Best Life Insurance In Rhode Island

Rhode Island may be the smallest state in the United States, but it is home to some of the best life insurance companies in the country. Choosing the right life insurance policy can be a daunting task, but with the right information, you can make an informed decision that will protect your loved ones in the event of your untimely death. In this blog post, we will explore the top life insurance companies in Rhode Island and what makes them stand out from the rest. Whether you are a resident of Rhode Island or simply looking for the best life insurance options in the state, this post will provide you with valuable insights and information to help you make the right choice.

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Rhode Island 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 Rhode Island

Condition Deaths in 2021
Heart Diseases 3,073
Cancer 2,179
External Causes 1,070
Nervous System Diseases 799
Mental Disorders 719

Life Insurance Laws In Rhode Island

Rhode Island’s life insurance laws are governed by Chapter 27 of the Rhode Island Code.

  • 20-day free look period (RI Gen. Laws 27-4-6.1)
  • 31-day grace period (RI 27-4-6.2)
  • Interest starts accruing on death benefit payments upon the death of the insured person (RI 27-4-26)
  • 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, South Carolina’s life insurance laws and South Dakota’s life insurance laws are nearly identical to those of Rhode Island).

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Top Life Insurance Companies In Rhode Island

According to the table, the top 50 life insurance companies in Rhode Island by 2022 premiums are ranked based on their Rhode Island market share. These companies play a significant role in providing life insurance coverage to residents of the state.

Leading the pack is Mass Mutual Life Insurance Group, which holds the number one spot with $132,075,888 in Rhode Island premiums, accounting for a substantial 17.7% of the market share. Following closely behind is Northwestern Mutual Group, securing second place with $106,681,250 in premiums and a market share of 14.3%. These companies are clearly dominant forces in the Rhode Island life insurance landscape.

The New York Life Group takes the third spot with $99,189,434 in premiums and a market share of 13.3%. It is closely followed by Prudential of America Group, which has $37,398,095 in premiums, claiming a 5.0% market share. As we move further down the list, Metropolitan Group and Lincoln National Group hold the fifth and sixth positions, respectively, both with a market share of 3.4% and premiums of $25,456,302 and $25,340,384.

The table also reveals the variety of companies operating in Rhode Island’s life insurance market. From independent agencies like John Hancock Group and Nationwide Corporation Group to larger, multinational corporations such as American International Group, Meiji Yasuda Life Insurance Group, and Dai-Ichi Life Holdings Group, there is a wide selection of life insurance providers available to residents of Rhode Island.

While larger insurers dominate the top spots, there are also notable mentions for smaller, niche providers, such as AAA Life Group and Knights of Columbus, both with a market share of 0.3%. Although they might not command the same level of premiums or market share, these companies still play a vital role in offering life insurance options to Rhode Island residents.

Overall, this table showcases the competitive landscape of life insurance companies in Rhode Island, highlighting the presence of well-established insurers alongside smaller players. These companies collectively contribute to the vitality and diversity of the life insurance market in the state, ensuring that residents have access to a range of coverage options.

Rank Company 2022 Rhode Island Premiums Rhode Island Market Share %
1Mass Mutual Life Insurance Group$132,075,88817.7%
2Northwestern Mutual Group$106,681,25014.3%
3New York Life Group$99,189,43413.3%
4Prudential Of America Group$37,398,0955.0%
5Metropolitan Group$25,456,3023.4%
6Lincoln National Group$25,340,3843.4%
7Pacific Life Group$21,099,0792.8%
8John Hancock Group$18,659,2492.5%
9Minnesota Mutual Group$16,528,1672.2%
10Brighthouse Holdings Group$14,192,5111.9%
11Aegon US Holding Group$11,036,2321.5%
12Amica Mutual Group$10,188,3751.4%
13Nationwide Corporation Group$9,982,5641.3%
14Hartford Fire Cas Group$9,682,8921.3%
15Penn Mutual Group$9,400,8521.3%
16Mutual Of Omaha Group$9,320,7961.3%
17Guardian Life Group$9,089,8091.2%
18Primerica Group$9,036,6031.2%
19Dai‐Ichi Life Holdings Group$7,884,4301.1%
20American International Group$7,729,1261.0%
21Meiji Yasuda Life Insurance Group$7,709,5411.0%
22Globe Life Group$7,036,7590.9%
23Sun Life Assurance Company Of Canada Group$6,772,8440.9%
24Sammons Enterprises Group$6,239,9170.8%
25CNO Financial Group$6,200,4760.8%
26Unum Group$5,629,3050.8%
27Genworth Financial Group$5,183,1390.7%
28Ameriprise Financial Group$5,017,3610.7%
29Savings Bank Life Group$4,935,7670.7%
30Banner Life Group$4,626,2430.6%
31Principal Financial Group$4,609,0540.6%
32Equitable Holdings Group$4,252,5510.6%
33Ohio National Life Group$4,050,9290.5%
34West Southern Group$3,976,0820.5%
35Kuvare Group$3,941,2080.5%
36United Services Automobile Association Group$3,638,0830.5%
37Sumitomo Life Insurance Group$3,495,2390.5%
38Global Atlantic Group$3,455,5150.5%
39Voya Financial Group$3,439,7620.5%
40National Life Group$3,375,1510.5%
41TIAA Family Group$3,355,5920.5%
42GGC Group$3,353,1880.5%
43AAA Life Group$3,239,5520.4%
44Allianz Insurance Group$2,860,7280.4%
45Cuna Mutual Group$2,840,7310.4%
46Everlake Holdings Group$2,766,1240.4%
47Hopmeadow Holdings Group$1,904,4640.3%
48American National Financial Group$1,857,0370.3%
49Knights Of Columbus$1,847,8540.3%
50Ameritas Mutual Holding Group$1,784,4070.2%