An investment in a life insurance policy is an investment in your family’s future. But finding the best life insurance in Salt Lake City for your needs may be complicated — there are so many different insurance options available. Luckily, MoneyGeek’s guide simplified the process by identifying the top insurance providers in the city for different buyer profiles.
Best Life Insurance Companies in Salt Lake City, UT, for 2024
Updated: October 3, 2024
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BestLife InsuranceSalt Lake CityBest Life Insurance Companies in Salt Lake City, UT, for 2023
Most Popular in Utah - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - Transamerica
Best Cheap Life Insurance in Salt Lake City
According to our findings, Transamerica offers the cheapest policies with a $250K coverage limit to men for $9 per month. Women can purchase the least expensive policies from MassMutual for $10 per month.
Policies that only have a coverage limit of $250K may be inexpensive, but they may not provide enough coverage for your needs. To ensure your beneficiaries are adequately covered, you may consider purchasing the state-recommended coverage of $764K. This higher coverage amount is based on state-specific factors like cost of living, average income, average personal debt and more.
For Utah’s recommended coverage amount of $764K, men can get the cheapest policy from Transmerica for 18 per month, while women can purchase the least expensive policy from MassMutual for $18 per month.
Cheapest Life Insurance Companies for Males and Females in Salt Lake City
Cheapest For | $250K Coverage | $764K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | MassMutual | MassMutual |
Life Insurance Costs in Salt Lake City for Men and Women
Numerous gender disparities between lifestyle and mortality rates impact the cost of life insurance. The cost of life insurance for men in Salt Lake City is 4% less than the average cost of life insurance in Utah. Women in the city, on the other hand, pay approximately 10% more than the state average.
Salt Lake City is one of the few cities in the United States where men pay more than women for life insurance. In Salt Lake City, women pay approximately $17 per month for a policy with a $250K coverage limit, while men pay an average $15 per month for the same policy.
Coverage amount and policy term length also impact the cost of life insurance. The state-recommended coverage amount of $764K is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. For this coverage, men in Salt Lake City pay an average of $34 per month, while women pay $38 per month.
For a policy with a 10-year term, regardless of coverage amount, men pay an average of $21 per month while women pay $24 per month.
Average Monthly Life Insurance Rates in Salt Lake City: Men
| Transamerica | $9 | $18 |
| MassMutual | $11 | $20 |
| Nationwide | $13 | $21 |
| Mutual of Omaha | $12 | $21 |
| AAA | $13 | $23 |
| State Farm | $17 | $35 |
| Prudential | $14 | $39 |
| Progressive Life | $15 | $51 |
Average Monthly Life Insurance Rates in Salt Lake City: Women
| MassMutual | $10 | $18 |
| Mutual of Omaha | $12 | $18 |
| Nationwide | $13 | $18 |
| Transamerica | $14 | $32 |
| State Farm | $21 | $36 |
| Progressive Life | $20 | $43 |
| AAA | $18 | $43 |
| Prudential | $19 | $56 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Salt Lake City using average buyer profile statistics, including the average age of 25, the average weight of 187 pounds for males and 148 pounds for females, and an average coverage need of $764,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
In general, women typically pay less than men for life insurance. However, Salt Lake City is one of the few places in the United States where women actually pay more than men for life insurance. According to statistical data, women live longer than men. Men are more likely than women to engage in risky activities, work in harmful occupations and develop heart disease, all of which contribute to their shorter lifespan.
Studies show that men are more likely than women to purchase life insurance. However, women are good candidates for life insurance as they’re important financial contributors, whether they are the primary breadwinners or stay-at-home mothers.
Most Popular Life Insurance Companies in Utah
The three most popular life insurance companies in Utah are Northwestern Mutual, Pacific Life and Lincoln Financial, with respective market shares of 7%, 6% and 6%. The combined market share of the top seven most well-known businesses in the state is 37%.
The top seven life insurance providers, along with their market shares, are included in the table below.
Most Popular Life Insurance Companies in Utah
| Northwestern Mutual | 7% |
| Pacific Life | 6% |
| Lincoln Financial | 6% |
| Sammons Enterprises Inc. | 5% |
| New York Life | 5% |
| Securian | 4% |
| Penn Mutual | 4% |
MONEYGEEK DICTIONARY
A company's market share is its percentage of sales in comparison to its competitors. A company that has a substantial market share in the life insurance sector has sold more policies than its rivals.
MoneyGeek based its analysis of market share on the total premiums written by each company as provided in the 2020 S&P Global data reports.
Cheapest Life Insurance for Young People in Salt Lake City
On average, young people in Salt Lake City can expect to pay between $13 and $21 per month for life insurance. MoneyGeek’s analysis shows that the following providers offer the most affordable rates to young people in the city:
- Transamerica: $13 per month
- Mutual of Omaha: $14 per month
Check out the table below for a comprehensive look at life insurance options for young people in Salt Lake City.
Best Life Insurance Companies for Young People in Salt Lake City, UT
| Transamerica | $13 |
| Mutual of Omaha | $14 |
| MassMutual | $15 |
| AAA | $16 |
| Prudential | $17 |
| State Farm | $18 |
| Nationwide | $18 |
| Progressive Life | $21 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Salt Lake City who is 5 feet 10 inches and 159 pounds that purchases a 20-year term contract at the average coverage need of $260K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
For those who can, getting life insurance as soon as possible is highly encouraged. By purchasing life insurance while you’re young, you can take advantage of lower starting rates. People under the age of 25 pay significantly less for insurance as policy costs increase with age.
Cheapest Life Insurance for Seniors in Salt Lake City
The average monthly cost of life insurance for seniors in Salt Lake City is between $37 and $76. The following two insurance companies in Salt Lake City offer the cheapest policies for seniors:
- MassMutual: $37 per month
- Mutual of Omaha: $42 per month
A comprehensive list of other cheap life insurance providers for seniors in Salt Lake City is included below.
Best Life Insurance Companies for Seniors in Salt Lake City, UT
| MassMutual | $37 |
| Mutual of Omaha | $42 |
| Nationwide | $42 |
| AAA | $44 |
| State Farm | $44 |
| Progressive Life | $66 |
| Transamerica | $72 |
| Prudential | $76 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Salt Lake City who is 5 feet 10 inches and 187 pounds that purchases a 10-year term contract at the average coverage need of $78K.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors pay higher rates because it’s more likely that their life insurance policies will outlive them. However, seniors can save money by purchasing a low-coverage policy. Since their beneficiaries are usually financially independent, they only need enough policy coverage for funeral expenses and estate taxes. Accordingly, MoneyGeek’s sample coverage amount for seniors, $78K, is significantly less than that used for other buyer profiles.
Cheapest Life Insurance for Smokers in Salt Lake City
Life insurance for smokers in Salt Lake City costs between $93 and $171 per month. The following two providers offer the most affordable life insurance in Salt Lake City for smokers.
- Transamerica: $94 per month
- State Farm: $107 per month
Additional information on cheap insurance providers in Salt Lake City for smokers is included below.
Best Life Insurance Companies for Smokers in Salt Lake City, UT
| Transamerica | $93 |
| State Farm | $107 |
| MassMutual | $110 |
| Nationwide | $115 |
| Mutual of Omaha | $130 |
| AAA | $132 |
| Prudential | $139 |
| Progressive Life | $171 |
Rates were determined by analyzing quotes for a 25-year-old male smoker in Salt Lake City who is 5 feet 10 inches and 187 pounds that purchases a 20-year term contract at the average coverage need of $764K. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Due to the negative long-term health effects of smoking, insurers view smokers as high-risk buyers. While insurers generally charge smokers higher monthly premiums, there are still providers that offer affordable health insurance. MoneyGeek also suggests purchasing a policy with extended coverage — at least 20 years — to avoid an exponential increase in your premium rate as you age.
Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
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.
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 7, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 7, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 7, 2022.
- S&P Global. "2020 Annual Report." Accessed July 7, 2022.