Maryland is one of the top 20 most populous states in the U.S. With an average life expectancy of 79 years, Maryland is smack-dab in the middle of longevity in the country. Longer lives and a considerable population mean that residents and the state insurance regulatory authority have a lot to consider when insuring the lives and financial security of their loved ones and residents. Here, we’ll explore the best life insurance in Maryland.     

Using Insurify is a good choice when searching for the right life insurance policy that fits your needs and your budget. Simply answer a few questions for informational purposes, and Insurify will provide a list of life insurance quotes from the best life insurance companies.

Regulation of Life Insurance Policies

Life insurance is regulated by the state. Mandatory provisions and exclusions for Maryland life insurance policies may not be required in the state of New York, for example. However, the National Association of Insurance Commissioners (NAIC) is a regulatory association that works to promote consistency among the states. Most states adhere to the NAIC’s regulations, but they are not required to.

The Maryland Insurance Administration, headed by the Maryland insurance commissioner, is the entity that governs life insurance in the state of Maryland. They regulate homeowners insurance, auto insurance, and life and health insurance. They work to support consumers and also regulate life insurance companies and life insurance agents.

The responsibilities of the Maryland Insurance Administration include licensing Maryland life insurance companies and life insurance agents, ensuring compliance with Maryland insurance laws, investigating consumer complaints, and evaluating and approving life insurance rates, contracts, and new life insurance products. 

Types of Life Insurance Regulated by the State

Life insurance options regulated by Maryland include whole life insurance, term life insurance long-term care, annuities, and business insurance. Maryland life insurance follows the standard guidelines of the NAIC for contract provisions, such as incontestability, misstatement of age, and grace period. These provisions may have slight differences across the country among insurers that follow NAIC guidelines.

Whole Life Insurance

Whole life insurance is a term used for any type of permanent life insurance. Traditional whole life insurance is the oldest and most straightforward form of permanent life insurance. It delivers a guaranteed cash value to policyholders and a guaranteed death benefit to beneficiaries. Other forms of whole life insurance, such as universal life insurance, are characterized by how they grow cash value.

Term Life Insurance

Term life insurance is a type of life insurance policy that lasts for a specific amount of time. If you pass away during the duration of the policy, the death benefit is paid to your beneficiaries. If you outlive the policy, you receive nothing, although most term life insurance policies are guaranteed renewable. These types of insurance policies do not grow cash value and are less expensive than whole life insurance.

Long-Term Care Insurance

Long-term care insurance is designed to protect policyholders from medical costs related to long-term care. This includes medical care, such as treatment and diagnostic services, and personal care, such as hospice care and nursing home services. Hybrid long-term care policies offer a death benefit and long-term care benefits.

Annuities

Premiums paid into an annuity accumulate interest earnings in savings or through investmen accounts on a tax-deferred basis. At a given time, the funds are annuitized, meaning the funds are turned into periodic income payments to the annuitant (policyholder). Annuities can have a set death benefit, or if you pass away before receiving all the income payments, the remaining funds go to your beneficiaries. 

Business Insurance

States also regulate insured buy-sell agreements. A buy-sell agreement is a contract with a person, group, or entity that agrees to buy a business owner’s interest in the business when the owner passes away or becomes permanently disabled. When insurance is bought to fund a buy-sell agreement, it is an insured buy-sell agreement.

 

How Much Does Life Insurance Cost in Maryland?

During the underwriting of the application process is when it is determined whether you are accepted or rejected for a life insurance policy and when your premiums are determined. Actuaries are life insurance mathematicians who weigh the likelihood of death or illness based on statistics, odds, probability, and averages. Overall Maryland health may be considered as well.

Premium payments are determined based on the insurance agency’s expenses, interest grown in their accounts, and mortality. Premiums are less expensive when you are younger, are in good health, and don’t have a family history of illness, such as heart disease or cancer. The older you are, the more your chance of higher premiums. Health conditions also increase premiums.

Life insurance companies usually allow you to pay premiums monthly, quarterly, semi-annually, and annually. Depending on the type of policy you have, your premiums may be level and remain the same over the policy’s life, such as a traditional whole life policy. Or premiums may be flexible, and you can lower, increase, or pay the policy’s cash value to cover the cost, such as with a universal life policy.

Who Has the Cheapest Life Insurance in Maryland?

There are many quality life insurance companies in the state of Maryland. The younger you are, the less of a risk you have of passing away, so premiums are usually going to be lower. Below is a table of the average monthly cost of life insurance for different age groups across Maryland. Continue reading for more detailed charts of the best and cheapest life insurance companies in Maryland.  

Age Group Average Cost
Teen $12.98
20–29 $11.31
30–39 $29.88
40–49 $24.06
50–59 $86.40
60–69 $122.90
70–79 $211.03

What Are the Best Life Insurance Companies in Maryland?

When looking for the right life insurance plans, consumers typically want the best policy that fits their needs, at the most affordable price. It’s also important to consider an insurer’s financial strength and ability to pay claims. Independent rating services like A.M. Best, Standard and Poor’s (S&P), and Moody’s measure insurers’ fiscal strength. 

Rating services usually rate insurers by grades A to D. A is the highest claims-paying and financial strength rating, and D means the life insurance company is in liquidation. If you are a policyholder and your life insurance company becomes insolvent, your state’s guaranty agency helps pay claims on your health insurance, life insurance, and annuity claims.

A number of affordable life insurance companies offer diverse products in the state of Maryland. Finding the right policy for your individual and financial needs may be tiresome with so many varying products and life insurance companies. Some of the most affordable products on the market are 10-year term policies. Rates depend on your age and usually any health conditions you have when you buy the policy.  

Best and Cheapest Life Insurance for Teens

Typically, children are not providers in most families, so teen life insurance may seem illogical. Although a life insurance policy on your child or grandchild will help with unexpected expenses should the unthinkable happen, usually life insurance for teens is purchased for guaranteed insurability in the future. Two of the best companies for teen life insurance in Maryland are Pacific Life and Lincoln Financial Group.

Pacific Life

With A+ ratings from A.M. Best, Fitch, Moody’s, and S&P, Pacific Life offers a variety of life insurance products and annuities at affordable prices. It offers term life insurance and its whole life insurance products include variable, universal, and traditional whole life policies. 

Lincoln Financial Group (Lincoln National)

Lincoln Financial Group is an insurance and investment company founded in 1905. Abraham Lincoln’s son Robert granted permission to use his father’s name and image for the company. They offer individual and group term insurance. Their whole life protection comes in universal and variable universal life policies.

The table shows expected monthly rates for a 10-year term policy with coverage of $100,000 for teens.

Company name Average Cost
Protective Life $9.86
American Family $9.88
Sagicor Life $9.94
Lincoln National $10.30
SBLI $10.65
United of Omaha $11.14
Haven Life $12.11
Pacific Life $12.37
Mass Mutual $14.08
American National $14.17

Best and Cheapest Life insurance for People 20 to 29 Years Old

Buying life insurance while you are in your 20s is a good idea to help keep rates low in the future. Most term policies are guaranteed renewable and convertible. If you purchase a term life policy in your 20s, you could later convert the coverage to a whole life policy with a premium rate based on the age you were when you bought the original policy.

Sagicor Life

Established in 1954, Sagicor is licensed in 45 states and is one of the longest-running life insurance companies in the U.S. It has an A+ rating with A.M. Best, and it offers traditional whole life and universal life policies. Sagicor’s Sage Term offers affordable rates and 10-, 15-, and 20-year terms. Its term policy is convertible and has a level death benefit to age 95.

Bestow Life

Bestow offers an online insurance application process for term life insurance policies. It does not require a medical exam, and coverage is fast and affordable. Bestow currently accepts applicants under the age of 45. Its coverage amounts range from $50,000 to $1.5 million.

Here is a list of the cheapest quotes for the monthly rates on a $100,000 policy for 20- to 29-year-olds in Maryland.

Company name Average Cost
Transamerica $8.17
Legal and General $8.23
Bestow Life $8.42
Pacific Life $8.58
SBLI $8.67
Assurity Life $8.70
Protective Life $8.72
Sagicor Life $9.88
American Family $9.97
Lincoln National $10.01

Best and Cheapest Life insurance for People 30 to 39 Years Old

For most people, their 30s is the time in life when they are adding more financial responsibilities, such as a mortgage, children, or a business. Because of this, most people start taking life insurance seriously at this age. Life insurance policies are still inexpensive in your 30s and can insure your family, your mortgage, or your child’s future education.

American General Life (AIG)

American General Life Insurance has a wide range of life insurance products. AIG’s quality of life insurance product provides accelerated benefits should you become terminally ill. Their whole life insurance products include traditional whole life, universal life, and guaranteed issue life insurance. Their term life insurance lengths are 10 to 30 years and are renewable and convertible.

American Family

The American Family dream began over 90 years ago in 1927. A small auto insurance office in Madison, Wisconsin, grew into a multifaceted insurance agency protecting people in 19 states with life, auto, renters, home, business, and farm and ranch insurance. It offers a variety of life insurance, which includes whole life, term life, and simplified issue policies.

The table below is expected quotes for the monthly cost of a $100,000policy for 30- to 39-year-olds.

Company name Average Cost
Lincoln National $11.04
Legal and General $11.86
Haven Life $12.28
Mutual of Omaha $12.69
Transamerica Financial Life $12.70
American General Life $13.81
American Family $15.01
Prudential $16.28
Pacific Life $16.55
Protective Life $22.28

Best and Cheapest Life insurance for People 40 to 49 Years Old

By our 40s, life insurance may become more of a priority because we begin to think about our own vitality in life and the people who rely on us. You can still find cheap life insurance in your 40s. Quotes are usually just a few dollars more than if you were in your 30s.

Vantis Life

Vantis Life offers life insurance and annuities at affordable rates. Now a part of Penn Mutual Life Insurance Company, it is financially strong and has A+ ratings with A.M. Best and the BBB. You can be approved in minutes online for its velocity term life insurance, which has coverage amounts from $50,000 to $2 million. 

Their whole life products include their velocity whole life flex complete policy. This policy can cover your family and adds a chronic, terminal, and critical illness rider at no extra cost. Their guaranteed golden policy is a guaranteed issue n-medical-exam life insurance policy.

Haven Life

Haven Life is owned by MassMutual life insurance company. It offers affordable term life insurance policies that are easy to apply for. Its products are applied for digitally and its Haven Simple term life insurance policy does not require a medical exam.

In the following table, you’ll see expected monthly rates for a $100,000 policy for people who are 40 to 49 years of age.

Company name Average Cost
Lincoln National $13.46
Transamerica Life $13.57
Sagicor Life $14.25
American General Life $14.48
Legal and General $15.62
Protective Life $16.40
American Family $16.92
Haven Life $17.08
Vantis Life $17.54
Assurity Life $18.40

Best and Cheapest Life insurance for People 50 to 59 Years Old

Quotes for applicants in their 50s see more of a significant increase than with younger age groups. In our 50s, we may have health issues that we didn’t have in our 20s and 30s. That said, there are policies that will cover your life insurance needs at affordable prices. 

Transamerica Financial Life

Founded in 1904, Transamerica has high ratings with A.M. Best, Moody’s, and S&P. Its life insurance products include term life, whole life, final expense, and universal life policies. The Transamerica Institute funded by Transamerica is a nonprofit foundation that teaches retirement and health studies.

Prudential Financial

Prudential Financial provides term life policies that offer living benefits and convertibility, and you can also attach various riders, such as waiver of premium and child protection riders. Prudential’s whole life policies include universal and variable life insurance products.

Here is a table of the monthly rates for the most low-cost $100,000 10-year term policies for people ages 50 to 59.    

Company name Average Cost
American Family $29.59
American General Life $40.75
Transamerica Life $50.48
SBLI $56.47
Prudential Financial $58.31
Pacific Life $64.34
Vantis Life $64.83
Lincoln National $66.39
Banner Life $67.72
Transamerica Financial Life $69.44

Best and Cheapest Life insurance for People 60 to 69 Years Old

Term life insurance is still an affordable option even in your 60s. If you have not purchased life insurance until your 60s, you will still see affordable term life rates to cover final expenses and any outstanding debt and to leave a legacy behind for your loved ones.

Protective Life

Protective Life offers affordable term life insurance policies and also whole and universal life policies. With over 110 years of experience on the life insurance market, it is a financially strong company. It has an A+ rating with A.M. Best and Fitch, an AA- with Standard and Poor’s, and an A1 from Moody’s.

SBLI

SBLI, an abbreviation for Simply Better Life Insurance, offers low-cost term life insurance and final expense and whole life insurance policies. They offer an accelerated death benefit rider at no extra charge and a waiver of premium rider for their term policies. They are rated A with A.M. Best and A- with Standard and Poor’s.

The chart demonstrates monthly rates for the most affordable $100,000 10-year term policies for 60- to 69-year-olds.

Company name Average Cost
American Family $15.04
SBLI $30.36
Lincoln National $33.82
Vantis Life $48.69
Prudential Financial $63.02
Lincoln National Life $66.24
Sagicor Life $67.91
American National $71.39
Protective Life $86.18
American General Life $90.68

Best and Cheapest Life insurance for People 70 to 79 Years Old

Finding affordable life insurance coverage in your 70s is a more difficult task than at a younger age. Policies will be more expensive, they may provide less coverage, and it is tougher to find an insurer. Though it is more difficult, it’s not impossible. Some insurers that cover people ages 70 to 79 include Banner Life and Transamerica.

Banner Life

Banner Life & William Penn have been selling their life insurance products under Legal & General America since 1989. Operating in New York, Banner Life insures people all over the country in 49 states. With $6.8 billion in assets, Banner Life is financially solid.

The table displays expected monthly rates for a 10-year term policy with $100,000 in coverage.

Company name Average Cost
Legal and General $169.49
Transamerica $171.48
Banner Life $317.47

With Insurify, finding the right coverage is easy. Whether you are looking for whole life, term life, or final expense policy, Insurifywill help you compare quotes from the best life insurance companies in Maryland or anywhere you are in the country. 

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FAQ: Maryland Life Insurance

How much does life insurance cost in Maryland?

Life insurance premiums depend on factors such as your age and your health. The younger and healthier you are, the less expensive your premiums will be.

Are life insurance policies less expensive in other states?

Life insurance is regulated from state to state. Premiums are not determined by the area you live in, but average longevity is.

What should I look for when searching for the right life insurance company?

Independent rating services like A.M. Best and Moody's inform consumers of life insurance companies’ financial strength. Also, using Insurify will help you determine which company's premiums are right for you.

Conclusion

Maryland residents have numerous affordable life insurance options. Financial protection and security for you and the ones you love are well within reach. To learn more about regulations in the state of Maryland, visit the Maryland Insurance Administration‘s website.

Get the right policy at the right price with Insurify. By using Insurifyto help you meet your life insurance goals, you’ll save time and money. Insurify will generate a list of quotes from quality life insurance providers in your area in minutes. Compare quotes, and decide which premium is the best fit for your budget.

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Updated May 27, 2021

Aissa Martell is a licensed insurance producer in the State of New York. She is a creative writer and has been freelance writing for five years. She’s happy to share her knowledge of the insurance industry and its products.