Your life insurance rates depend largely on the kind of policy you buy and how much coverage you get, along with details about your health and medical history — not on where you live.
That’s why many of our picks for the best life insurance companies in Delaware are the same as our picks for the best overall companies. Your location can affect some things about buying life insurance, though, like which companies are available in your state and local laws about life insurance.
Policygenius rating | Best for … | AM Best score | Number of complaints | Cost | |
|---|---|---|---|---|---|
4.9/5 ★ | Overall, cheapest, term life | A+ | Fewer than average | $ | |
5.0/5 ★ | No-medical-exam life, young adults | A | More than average | $ | |
4.9/5 ★ | Whole life | A++ | Fewer than average | $$$ | |
4.8/5 ★ | Pre-existing conditions, Marijuana | A | Fewer than average | $ | |
4.8/5★ | Guaranteed universal life | A+ | Fewer than average | $ | |
4.8/5 ★ | Seniors | A+ | Fewer than average | $$ | |
4.6/5 ★ | Smokers | A | More than average | $ |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance company in Delaware: Legal & General America
The best life insurance company in Delaware is Legal & General America, which also does business as Banner Life and William Penn in some states. We chose Legal & General America because it has affordable life insurance rates whether you’ve got a spotless medical record or have certain health conditions.
Legal & General America also allows you to convert your policy from term to permanent life insurance up until age 70, or the end of your original term, depending on which comes first. (If you’re age 66 or over, your policy is convertible for the first five years it’s active.)
Cheapest life insurance company in Delaware: Legal & General America
Legal & General America is a cheap life insurance option in Delaware, but your location doesn’t actually affect the cost of life insurance. Legal & General America just has cheap average rates regardless of location.
The best way to find cheap life insurance is by comparing quotes from different companies before buying coverage. You should also get life insurance while you’re young, since rates only go up as you get older.
Best term life insurance in Delaware: Legal & General America
The best company for term life insurance in Delaware is Legal & General America. While many other companies only offer up to 30-year terms, Legal & General offers term lengths up to 40 years and policies worth up to $65 million in coverage.
Here’s how term life insurance works: You pick how long you want your coverage to last (the term) and the amount of money you want your loved ones to receive should you die while the policy is active (the death benefit). As long as you keep up with your life insurance payments, the policy will be there for your family if the worst happens.
Best no-medical-exam life insurance in Delaware: Brighthouse Financial
The best company for no-medical-exam life insurance in Delaware is Brighthouse Financial. You may be able to get up to $3 million in coverage and a 30-year term policy without taking a medical exam, sometimes in as little as 24 hours.
No-medical exam policies just cut out the medical exam and approval process that’s usually required when you buy term life insurance. Eligibility rules vary by company, but you’re most likely to be a candidate for no-med life insurance if you’re young or you have a clean medical history.
Best whole life insurance in Delaware: MassMutual
We found that MassMutual is the best whole life insurance company in Delaware. Its high financial strength ratings (it earns A++ from AM Best) indicate strong financial stability, which is important because whole life insurance is permanent and guarantees a payment whenever you die.
A whole life policy offers both a death benefit and an investment account, called a cash-value component, that gains interest over time.
Best guaranteed universal life insurance in Delaware: Pacific Life
Pacific Life is the best guaranteed universal life insurance company in Delaware. It earns solid scores for financial strength, accepts applicants as old as 80, and gives you the option to draw on your coverage early if you have a serious illness.
Guaranteed universal life insurance is a type of permanent coverage, but it’s cheaper than whole life insurance. It’s a good option for people who have lifelong dependents and want to make sure they’re financially protected.
Best life insurance for seniors in Delaware: Protective
Protective is the best life insurance company for seniors in Delaware. Protective accepts applicants up to age 80, and rates are often cheaper than average, which makes it a good choice for seniors on a fixed income.
Best life insurance for young adults in Delaware: Brighthouse Financial
Brighthouse Financial is the best life insurance company for young adults in Delaware. Young applicants may be able to qualify for a 30-year term life insurance policy, even current smokers. If you’re young and in good health, you may also be able to get up to $3 million in coverage without taking a medical exam.
Best life insurance for pre-existing conditions in Delaware: Lincoln Financial
The best life insurance company in Delaware if you have a pre-existing medical condition is Lincoln Financial. You may still be able to find coverage from Lincoln Financial even if you have a history of heart attack, asthma, epilepsy, or other common pre-existing conditions.
Best life insurance for marijuana users in Delaware: Lincoln Financial
Lincoln Financial is the best life insurance company in Delaware if you use marijuana. Lincoln Financial doesn’t classify marijuana users as smokers, meaning you won’t face higher rates like a tobacco user would. You can also use marijuana up to six times a week and still qualify for affordable rates.
Make sure you’re honest about your marijuana use when you apply for life insurance. You risk your insurance company denying a future claim if you misrepresent yourself during the application process.
Best life insurance for smokers in Delaware: Corebridge Financial
The best life insurance company for smokers in Delaware is Corebridge Financial. Your rates will still be more expensive than average as a smoker, but you can apply for better rates one year after quitting. You can get even better rates once you’ve gone three to five years without smoking. Corebridge Financial also offers affordable rates for cigar smokers — but not if you use other forms of tobacco.
How is life insurance different in Delaware?
There are some state-specific rules and regulations in Delaware that you should know about before you buy life insurance. [1]
Contestable period: Insurance companies have two years to review your application for any inaccuracies, and if your life insurance company finds out you misrepresented yourself at all, you.
Free look period: In Delaware, you have a free look period of 10 days for a new policy (20 days for a replacement policy) during which you can cancel and still get a full refund.
Grace period: Delaware requires insurance companies give you at least 30 days to make up a missed payment before canceling your life insurance policy.
Guaranty Fund protection: The Delaware Guaranty Association will cover up to $300,000 of your death benefits and $100,000 of your policy’s cash surrender value if your insurance company goes bankrupt.
Time to settle a claim: Your life insurance company has to process a claim within 30 of receiving proof of death.
Largest life insurance companies in Delaware
Here are the 10 largest life insurance companies in Delaware by market share. [2]
Market share in Delaware | |
|---|---|
Nationwide | 24.94% |
John Hancock | 8.94% |
Lincoln Financial | 6.01% |
Prudential | 5.39% |
Pacific Life | 5.15% |
Crown Global | 4.15% |
Symetra | 3.99% |
The Hartford | 3.89% |
MetLife | 3.73% |
Protective | 2.72% |
What happens if a life insurance company goes bankrupt in Delaware?
The Delaware Life and Health Insurance Guaranty Association will step in to cover up to $300,000 of a policy’s death benefits and $100,000 in its cash surrender value once a life insurance company goes out of business. You can keep your coverage by continuing to pay your premiums.
How to find a lost life insurance policy in Delaware
If you have a connection to the deceased person, you can find a lost life insurance policy by searching the Life Insurance Policy Locator Service from the National Association of Insurance Commissioners.
Average life insurance rates in Delaware
We used Policygenius data to find the average cost of life insurance in Delaware for a $500,000, 20-year term life insurance policy — $27 per month ($307 per year) for women and $32 per month ($373 per year) for men.
Keep in mind that your life insurance rates will depend on your personal details, so they may not align with overall averages.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $15.01 | $22.65 | $33.63 |
Male | $19.18 | $30.20 | $47.51 | |
30 | Female | $15.17 | $22.98 | $36.90 |
Male | $18.19 | $29.32 | $48.89 | |
40 | Female | $21.66 | $35.27 | $60.65 |
Male | $25.39 | $42.94 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.50 |
Male | $56.69 | $102.50 | $188.29 | |
60 | Female | $107.83 | $194.16 | $354.51 |
Male | $149.38 | $268.04 | $499.98 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 04/01/2024.
Frequently asked questions
What is the number one life insurance company in Delaware?
We chose Legal & General America as the best life insurance company in Delaware because of its affordable rates for lots of health profiles, its flexible coverage options, and its high customer service ratings.
What is the life insurance free look period and grace period in Delaware?
Delaware has rules that allow you to cancel a life insurance policy in the first 10 days after purchase and still receive a full refund. It also requires companies give you at least 30 days to make up a missed payment before canceling your coverage.
What types of life insurance are available in Delaware?
You can get whole and term life insurance, guaranteed universal life, and final expense coverage in Delaware.
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