Your life insurance rates depend mostly on the kind of policy you buy and the amount of coverage you get, along with details about your health and medical history. Unlike other types of insurance, your location doesn’t affect what you pay for life insurance.
That’s why our picks for the best life insurance companies in Vermont are similar to our picks for the best overall companies. But your location can affect some things about buying life insurance, like company availability and local laws, so it’s still important to do research before you buy.
Policygenius rating | Best for … | AM Best score | Number of complaints | Cost | |
|---|---|---|---|---|---|
4.9/5 ★ | Overall, cheapest, term life, young adults | A+ | Fewer than average | $ | |
5.0/5 ★ | No-medical-exam life | A | More than average | $ | |
4.9/5 ★ | Whole life | A++ | Fewer than average | $$$ | |
4.8/5 ★ | Marijuana | A | Fewer than average | $ | |
4.8/5★ | Guaranteed universal life | A+ | Fewer than average | $ | |
4.6/5 ★ | Pre-existing conditions, smokers | A | More than average | $ | |
4.1/5 ★ | Seniors | A+ | Fewer than average | $$ |
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 Vermont: Legal & General America
The best overall life insurance company in Vermont is Legal & General America, which also does business as Banner Life and William Penn in some states. Legal & General America has some of the most affordable life insurance rates on average, even for people with certain medical conditions.
We also like Legal & General America’s flexible policies. You can convert a term policy into permanent life insurance either before the end of your term, or at any point before age 70 if you decide you want to extend your coverage.
Cheapest life insurance company in Vermont: Legal & General America
Legal & General America has some of the cheapest life insurance rates across multiple health profiles, but this isn’t unique to Vermont. But remember that your location has no effect on your life insurance rates, Legal & General America is affordable everywhere.
The best way to find cheap life insurance is by comparing quotes from multiple insurance companies before you buy. You should also get coverage while you’re young, since rates will only get more expensive as you age.
Best term life insurance in Vermont: Legal & General America
Legal & General America has the best term life insurance in Vermont. Most insurance companies offer policies with 30-year terms, but Legal & General America offers policies with 40-year terms and worth up to $65 million in coverage.
A term life policy is a straightforward type of life insurance coverage that works for most people’s needs. Just choose your policy’s term length (how long it lasts) and the amount of money you want your family to receive if you die unexpectedly, and then on the off chance you die while your policy is active, your family will collect the death benefit.
Best no-medical-exam life insurance in Vermont: Brighthouse Financial
The best company for no-medical-exam life insurance in Vermont is Brighthouse Financial. We chose it because Brighthouse Financial offers 30-year terms and up to $3 million in coverage on no-med policies — and you could be approved in as little as 24 hours.
A no-medical exam policy is like regular term life insurance, except you don’t need to go through the lengthy medical exam process to get covered. You’re more likely to qualify for a no-med policy if you’re in good health and you don’t smoke, but each insurance company has its own restrictions.
Best whole life insurance in Vermont: MassMutual
The best company for whole life insurance in Vermont is MassMutual. MassMutual received an A++ from AM Best for its financial strength (the top rating available). Since a whole life policy lasts up until your death — no matter when that is — you want to be sure your insurance company is financially secure.
Whole life insurance combines the growth of a retirement account and the protection of life insurance. It includes a cash-value component that gains interest over time — and you can also use it while you're alive.
Best guaranteed universal life insurance in Vermont: Pacific Life
The best guaranteed universal life insurance company in Vermont is Pacific Life. It has an A+ from AM Best for financial stability, one of the best ratings that AM Best awards. Pacific Life also accepts applicants up to age 80.
Guaranteed universal life insurance is an affordable type of permanent life insurance. Like whole life insurance, policies also come with a cash-value component, but it gains value more slowly. It’s a good option for people who want the “permanent” part of permanent life insurance but aren’t as interested in the investment component.
Best life insurance for seniors in Vermont: Prudential
We found that the best life insurance for seniors in Vermont is Prudential. Prudential allows you to apply for coverage up to age 70. Prudential also may offer you coverage even if you have an age-related health condition like arthritis, high blood pressure, or osteoporosis.
Best life insurance for young adults in Vermont: Legal & General America
Legal & General America is the best life insurance company for young adults in Vermont. You may be able to qualify for a 40-year term life insurance policy if you’re between 20 and 40 years old, even if you’re a smoker. You may also be able to qualify for up to $3 million in coverage from Legal & General America without a medical exam.
Best life insurance for pre-existing conditions in Vermont: Corebridge Financial
The best life insurance company in Vermont for pre-existing conditions is Corebridge Financial. It offers coverage even to applicants with common health conditions, like high cholesterol, kidney disease, or a history of certain cancers or addiction.
Best life insurance for marijuana users in Vermont: Lincoln Financial
The best life insurance if you use marijuana in Vermont comes from Lincoln Financial. That’s because Lincoln Financial won't charge you smoker rates if you use marijuana. You can even get affordable rates if you use marijuana up to six times a week.
Marijuana is legal in Vermont, so make sure to tell your insurance company if you use cannabis. It could jeopardize a future claim if your insurance company finds out you misrepresented yourself when you applied for coverage.
Best life insurance for smokers in Vermont: Corebridge Financial
Corebridge Financial is the best life insurance company for smokers in Vermont. You may find more affordable life insurance rates with Corebridge Financial than with other companies, and can also reapply for cheaper coverage one year after quitting smoking — other insurance companies make you wait longer.
How is life insurance different in Vermont?
Living in Vermont won’t affect what you pay for life insurance, but you should know about these state-specific rules and regulations. [1]
Contestable period: Your life insurance company can cancel your coverage or deny a claim if it finds out during the first two years of a policy that you misrepresented yourself when you applied for coverage.
Free look period: Vermont ensures you have at least 10 days after purchase to cancel a new life insurance policy and receive a full refund.
Grace period: You have at least 30 days to make up a missed payment before your life insurance company can cancel your policy.
Guaranty Fund protection: The Guaranty Association in Vermont will cover up to $300,000 of your death benefits and $100,000 of your policy’s cash surrender value if your life insurance company goes bankrupt
Time to settle a claim: In Vermont your life insurance company has to settle a claim within 30 days of receiving proof of death.
Largest life insurance companies in Vermont
Here are the 10 largest life insurance companies in Vermont by market share. [2]
Market share in Vermont | |
|---|---|
MassMutual | 9.31% |
New York Life | 7.33% |
National Life | 6.09% |
MetLife | 5.91% |
Sammons | 5.53% |
Prudential | 5.32% |
Northwestern Mutual | 5.19% |
Lincoln Financial | 3.81% |
Penn Mutual | 3.09% |
John Hancock | 2.94% |
What happens if a life insurance company goes bankrupt in Vermont?
Your life insurance company probably won’t go bankrupt, but if it does, Vermont’s Guaranty Association will provide some coverage. You’ll receive coverage for up to $300,000 of your policy’s death benefits and up to $100,000 of its cash surrender value until you can find coverage from another company.
How to find a lost life insurance policy in Vermont
As long as you’re related to the deceased person, you can find a lost life insurance policy in Vermont by using the Life Insurance Policy Locator Service from the NAIC.
Average life insurance rates in Vermont
The average cost of life insurance in Vermont for a $500,000, 20-year term life insurance policy is $27 per month ($307 per year) for women and $32 per month ($373 per year) for men, according to data from Policygenius.
Remember: your exact life insurance rates depend on personal factors, not where you live.
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 Vermont?
We chose Legal & General America as the best life insurance company in Vermont. That’s because it has low rates, which it offers to more than just the healthiest applicants, along with flexible coverage offerings and high customer service ratings.
What is the life insurance free look period and grace period in Vermont?
You have a 10-day mandatory free look period to cancel a new policy and still receive a full refund. If you’re late on a payment in Vermont, your insurance company must give you a grace period of at least 30 days before canceling your policy.
What types of life insurance are available in Vermont?
You can get term and whole life insurance, final expense insurance, and guaranteed universal value life insurance in Vermont.
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