 for men, ensuring value without compromising quality.
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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.
Protective provides the best term life insurance in Springfield, boasting a MoneyGeek score of 65 and monthly premiums of $10 for men and $9 for women.
The top two term life insurance companies for men are:
The top two term life insurance companies for women are:
Term life insurance provides financial security for beneficiaries in the event of the policyholder's untimely death. For instance, young parents might opt for term insurance to fund their child's educational expenses without the higher costs associated with whole life insurance.
Protective is the top choice for men and women seeking the best term life insurance in Springfield, boasting a MoneyGeek score of 65. With average monthly premiums of $10 for men and $9 for women, it offers a blend of value and security for policyholders.
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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 best whole life insurance in Springfield, with a MoneyGeek score of 92. The company offers a robust and comprehensive policy that caters to the needs of average individuals.
Top whole life companies in San Antonio:
Whole life insurance is a permanent life insurance that offers a death benefit along with a savings component. It is suitable for those who want a guaranteed payout for their beneficiaries while accumulating cash value over time. For example, someone might choose whole life insurance to ensure they leave a legacy for their family.
In Springfield, Protective is the leading choice for whole life insurance for both men and women, with a MoneyGeek score of 92. The company is committed to providing quality insurance solutions and a positive customer experience.
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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.
Protective provides the best universal life insurance in Springfield, with a MoneyGeek score of 90 for both men and women. This score indicates a high level of service and product quality.
Best universal life insurance providers:
Universal life insurance offers flexible premiums and the potential for cash value growth. For instance, someone who wants to adjust their coverage or premium payments over time might choose this over a more rigid term life policy.
Protective offers top-tier services for men and women. With a MoneyGeek score of 90, it is our pick for the leading provider of universal life insurance in Springfield.
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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.
In Springfield, Protective offers the best life insurance that doesn't require a medical exam, with a MoneyGeek score of 63. It also provides wide product diversity that can fit different needs and circumstances.
Top providers of life insurance that doesn't require a medical exam:
Life insurance policies without a mandatory medical exam offer hassle-free coverage. For instance, someone with a busy schedule or who fears medical procedures might choose the best no-medical-exam life insurance over traditional policies to save time and avoid discomfort.
For those seeking no-medical-exam life insurance in Springfield, Protective is the leading choice for both men and women. Its high overall score reflects a commitment to customer satisfaction and financial stability.
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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.
Protective is the best term life insurance for seniors in Springfield, with a MoneyGeek score of 63 for men and 62 for women and average monthly premiums of $47 and $41, respectively.
Insurance premiums tend to increase due to the higher risk associated with old age. A strong balance of cost and comprehensive coverage is an important consideration for seniors.
| 1 | Protective | $47 | 91 |
| 2 | Mutual of Omaha | $55 | 90 |
| 3 | Nationwide | $49 | 89 |
| 4 | Allstate | $37 | 89 |
| 5 | Transamerica | $39 | 88 |
| 6 | AAA | $57 | 88 |
| 7 | Prudential | $43 | 87 |
| 8 | Haven | $92 | 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.
Mutual of Omaha is the best term life insurance for smokers in Springfield. The company leads with a MoneyGeek score of 90 for men and 89 for women, with average monthly premiums of $32 and $30, respectively.
Smoking status is a factor in determining life insurance premiums due to the associated health risks, often leading to higher costs.
| 1 | Mutual of Omaha | $32 | 90 |
| 2 | Nationwide | $33 | 89 |
| 3 | Allstate | $24 | 89 |
| 4 | Protective | $43 | 88 |
| 5 | Transamerica | $25 | 88 |
| 6 | AAA | $35 | 88 |
| 7 | Prudential | $28 | 87 |
| 8 | Haven | $55 | 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.
The best term life insurance for young adults in Springfield is Protective, with a MoneyGeek score of 92 and average monthly premiums of $5 for women and $6 for men.
Age plays a significant role in life insurance premiums. Younger individuals get lower premiums because they are generally healthier and present less risk to insurers.
| 1 | Protective | $6 | 92 |
| 2 | Mutual of Omaha | $7 | 91 |
| 3 | Nationwide | $8 | 90 |
| 4 | AAA | $8 | 89 |
| 5 | Allstate | $6 | 89 |
| 6 | Transamerica | $6 | 88 |
| 7 | Prudential | $8 | 86 |
| 8 | Haven | $9 | 86 |
| 9 | Bestow | $22 | 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.
For the best cheap term life insurance in Springfield, Protective is the standout choice. It received a MoneyGeek score of 91 and offers an average monthly premium of $10.
Factors affecting life insurance premiums include age, health, coverage amount and term length. To get the lowest premiums, maintain good health, choose the right coverage amount and compare quotes from multiple insurers.
| 1 | Protective | $10 | 91 |
| 2 | Allstate | $9 | 91 |
| 3 | Transamerica | $9 | 90 |
| 4 | Nationwide | $12 | 88 |
| 5 | Mutual of Omaha | $12 | 87 |
| 6 | AAA | $13 | 87 |
| 7 | Prudential | $13 | 85 |
| 8 | Haven | $16 | 81 |
The average cost of term life insurance in Springfield is $18 per month for men and $15 per month for women.
Several factors significantly influence the cost of life insurance premiums, including age, health, lifestyle, occupation and the amount of coverage.
Due to various local factors, the cost of life insurance in Springfield might be higher or lower than in the rest of Massachusetts. The population's overall health, average income levels, cost of living and competition among insurers in Springfield are just a few factors that play a role.
By considering how these elements influence premiums, you can better navigate your options.
Protective has the best life insurance in Springfield for men, with the highest MoneyGeek score of 91.
The average monthly premium for the best life insurance for men in Springfield is $23. Protective offers this rate.
Protective also has the best life insurance in Springfield for women, with a MoneyGeek score of 91.
The average monthly premium for the best life insurance for women in Springfield is $19. Protective offers this rate.
Life insurance in Springfield may differ from the rest of Massachusetts in terms of premium costs and company rankings. Residents should compare local rates and coverage options to ensure they get the best policy for their needs.
If a life insurance company goes bankrupt in Springfield, policyholders are generally protected by state guaranty associations. They cover claims up to certain limits, ensuring that policyholders receive their benefits. It is important to understand the specific coverage limits and protections provided by Massachusetts state laws.
Springfield residents might need life insurance to provide financial security for their families, cover debts or fund future expenses like college tuition. Life insurance can also help with final expenses and estate planning. Each individual's needs vary, so assess personal financial situations and goals.
To find a lost life insurance policy in Springfield, start by checking personal records and contacting the deceased's financial advisors. You can also reach out to the Massachusetts Division of Insurance for assistance. Some online databases and services can help locate unclaimed life insurance benefits.
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.
