The Cheapest Life Insurance in Maryland 2023

The Cheapest Term Life Insurance in Maryland

Bay Life strongly believes in ethical marketing, so unlike other websites we have here quotes for 30 year terms instead of 10. Although 10 years would look cheaper to a potential client, we have seldom encountered anyone who wanted anything less than 25 years of coverage and prefer clients to have the most accurate information at hand.

The average age of an adult in Maryland is 32 and the State of Maryland recommended Life Insurance coverage amount is just under $1 million dollars. In 2023, a system wide quote for a 32 year old male in excellent health for $1,000,000.00 in 30 year term coverage shows some tight competition for lowest price. Transamerica won out this year by just $.05 at $56.95 monthly!

The Cheapest Index Universal Life Insurance Plan in Maryland

Given the same parameters (32 year old male, excellent health, non-smoker), we put out another system search for the least expensive Indexed Universal Life insurance plan for a lower death benefit of $500,000.00. Because of the price difference between term and permanent policies, we often see clients reduce the death benefit to remain in budget. John Hancock won 1st and 2nd with two different Index Universal Life Insurance plans that were cheaper than all other companies quoted at $192.08 and $201.75 respectively.

Because of the complex nature of IUL’s and the accompanying multitude of variables, there are more than likely other companies with plans that could be engineered to be competitive and maybe even cheaper. But at a price that includes a guaranteed period of coverage, John Hancock was the lowest priced at $192.08 monthly.

The Cheapest Whole Life Insurance in Maryland

A maturity date is the amount of time a policy needs to be paid on before it can become permanent without any additional payment. The longer the maturity date, the less expensive of a monthly premium.

Given the same parameters (32 year old male, excellent health, non-smoker), we put out another system search for the least expensive fixed Whole Life Insurance plan for a lower death benefit of $100,000.00. Because of the price difference between Term, IUL and Fixed Whole Life policies, we usually see clients reduce the death benefit to remain in budget. The amount of options for maturity dates (10,20,30 and age 100) make this an extremely tough one to compare, but using the maturity date of age 100, Mass Mutual and Transamerica had the cheapest whole life rates in Maryland at $111.36 and $89.35 respectively.

The Cheapest Final Expense Life Insurance in Maryland

Given the same parameters (32 year old male, excellent health, non-smoker), we put out another system search for the least expensive fixed Whole Life Insurance plan for a lower death benefit of $25,000.00. This lower coverage amount reflects the purpose of Final Expense Policies, to only pay for the expenses related to death (i.e. funeral, monument, cremation, medical bills). The maximum coverage you can get on any FE plan is $50,000.00. As you can see we had another tight one. Transamerica won out with a $.67 lead on American-Amicable for the crown of cheapest final expense insurance in Maryland at $44.08 monthly.