Best Life Insurance In Massachusetts

If you’re a resident of Massachusetts and looking for the best life insurance companies in the state, you’ve come to the right place. Life insurance is an essential investment that provides financial security to your loved ones in case of an unexpected event. With so many options available, it can be overwhelming to choose the right one. In this blog post, we’ll be discussing the top life insurance companies in Massachusetts that offer reliable coverage, competitive rates, and excellent customer service. So, let’s dive in and find the best life insurance policy for you and your family.

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Massachusetts 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 Massachusetts

Condition Deaths in 2021
Heart Diseases 15,512
Cancer 12,784
External Causes 5,591
Mental Disorders 5,526
Lung Diseases 4,926

Life Insurance Laws In Massachusetts

Massachusetts’s life insurance laws are governed by Title 22 of the Laws of Massachusetts (Chapter 175).

  • 10-day free look period (MA Gen Laws Ann. ch. 175 §187H)
  • 30-day grace period on all payments made after the first year (MA ch. 175 §132)
  • If the claim is not settled within 30 days, it begins to accrue interest (MA ch. 175 §119C)
  • 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, Michigan’s life insurance laws and Minnesota’s life insurance laws are nearly identical to those of Massachusetts).

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Top Life Insurance Companies In Massachusetts

The table above showcases the top 50 life insurance companies in Massachusetts ranked by their 2022 premiums. This ranking provides valuable insight into the insurance landscape in this state and gives readers an idea of the leading companies in terms of financial performance and market share.

Taking the first spot on the list is New York Life Group, with 2022 Massachusetts premiums totaling an impressive $523,905,120. Their strong market share of 11.5% demonstrates their dominance in the state’s life insurance market. Coming in at a close second is Northwestern Mutual Group, with premiums amounting to $513,029,599 and a market share of 11.2%. This demonstrates the fierce competition at the top of the rankings.

The third-ranked company is Mass Mutual Life Insurance Group, with premiums totaling $381,825,205 and capturing 8.4% of the Massachusetts market. Following closely behind is Prudential Of America Group in the fourth position, with premiums reaching $279,449,278 and commanding a 6.1% market share. Metropolitan Group secures the fifth spot, with premiums of $271,349,284 and a market share of 5.9%.

The rankings continue with Lincoln National Group in sixth place, boasting premiums of $223,128,576 and a market share of 4.9%. John Hancock Group comes in seventh, with premiums totaling $178,656,203 and a 3.9% market share. Guardian Life Group follows suit with premiums amounting to $171,688,138 and capturing a 3.8% market share.

Savings Bank Life Group ranks ninth on the list, showcasing premiums amounting to $141,045,213 and a 3.1% market share. Brighthouse Holdings Group rounds out the top ten, narrowly grabbing a 2.0% market share with premiums totaling $91,538,751.

These initial rankings set the stage for the rest of the top 50 companies, with each successive entry demonstrating the diverse range and competitiveness among life insurance providers in Massachusetts. Each organization brings unique products, customers, and approaches to the market, shaping the industry landscape and providing individuals and families with a wide array of options for securing their financial well-being.

Ultimately, this table provides both insiders and the general public with important information on the best life insurance options and the companies that dominate the field in Massachusetts.

Rank Company 2022 Massachusetts Premiums Massachusetts Market Share %
1New York Life Group$523,905,12011.5%
2Northwestern Mutual Group$513,029,59911.2%
3Mass Mutual Life Insurance Group$381,825,2058.4%
4Prudential Of America Group$279,449,2786.1%
5Metropolitan Group$271,349,2845.9%
6Lincoln National Group$223,128,5764.9%
7John Hancock Group$178,656,2033.9%
8Guardian Life Group$171,688,1383.8%
9Savings Bank Life Group$141,045,2133.1%
10Brighthouse Holdings Group$91,538,7512.0%
11Aegon US Holding Group$89,860,8482.0%
12Minnesota Mutual Group$81,417,9801.8%
13Sammons Enterprises Group$79,185,5741.7%
14Nationwide Corporation Group$71,132,3071.6%
15Unum Group$70,277,0111.5%
16Hartford Fire Cas Group$67,616,3131.5%
17American International Group$63,456,6061.4%
18Mutual Of Omaha Group$59,559,2961.3%
19Pacific Life Group$57,808,6071.3%
20Principal Financial Group$53,712,5191.2%
21Penn Mutual Group$53,502,8211.2%
22Dai‐Ichi Life Holdings Group$53,035,9031.2%
23Ameriprise Financial Group$50,122,6141.1%
24Primerica Group$49,447,4921.1%
25Sun Life Assurance Company Of Canada Group$48,910,6281.1%
26Globe Life Group$47,762,5511.1%
27Equitable Holdings Group$42,247,8620.9%
28Voya Financial Group$41,774,8520.9%
29Boston Mutual Group$38,614,5890.9%
30Banner Life Group$38,418,3800.8%
31Genworth Financial Group$35,636,0290.8%
32Knights Of Columbus$33,854,3270.7%
33Tokio Marine Holdings Group$32,332,8790.7%
34Allianz Insurance Group$23,292,3350.5%
35West Southern Group$22,504,3460.5%
36National Life Group$22,269,5560.5%
37Cuna Mutual Group$21,524,4320.5%
38TIAA Family Group$21,512,8200.5%
39Ohio National Life Group$20,288,4320.4%
40Meiji Yasuda Life Insurance Group$19,421,9320.4%
41Sumitomo Life Insurance Group$19,167,1420.4%
42United Services Automobile Association Group$18,190,1040.4%
43Columbian Life Group$16,315,4860.4%
44Resolution Life US Holdings Group$14,590,9120.3%
45Global Atlantic Group$14,314,1910.3%
46Amica Mutual Group$13,905,7590.3%
47Ameritas Mutual Holding Group$13,722,8130.3%
48CNO Financial Group$13,281,7090.3%
49GGC Group$12,805,8350.3%
50Hopmeadow Holdings Group$12,386,8310.3%