Best Life Insurance In Vermont

When it comes to protecting your loved ones and securing their financial future, life insurance is an essential investment. However, with so many options available, it can be overwhelming to choose the right policy and provider. If you’re a resident of Vermont, you’re in luck! In this blog post, we’ll be discussing the best life insurance companies in Vermont that offer reliable coverage, competitive rates, and excellent customer service. Whether you’re looking for term life insurance, whole life insurance, or universal life insurance, we’ve got you covered. So, let’s dive in and explore your options!

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Vermont 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 Vermont

Condition Deaths in 2021
Heart Diseases 2,053
Cancer 1,496
External Causes 723
Nervous System Diseases 602
Lung Diseases 449

Life Insurance Laws In Vermont

Vermont’s life insurance laws are governed by Title 8 of the Vermont Statutes.

  • 10-day free look period (VT Admin Code 4-3-4:3)
  • 30-day grace period (8 VT 3731)
  • The insurance provider is required to pay the death benefit to the beneficiary within 30 days of receiving proof of death (8 VT 3731); Claims accrue interest beginning from the date of death (8 VT 3665b)
  • 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, Virginia’s life insurance laws and Washington’s life insurance laws are nearly identical to those of Vermont).

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

Top Life Insurance Companies In Vermont

In 2022, the top 50 life insurance companies in Vermont can be ranked based on their premiums and market share. The table provides a comprehensive overview of these rankings, enabling individuals to make informed decisions about the best life insurance options available to them.

At the top of the list is Mass Mutual Life Insurance Group, with 2022 premiums amounting to $24,400,715 and capturing a significant market share of 8.8%. As one of the leading life insurance providers in Vermont, Mass Mutual Life Insurance Group offers reliable coverage and financial security for policyholders.

Following closely is the New York Life Group, which ranks second in the state with premiums totaling $21,342,258. With a market share of 7.7%, New York Life Group is a trustworthy company that offers comprehensive life insurance coverage tailored to the unique needs of individuals and families.

National Life Group secures the third position with $18,740,315 in premiums and a market share of 6.7%. With a long-standing history and solid reputation, National Life Group is a reliable choice to protect one’s loved ones financially.

The fourth-ranked company is Northwestern Mutual Group, with premiums amounting to $16,420,473 and capturing a market share of 5.9%. Northwestern Mutual Group’s emphasis on personalized planning ensures customers receive the coverage and financial advice that aligns with their specific goals and circumstances.

Metropolitan Group ranks fifth in Vermont, having earned $15,378,312 in premiums and with a respectable market share of 5.5%. Offering a wide array of insurance products and innovative coverage options, Metropolitan Group is a popular choice for individuals seeking comprehensive life insurance solutions.

Other notable companies featured in the top 50 list include Prudential of America Group, John Hancock Group, Lincoln National Group, Minnesota Mutual Group, and Unum Group. Each of these companies contributes significantly to the Vermont life insurance market, providing individuals with various options to safeguard their future financial well-being.

Overall, the top 50 life insurance companies in Vermont by 2022 premiums offer diverse coverage options and have established themselves as reliable industry leaders. By considering these market rankings and conducting further research, individuals can make well-informed choices when selecting the best life insurance company that suits their unique needs and budget.

Rank Company 2022 Vermont Premiums Vermont Market Share %
1Mass Mutual Life Insurance Group$24,400,7158.8%
2New York Life Group$21,342,2587.7%
3National Life Group$18,740,3156.7%
4Northwestern Mutual Group$16,420,4735.9%
5Metropolitan Group$15,378,3125.5%
6Prudential Of America Group$15,288,3665.5%
7John Hancock Group$13,119,2954.7%
8Lincoln National Group$11,412,8404.1%
9Minnesota Mutual Group$6,305,1752.3%
10Unum Group$6,222,5142.2%
11Brighthouse Holdings Group$5,879,2722.1%
12Penn Mutual Group$5,559,1822.0%
13Sammons Enterprises Group$4,788,4861.7%
14American International Group$4,761,8451.7%
15Nationwide Corporation Group$4,441,1471.6%
16Guardian Life Group$4,312,5111.6%
17Mutual Of Omaha Group$4,257,7181.5%
18Hartford Fire Cas Group$4,241,8081.5%
19State Farm Group$4,201,6921.5%
20Dai‐Ichi Life Holdings Group$4,117,8381.5%
21Genworth Financial Group$3,840,3941.4%
22Globe Life Group$3,439,5411.2%
23Cuna Mutual Group$3,326,8841.2%
24West Southern Group$3,305,4911.2%
25Pacific Life Group$3,238,3211.2%
26Equitable Holdings Group$3,048,0871.1%
27Great West Group$2,955,2491.1%
28Meiji Yasuda Life Insurance Group$2,949,3281.1%
29Ameriprise Financial Group$2,943,7241.1%
30Aegon US Holding Group$2,820,0631.0%
31American National Financial Group$2,745,0131.0%
32Banner Life Group$2,560,6470.9%
33Tokio Marine Holdings Group$2,496,1050.9%
34CNO Financial Group$2,483,1330.9%
35Allianz Insurance Group$2,380,2420.9%
36Knights Of Columbus$2,359,6470.9%
37TIAA Family Group$2,232,8660.8%
38United Services Automobile Association Group$2,092,3450.8%
39Principal Financial Group$1,993,9930.7%
40Voya Financial Group$1,984,2850.7%
41Modern Woodmen Of America$1,947,0110.7%
42Primerica Group$1,524,9330.6%
43Cigna Health Group$1,480,7450.5%
44Sun Life Assurance Company Of Canada Group$1,477,2940.5%
45Hopmeadow Holdings Group$1,429,3150.5%
46Kuvare Group$1,179,2170.4%
47AAA Life Group$995,5050.4%
48Savings Bank Life Group$975,9170.4%
49Everlake Holdings Group$971,1030.4%
50Horace Mann Group$866,2250.3%