Pennsylvania abounds with American history. The second state admitted into the Union is the birthplace of the Declaration of Independence, the U.S. Constitution, and the Liberty Bell. Residents of Pennsylvania exercise their rights to “life, liberty, and the pursuit of happiness,” and with a life insurance policy, those pursuits, especially for future generations, are not in vain.     

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How Much Does Life Insuraance Cost in Pennsylvania?

There are different rules for life insurance in each state because life insurance is managed by the state, not the federal government. Though criteria for evaluating premiums may slightly differ among states, the basic principles of life insurance are the prevailing factors in determining premiums. 

Life insurance protects families from financial loss due to the passing of a breadwinner. Therefore premiums are primarily determined by evaluating the chance of a loss occurring. The insurance industry uses exposure units to assign values to risks. A risk is the probability of loss. The greater the exposure unit, the higher your premiums will be.   

Factors that increase risk are age, sex, hazardous occupation or hobbies, tobacco use, and history of illness. If you are a steelworker living in Pittsburgh, Pennsylvania, your job duties are probably more dangerous than an ice-cream seller in Fairmount Park, in Philadelphia. A steel worker’s exposure to risk is higher and premium payments are likely to be more.

The Pennsylvania Department of Insurance regulates insurance policies in the state of Pennsylvania. Located in the city of Harrisburg, they support a competitive insurance market, and suitable premiums. They approve insurance rates and license insurers and life insurance agents. Pennsylvania life insurance policies follow model laws established by the National Association of Insurance Commissioners (NAIC).

Who Has the Cheapest Life Insurance in Pennsylvania?

The Pennsylvania Insurance Department (insurance.pa.gov), headed by the insurance commissioner Jessica Altman, is responsible for managing the realm of insurance in Pennsylvania. Including, health insurance, long-term care, annuities, and homeowners insurance amongst others. Though the department follows NAIC models, states determine what is best for their consumers and each has its own rules.

The biggest and most differing factor in determining individual premiums is risk. The more likely you are to pay premiums over an extended time the less your premiums will be. Other contributing aspects to your premiums are how much life insurance coverage, and the type of life insurance policy you are buying. Life insurance is divided into two types of policies, whole, and term life insurance.

Whole Life Insurance

Whole life insurance is a type of insurance that lasts your entire lifetime. Also called permanent life insurance, whole life comes in different forms that are set apart by the way cash value is grown. Traditional whole life insurance has a death benefit, and guaranteed cash value. Other types of whole life insurance include universal life and variable life where cash value is not guaranteed and depends on market performance

Cash value in permanent life insurance is a living benefit that belongs to you. All policies must have nonforfeiture options, which is the way the insurer delivers your cash value if your policy lapses or is surrendered. The cash surrender option allows you to surrender the policy and get your cash value in one lump sum. Because whole life insurance lasts for life and grows cash value, it is more expensive than term life.

Term Life Insurance

Term life insurance does not grow cash value, and as its name suggests, lasts for a term and then expires. If you pass away during the term the policy pays the death benefit to your beneficiaries. If you are living at the end of the term the policy expires, without paying a benefit. The majority of term life policies are renewable at the end of the term and can be converted to a permanent policy, until a defined time.

The term length of term life insurance policies can range from one year to 30 years. Premiums stay level for the length of the term. If you decide to renew the policy at the end of the term, you do not have to provide evidence of insurability, but premiums typically increase. 

Term life insurance is less expensive than whole life policies, however, the more coverage you buy the more the premiums will be. Below is a table of the average cost for a ten-year term life insurance policy with $100,000 in coverage, for people of different age groups.

Age Group Average Cost
Teen $9.79
20–29 $20.47
30–39 $32.41
40–49 $52.15
50–59 $118.32
60–69 $152.30
70–79 $56.20

 

How Does Pennsylvania Protect Policyholders?

The Pennsylvania Insurance Department works with the NAIC, to protect consumers. Pennsylvania is currently backing legislation requiring insurers to notify beneficiaries. Until then their site provides a link to the NAIC life insurance policy locator, where you can search to find if an individual had a life insurance policy. If an insurance company had the individual’s policy with you as the beneficiary, they will contact you. 

Necessitating insurers to notify beneficiaries is one way the state of Pennsylvania is protecting consumers. Certain common policy provisions that follow NAIC model laws, are mandatory in most states and are protected by the policy’s warranty. Provisions that protect insureds include, the right to examine or free look period, grace period, and incontestability.    

The free look period gives you the right to examine the policy for a length of time after the policy’s delivery. If you are unhappy with the policy you can return it for a refund. The grace period protects you from losing coverage If you are unable to pay your premium on time, typically 31 days. The incontestability clause ensures that after the policy has been in force for a length of time, the insurer cannot oppose a claim except for nonpayment. 

What Are the Best and Cheapest Life Insurance Companies in Pennsylvania?

Life insurance is a financial tool of different uses. One person may buy a life insurance policy to create an estate, the next person may want survivor protection. The best life insurance policy to provide an inheritance, may not be the right policy to provide income for daily living expenses. Therefore, the best company is the one that has the policy that best fits your needs and your budget.

After you have determined which policy is the best one for you and your loved ones it is time to look into life insurance companies. Independent rating services like A.M. Best, and S&P, evaluate life insurance companies‘ financial strength, and give them a grade, usually from A to D, based on factors like the company’s ability to raise capital, strategic plans and their liquidity.

When examining life insurance companies, it is a good idea to know their financial strength. If a life insurance company does not have the funds to pay claims, they are not able to fulfill their contractual agreement. Not all rating services use grades to signify their financial strength, but when they do an A is a superior rating, a B is good, C fair and D means the company is in or nearing liquidation.

When a life insurance company is in liquidation and is insolvent in Pennsylvania, the Pennsylvania life & health insurance guaranty association, is in place to help out policyholders of insolvent life insurance companies. The guaranty association of Pennsylvania may transfer your policy to a solvent insurance provider, where your policy will remain in force as long as you continue paying your premiums.

If the Pennsylvania guaranty association is not able to transfer your policy to another insurer, they offer financial protection. They cover life insurance claims of insolvent life insurance companies up to $300,000 per life for a death benefit and up to $100,000 per life for a life insurance cash surrender.

Best and Cheapest Pennsylvania Life Insurance for Teens

Life insurance for your adolescent child or grandchild, protects you and your loved ones from having to worry about finances, instead of consoling each other should the unimaginable occur. An adult is responsible to be the policy owner, and may hand over the policy to the teen when they are ready to take over payments.

Transamerica

Transamerica offers term life insurance policies from 10- to 30-year terms, divided into five year increases. For example if you buy a 10-year policy, the first five years the premium stays the same, and the next five years premiums increase, but stay the same for those five years. Benefit amounts range from $25,000 to $10 million. 

SBLI

SBLI’s term life insurance products are low-cost and premiums are level throughout the length of the term. Their policies are renewable and convertible, and if you are between the ages of 18-60, a medical exam is not required for a policy of up to $750,000 in coverage.

The following table gives examples of the average cost for a teen 10-year term, $100,000 policy.

Company name Avg Cost
Transamerica $8.17
SBLI $8.67
Assurity Life $8.70
Lincoln National $9.06
Haven Life $9.34
Protective Life $9.66
Pacific Life $10.33
American General $10.81
United of Omaha $11.14
Prudential $12.08

 

Best and Cheapest Pennsylvania Life Insurance for People 20 to 29 Years Old

Coming into adulthood life insurance may seem like an impractical expense, especially when we’re just starting on our own. But, buying a life insurance policy in our 20s may lock down inexpensive rates for a lifetime, when you decide to convert your policy to a permanent one. 

Columbus Life

Columbus life insurance company‘s Nautical term life policy, is unique in the number of riders that can be attached to personalize your coverage. Depending on the state in which you live, you can add an accelerated benefit rider, an accidental death benefit rider, a children’s term rider and more. 

Bestow Life

Bestow life offers a completely online application process for applicants between the ages of 18 and 60. Their term life insurance term lengths are between 10 and 30 years, at 5 year intervals and coverage amounts are between $50,000 and $1.5 million.

The table below illustrates the average premiums for a 10-year term, $100,000 policy for people in their 20s.

Company name Avg Cost
Vantis Life $15.36
Sagicor Life $15.87
Legal and General $16.01
Columbus Life $16.03
Haven Life $17.47
Bestow Life $18.40
Foresters Life $23.24
American Family $23.26
Assurity Life $27.86
Protective Life $31.19

 

Best and Cheapest Pennsylvania Life Insurance for People 30 to 39 Years Old

Life insurance in our 30s is usually the time we feel it’s most practical. By this time we may have growing obligations such as a mortgage, a growing family or a business. With these responsibilities in life it is easier to see the importance of financially ensuring the future in the event we are not there to manage expenses.

Haven Life

Haven life has term life insurance options that are affordable, do not require a medical exam, and depending on the policy you choose, your coverage amount could be as much as $3 million. Owned by MassMutual, Haven Life has superior financial strength, and affordable premiums.

Legal and General

Legal and General offers term life insurance products to cover expenses such as your mortgage and funeral costs, and for survivor protection. They offer term riders so you can tailor your coverage to meet your changing needs.

The table below expresses the average quotes for a 10-year term, $100,000 policy for people in their 30s.

Company name Avg Cost
Vantis Life $26.30
Sagicor Life $26.47
Bestow Life $30.37
Haven Life $30.84
Legal and General $30.87
American Family $30.88
Foresters Life $32.22
North American $37.25
American General $37.29
Mass Mutual $41.57

 

Best and Cheapest Pennsylvania Life Insurance for People 40 to 49 Years Old

By our 40s, we may have begun to just get our groove. Our business may now be a success, and our kids may be off to college and we may have debts that financially helped us out along the way. A life insurance policy gives us the security that our loved ones will be able to continue the family business, and pay off college loans and debts, if we are not able to be there to provide.

American Family

American Family’s DreamSecure term life insurance policies are available in term lengths from 10 to 30 years. They are renewable at the end of the term and a children’s rider and a waiver of premium rider may be attached to your policy. American family was founded in 1927 and with over 90 years of experience has solid financial strength.

Assurity Life

Assurity life’s term life policies are affordable and premiums are level for the term intervals. Founded in 1890 Assurity life has grown into a strong mutual organization that focuses on long-term stability.

The following table shows examples of the average life insurance premiums for a 10-year term $100,000 policy for people in their 40s.

Company name Avg Cost
John Hancock Life $27.31
American Family $34.98
Assurity Life $40.17
Vantis Life $43.65
Mutual of Omaha $59.75
Bestow Life $60.16
Minnesota Life $60.73
SBLI $63.25
Legal and General $64.02
American General $67.51

 

Best and Cheapest Pennsylvania Life Insurance for People 50 to 59 Years Old

Getting a life insurance policy in our 50s may not be as cost efficient as in previous decades, but policies are still affordable. A $100,000 policy could provide an inheritance, depending on your expenses, so the people we love can pass down our legacy.

Haven Life

Haven life offers an entire online application process, without a medical exam if you are under the age of 65. Or if time is not of the essence you can get a fully medically underwritten policy with coverage amounts up to $3 million. Additional features include an accelerated death benefit, level premiums and paperless processing. 

Vantis Life

Vantis life has been in the life insurance industry for over 75 years. They are a member of Penn Mutual Life Insurance Company, and they have an A+ rating with A.M. Best.

The table below displays the average life insurance quote for a 10-year term, $100,000 policy for people in their 50s.

Company name Avg Cost
American Family $65.04
Vantis Life $93.29
Haven Life $96.76
Sagicor Life $111.70
John Hancock Life $120.87
North American $125.72
Pacific Life $137.06
American General $138.70
Foresters Life $143.98
Mass Mutual $150.08

 

Best and Cheapest Pennsylvania Life Insurance for People 60 to 69 Years Old

Most people in the US retire sometime in their 60s. A life insurance policy at this age gives us the assurance that we can live and play in our newfound freedom, with the knowledge that our savings are ours to use, and will not have to go towards funeral costs or end of life expenses. 

Sagicor Life

Sagicor Life insurance company has affordable term life policies that are applied for online, without a medical exam. Term lengths are available in 10- to 20-year terms, with a level coverage amount up to age 95. Established in 1954, Sagicor life has an A rating with A.M. Best

Foresters Life

Foresters Financial’s term life insurance policies features include renewable and convertible coverage, for 10- to 30-year terms. Riders that may be attached include a family health benefit rider, an accidental death rider and an accelerated benefit rider.

The table below shows the average life insurance quotes for a 10-year term, $100,000 policy for people in their 60s.

Company name Avg Cost
SBLI $96.47
Vantis Life $127.82
Sagicor Life $136.47
Haven Life $145.07
Banner Life $147.79
American National $149.80
North American $165.17
John Hancock Life $181.98
Foresters Life $184.88
Prudential $187.54

 

Best and Cheapest Pennsylvania Life Insurance for People 70 to 79 Years Old

Whether it’s for the first time, or additional coverage, a life insurance policy in our 70s enables us to ensure the things we’ve worked for so hard in life are maintained. A life insurance policy protects our assets, because debts incurred could drain the estate we leave behind.

Protective Life

Protective Life offers term life insurance policies with benefit amounts between $100,000 to $50 million. Term lengths are available from 10 to 40 years and are renewable and convertible. Their term life policies are affordable and easy to understand, and they have A ratings with A.M. Bets, S&P, Fitch and Moody’s.

Lincoln Life

Lincoln Financial group offers term life insurance policies that, depending on the policy you choose, can be applied for online for quick coverage, or if you choose a fully underwritten term policy your benefit amount could be as much as $1 million. They have A ratings with A.M. Best, Fitch. Moody’s and S&P.

The following table shows the average quote for a 10year term, $100,000 policy for people in their 70s.

Company name Avg Cost
Protective Life $42.63
SBLI $45.28
Pacific Life $46.19
American General $51.10
United of Omaha $57.92
Prudential $58.37
Sagicor Life $58.94
Mutual of Omaha $65.66
North American $67.76
Lincoln National $68.19

Let Insurify help you secure your American dream by using our life insurance comparison tool. It’s simple, answer a few basic questions, such as the state you live in and your age, and in minutes Insurify will generate a list of life insurance quotes from top insurance companies. Choose the best policy that fits your needs, and apply online or call and speak to one of the company’s representatives.

FAQ: Pennsylvania Life Insurance

How do I know if an insurer is safe to buy a life insurance policy from in Pennsylvania?

You can look up life insurance agents and insurers licensed to sell life insurance in the state of Pennsylvania on the Pennsylvania Insurance Department’s website (insurance.pa.gov). Also check the life insurance company’s financial strength by consulting independent rating services, such as A.M. Best and S&P.

What if I decide I no longer want the policy or cannot afford it?

Life insurance policies have common standard provisions that protect consumers. The free look period gives you an amount of time to review the policy, and if you decide you no longer want it, you can return it within the time for a refund. Also a grace period of typically 31 days allows policyholders to maintain coverage in the event of a late premium.

How much does life insurance cost in Pennsylvania?

The cost of life insurance is primarily determined by risk. Participating in dangerous activities or having a history of illness puts you at a higher risk of death, so premiums will be more than if you play it safe and have been healthy all of your life.

Conclusion

Pennsylvania is a unique American state that celebrates liberty for all, and it shows in the one-of-a-kind contributions it has made to society. And I’m talking about one-of-a-kind cheesesteaks, soft pretzels, and Hershey’s chocolate! Go ahead and indulge a little, you Philly Phanatics; your individualism is as sweet as water ice, and you don’t have to list it on your life insurance application.

By using Insurify to help you find the right policy that meets your needs and budget, you could be insured in almost no time at all. Enter some basic information on the Insurify site, and in less than two minutes, Insurify will produce a list of quotes from the best life insurance companies, some of which you can purchase from that same day.

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Updated July 9, 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.