Best life insurance companies in Massachusetts

Find the right insurance companies in Massachusetts to match your budget and needs, and learn how state regulations protect you as a policyholder.

Headshot of Gianetta Palmer

By

Gianetta PalmerContributing WriterGianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

Edited by

Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|4 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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Whether you live in Boston, Pittsfield, or somewhere in between, ensuring your family is financially protected when the unexpected happens is one of the smartest decisions you can make.

If you’re looking for the best life insurance companies in Massachusetts with the most affordable rates, we’ve gathered the top insurers in several categories, including smokers, seniors, and people with pre-existing conditions. We also calculated the average cost of life insurance and the laws that impact life insurance for Massachusetts residents.

We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.

Best life insurance companies in Massachusetts

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.

→ Read more about our reviews methodology

Best overall life insurance

Banner Life is the best overall life insurance company for most people in Massachusetts. It offers a no-medical-exam option and competitive rates for people without complicated medical histories. Plus, we only recommend life insurance companies with excellent customer service scores and substantial financial resources, and Banner Life excels in both categories.

Cheapest life insurance

Banner Life (Legal & General America) offers the cheapest life insurance rates for Massachusetts residents. Its application process is straightforward, and the company has been around since 1949, with an A+ financial rating from A.M. Best.

Best term life insurance

We selected Banner Life as the company with the best term life insurance plans because of its flexible policies and affordable rates. It’s great for Massachusetts residents who have children or other beneficiaries and want to ensure their futures are financially sound in the event of the policyholder’s death. 

Best no-medical-exam life insurance

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2023 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam option

Cons

  • Traditional term life not available in CA, IL, LA, ME, or NY

  • Term life applicants limited to ages 25-50

Brighthouse Financial offer the best no-medical-exam life insurance in Massachusetts. In order to expedite your application for affordable life insurance, no-medical-exam policies assess your health using past medical records rather than a physical examination.

Best whole life insurance

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2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

As the name implies, whole life insurance is carried throughout a policyholder’s whole life, but it costs five to 15 times more than term life insurance. We selected MassMutual as Massachusetts's best whole life option because it pays policyholders higher dividends than other providers.

Best for seniors

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2023 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Why we chose itchevron icon

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and conschevron icon

Pros

  • Good for people over 60

  • More flexible income requirements than some other insurers

  • Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

  • Younger applicants will likely find better prices elsewhere

Prudential is our pick for Massachusetts seniors over age 60 looking for life insurance. While people in this age category will pay higher rates for life insurance, Prudential's rates are more affordable for seniors than many of its competitors.

Best for young adults

Brighthouse Financial

We’ve chosen Brighthouse Financial as the best choice for those looking for competitively priced term or whole life insurance. If you’re 25-50, term life insurance is probably a great choice to keep your family financially protected if the unthinkable happens.

Another reason we like Brighthouse Financial is that it allows individuals to complete the application and get approved in under 24 hours.

Best for people with pre-existing conditions 

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2023 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

Pros

  • Affordable rates

  • Good for many existing health conditions, including depression, stroke, and heart conditions

  • Good for marijuana users, including daily users

Cons

  • Term life not available in New York

Most people with pre-existing medical conditions can still get life insurance, and Lincoln Financial offers competitive rates to people with arthritis, cancer, diabetes, and other conditions.

Best for marijuana users

Lincoln Financial

Recreational marijuana is now legal in many states, including Massachusetts. We picked Lincoln Financial as the best life insurance for marijuana users because it offers rates up to 300% lower than companies who offer the same type of coverage.

Best for smokers 

Banner Life is our choice for smokers looking for life insurance because it offers the most affordable rates. Plus, policyholders can apply to have their premiums reduced after being tobacco-free for one year.

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Comparing the best life insurance companies in Massachusetts

Company 

Policygenius rating

Best for

Types of policies 

Brighthouse Financial

5.0 / 5

No-medical-exam life, young adults

Term life, no-medical-exam life, whole life, short-term life, universal life

Banner Life

4.9 / 5

Overall, cheapest, term life, smokers

Term life, no-medical-exam life, universal life

MassMutual

4.9 / 5

Whole life

Term life, no-medical-exam life, whole life, universal life, variable universal life

Lincoln Financial

4.8 / 5

Marijuana users, people with pre-existing conditions

Term life, no-medical-exam life, indexed universal life, variable universal life

Prudential

4.1 / 5

Seniors

Term life, no-medical-exam life, short-term life, universal life, indexed universal life

What is the average cost of life insurance in Massachusetts?

As with all kinds of insurance, the rates you pay depend on personal details like your age and medical history, as well as the lengths and types of policies you choose. Based on Policygenius data from 2023, the average monthly premium for a healthy 35-year old in Massachusetts buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.

What happens if a life insurance company goes bankrupt in Massachusetts?

Very few life insurance companies go bankrupt, but if you have a life insurance policy in Massachusetts, your policy will be protected in the unlikely event your insurance carrier goes out of business. The Massachusetts Life and Health Insurance Guaranty Association will cover affected policyholders for up to $300,000 for lost death benefits and up to $100,000 for loss cash surrender.

How to find a lost life insurance policy in Massachusetts

If you’re unsure if a recently deceased party has life insurance, Massachusetts residents can visit the state treasurer's Official Unclaimed Property Website or call (617) 367-0400 for help in locating lost policies. Additionally, the National Association of Insurance Commissioners has created a nationwide database where family members can look for lost policies.

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Massachusetts life insurance laws

Massachusetts has several mandated laws that protect life insurance policyholders and regulate how insurance carriers operate within the state.

Free look period

Massachusetts residents have 10 days to review their policy and can receive a full refund on any paid premiums if they choose to cancel it.

Guaranty Fund protection

If you own an active life insurance policy in Massachusetts and your insurer goes bankrupt, the Massachusetts Life and Health Insurance Guaranty Association will cover affected policyholders. The limits are up to $100,000 for loss cash surrender and up to $300,000 for death benefits.

Contestable period

In Massachusetts, the contestable period for a life insurance policy is the first two years during which the policy is active. After that, insurance companies can reject a claim if they conclude that you lied on your application.

Time allowable to settle a claim

Insurance companies in Massachusetts are required to pay the amount due to the beneficiaries without delay. However, if it takes longer than a month, the insurance provider may be required to pay interest on the total amount.

Grace period for missed payments

Massachusetts residents have up to 30 days to catch up on an unpaid premium before the insurance provider can cancel the policy.

Frequently asked questions

What is the best life insurance company in Massachusetts?

The overall best life insurance company for most Massachusetts residents is Banner Life, thanks to its affordable rates, financial strength, customer satisfaction, and no-medical-exam options.

What kinds of life insurance policies are available in Massachusetts?

Massachusetts residents can purchase all of the main types of life insurance, but the vast majority of people are best suited for term life insurance.

What happens if I miss a payment on my life insurance policy in Massachusetts?

You have up to 30 days to make a payment on a past-due insurance policy before your carrier can cancel the policy.

Author

Gianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

Editor

Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.

Expert reviewer

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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