Best Life Insurance In Maine

Maine is known for its picturesque coastline, delicious seafood, and friendly locals. But when it comes to life insurance, it can be overwhelming to navigate the options available. That’s why we’ve done the research for you and compiled a list of the best life insurance companies in Maine. Whether you’re looking for term life insurance or whole life insurance, these companies offer competitive rates and excellent customer service. Keep reading to find the perfect life insurance policy for you and your loved ones.

Choose kindness.

You never know what battles people may be fighting.

Maine Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Maine

Condition Deaths in 2021
Heart Diseases 4,357
Cancer 3,502
External Causes 1,647
Mental Disorders 1,370
Lung Diseases 1,369

Life Insurance Laws In Maine

Maine’s life insurance laws are governed by Title 24 of the Maine Revised Statutes.

  • 10-day free look period (ME Rev. Stat Ann. Tit. 24-A 2515-A)
  • 30-day grace period (ME Title 24:2505)
  • Any claims not paid within 30 days are subject to interest (ME Title 24:2436)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Maryland’s life insurance laws and Massachusetts’s life insurance laws are nearly identical to those of Maine).

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Maine

The table provides information on the top 50 life insurance companies in Maine based on their 2022 premiums and market share percentage.

Taking the top spot is Prudential of America Group with premiums totaling $36,532,869, giving them a market share of 7.4%. They are closely followed by Northwestern Mutual Group, achieving $31,787,242 in premiums and a market share of 6.4%.

New York Life Group secures the third position with $29,674,370 in premiums, holding a 6.0% market share. Lincoln National Group ranks fourth, earning $28,122,874 in premiums and having a market share of 5.7%.

Metropolitan Group occupies the fifth spot, bringing in $25,699,326 in premiums and capturing 5.2% of the market share. Mass Mutual Life Insurance Group follows closely with $24,823,913 in premiums, accounting for 5.0% market share.

Hartford Fire Cas Group, with $24,497,709 in premiums, holds 5.0% market share for the seventh position. Unum Group transaction SUN, snatching $20,679,763 in premiums, grabs a 4.2% market share.

State Farm Group claims the ninth position with $13,669,156 in premiums, securing a 2.8% market share. Guardian Life Group trails closely behind with $13,431,345 in premiums and grasping 2.7% of the market share.

The eleventh position is occupied by John Hancock Group, generating $9,966,645 in premiums, which contributes to their 2.0% market share. Mutual Of Omaha Group follows in twelfth place, amassing $8,939,592 in premiums and holds a 1.8% market share.

Some other noteworthy companies in the top 50 include Dai-Ichi Life Holdings Group with $8,843,882 in premiums and 1.8% market share, Minnesota Mutual Group with $8,702,644 in premiums and 1.8% market share, and Ameriprise Financial Group with $7,477,914 in premiums and a 1.5% market share.

Overall, these top 50 life insurance companies in Maine play a significant role in providing financial security and protection to individuals and families in the state.

Rank Company 2022 Maine Premiums Maine Market Share %
1Prudential Of America Group$36,532,8697.4%
2Northwestern Mutual Group$31,787,2426.4%
3New York Life Group$29,674,3706.0%
4Lincoln National Group$28,122,8745.7%
5Metropolitan Group$25,699,3265.2%
6Mass Mutual Life Insurance Group$24,823,9135.0%
7Hartford Fire Cas Group$24,497,7095.0%
8Unum Group$20,679,7634.2%
9State Farm Group$13,669,1562.8%
10Guardian Life Group$13,431,3452.7%
11John Hancock Group$9,966,6452.0%
12Mutual Of Omaha Group$8,939,5921.8%
13Dai‐Ichi Life Holdings Group$8,843,8821.8%
14Minnesota Mutual Group$8,702,6441.8%
15Brighthouse Holdings Group$8,547,0531.7%
16Aegon US Holding Group$7,809,4371.6%
17Genworth Financial Group$7,715,6671.6%
18Sammons Enterprises Group$7,640,3991.6%
19Ameriprise Financial Group$7,477,9141.5%
20Globe Life Group$7,341,0561.5%
21Pacific Life Group$7,159,2361.5%
22American International Group$6,667,2421.4%
23Cuna Mutual Group$6,596,4641.3%
24National Life Group$5,968,7901.2%
25Primerica Group$5,803,3101.2%
26CNO Financial Group$5,781,9041.2%
27AAA Life Group$5,675,0011.2%
28Banner Life Group$5,502,5851.1%
29Principal Financial Group$5,288,2041.1%
30Penn Mutual Group$5,281,0371.1%
31Meiji Yasuda Life Insurance Group$5,112,6701.0%
32Sun Life Assurance Company Of Canada Group$5,072,7921.0%
33Voya Financial Group$4,503,3130.9%
34United Services Automobile Association Group$4,416,4070.9%
35Nationwide Corporation Group$4,350,9470.9%
36Modern Woodmen Of America$4,331,4220.9%
37Equitable Holdings Group$4,068,2540.8%
38Ameritas Mutual Holding Group$3,638,2080.7%
39Savings Bank Life Group$3,552,6420.7%
40West Southern Group$3,368,3720.7%
41Anthem Group$2,866,2990.6%
42Horace Mann Group$2,862,6430.6%
43Knights Of Columbus$2,833,3040.6%
44Kuvare Group$2,794,2820.6%
45American National Financial Group$2,775,4910.6%
46TIAA Family Group$2,564,2770.5%
47Everlake Holdings Group$2,477,0830.5%
48Oneamerica Financial Partners Group$2,049,8740.4%
49Ohio National Life Group$2,015,8640.4%
50Global Atlantic Group$1,750,0480.4%