Pennsylvania residents have a long list of life insurance companies to choose from, and finding the right one can prove a challenge. It’s also important to know how your health and lifestyle choices can affect the cost of your premiums, as well as your state's regulations around life insurance.
That’s why we compiled the best life insurance companies in Pennsylvania, the cost of insurance premiums for residents, and the guidelines that impact how life insurance policies operate in the state.
Best life insurance companies in Pennsylvania
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
Best overall life insurance
Banner Life offers the most competitive rates and a range of term length options for the majority of Pennsylvanians. People with a variety of health and risk classifications can still get policies work for their budget.
Banner Life also boasts high financial security and customer satisfaction levels, with an NAIC complaint rating of just 0.35, far below the national average of 1.00.
Cheapest life insurance
Banner Life consistently offers the most affordable life insurance rates in Pennsylvania across a range of lifestyles and some pre-existing health conditions. Whether you have no health conditions or several, you can find great rates with Banner Life.
Best term life insurance
Term life insurance provides coverage for a predetermined period of time and expires at the end of that term, making it the most suitable and affordable type of policy for most people. Banner Life is the best company for term life insurance because it offers a variety of term lengths and low rates for most applicants.
Best no-medical-exam life insurance
No-medical-exam life insurance uses health records to determine past medical history and assess an applicant’s health without requiring a medical exam. Brighthouse Financial offers competitive rates, full coverage, and quick application decisions for applicants who want to skip the medical exam.
Best whole life insurance
Whole life insurance doesn’t have an expiration date, but it costs five to 15 times as much as term life insurance. For anyone who needs lifetime coverage or wants to use the policy’s cash value component as a savings vehicle, MassMutual is your best choice. The company pays higher dividends to policyholders than other policies, making it the best whole life option in Pennsylvania.
Best for seniors
People age 60 and above can get the best rates from Prudential, which offers competitive rates to seniors with a wide range of health conditions.
Best for young adults
Young adults can get better life insurance rates across the board, as the average cost of premiums increases by 4.5% to 9% for every year someone delays buying a policy. In Pennsylvania, Brighthouse Financial offers the most affordable rates for young people.
Best for people with pre-existing conditions
Most pre-existing conditions won’t prevent applicants from getting life insurance, but they can affect the cost of the policy. Lincoln Financial offers the best rates to Pennsylvanians with a history of arthritis, cancer, stroke, diabetes, and other health conditions.
Best for marijuana users
Marijuana users tend to pay more for life insurance coverage than other applicants. Lincoln Financial offers low rates to occasional marijuana users and can even offer non-smoker rates to daily users with a clean motor vehicle report and no history of drug abuse.
Best for smokers
Smokers pay two to three times more for life insurance than non-smokers because of their additional health risks. But Banner Life offers better rates to smokers than their competitors, and applicants who quit smoking can apply for lower premiums after just one year.
Comparing the best life insurance companies in Pennsylvania
Types of policies
5.0 / 5
No-medical-exam life, young adults
Term life, no-medical-exam life, whole life, short-term life, universal life
4.9 / 5
Overall, cheapest, term life, smokers
Term life, no-medical-exam life, universal life
4.9 / 5
Term life, no-medical-exam life, whole life, universal life, variable universal life
4.8 / 5
Marijuana users, people with pre-existing conditions
Term life, no-medical-exam life, indexed universal life, variable universal life
4.1 / 5
Term life, no-medical-exam life, short-term life, universal life, indexed universal life
What is the average cost of life insurance in Pennsylvania?
Many factors affect life insurance premiums, including the age of the applicant, medical history, health conditions, and the length and coverage amount of the policy. Based on Policygenius data from 2023, the average monthly premium for a healthy 35-year old in Pennsylvania buying a $500,000, 20-year term life insurance policy is $30.81 for men and $25.78 for women.
What happens if a life insurance company goes bankrupt in Pennsylvania?
Life insurance companies don’t often go bankrupt, but in the rare event that one does, the Pennsylvania Life & Health Insurance Guaranty Association can step in to cover affected state residents and continue the policy as long as the policyholder keeps paying their premiums.
When an insurance company is unable to meet its financial obligations, the Pennsylvania guaranty association and/or the receiver will notify affected policyholders. Pennsylvania covers up to $300,000 in life insurance death benefits and $100,000 in life insurance cash surrender value for all policyholders impacted by a life insurance company’s insolvency.
When a policyholder moves out of Pennsylvania, their coverage transfers to the guaranty association of the state in which they reside when the company is liquidated.
How to find a lost life insurance policy in Pennsylvania
When someone dies, their family members and/or their estate administrator can look for life insurance policies or annuity contracts in the decedent’s name using the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service.
In addition, the Pennsylvania Unclaimed Property website can be used to locate unclaimed life insurance benefits turned over to the state — but state law doesn’t require insurance unclaimed funds to be turned over to the state until many years after the death.
Pennsylvania life insurance laws
Life insurance companies in Pennsylvania must follow state guidelines that protect policyholders and direct how policies must operate.
Free look period
New life insurance policyholders in Pennsylvania can cancel their policy and get a full refund of their paid premiums, as long as they cancel within 10 days of receiving the policy.
Guaranty Fund protection
The Pennsylvania Life & Health Insurance Guaranty Association guarantees up to $300,000 in life insurance death benefits and $100,000 in life insurance cash surrender value when a life insurance company is unable to meet its financial obligations.
In Pennsylvania, the contestability period of a new life insurance policy is two years from the date the policy takes effect. During this period, a company can challenge a claim if they discover evidence of lies or misstatements on a life insurance application.
Grace period for missed payments
Pennsylvania has a 31-day grace period for missed life insurance payments. This period gives customers extra time to pay their premium before the life insurance company can cancel their coverage.