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
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
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
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
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
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
Banner Life
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
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
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 cons
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
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
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
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
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 cons
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
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
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
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.
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.
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.
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