The Top Life Insurance Companies in Iowa

Iowa has a thriving life insurance market with many highly rated national and regional insurance providers offering policies to residents across the state. If you’re an Iowan looking to purchase life insurance, it’s important to understand your options and find the company that best fits your needs and budget.

This guide examines the top life insurance companies in Iowa, key factors to consider when choosing a provider, average cost of coverage in the state, and the process of purchasing a policy.

Most Popular Life Insurance Companies in Iowa

The life insurance market in Iowa is dominated by several large national insurance carriers along with prominent regional companies. Here are the top providers by market share in Iowa:

• Northwestern Mutual – 12.67% market share
• Iowa Farm Bureau Federation – 6.06%
• New York Life – 5.70%
• Lincoln Financial – 5.22%
• Principal Financial Group – 5.19%
• State Farm – 4.58%
• Prudential Financial – 3.50%

These major companies control nearly half of the state’s life insurance market. Beyond these top players, dozens of other insurers operate in Iowa offering competitive coverage options.

Key Factors to Consider When Choosing a Life Insurance Company in Iowa

When purchasing life insurance in Iowa, it’s important to look beyond just premium prices and consider other key factors:

Financial strength ratings – Insurer financial strength is evaluated by rating agencies like A.M. Best. Look for companies with ratings of A or higher.

Range of policies offered – Consider the variety of term lengths, permanent coverage, and riders available. Find options to suit your budget and needs.

Reputation and reviews – Research online reviews and complaints for insight into a company’s customer service.

Length of time in business – Established insurers with a long history in Iowa may offer greater stability.

Flexible payment options – Look for insurers that offer the ability to pay premiums monthly, quarterly or annually.

Ease of application process – A streamlined application experience shows a focus on customer satisfaction.

Average Cost of Life Insurance Coverage in Iowa

Life insurance rates in Iowa will vary based on your individual attributes like age, health, lifestyle and the amount of coverage you select. However, the table below shows average annual premium costs at different coverage levels for sample profiles:

These figures illustrate how age and coverage amount impact pricing. Actual premiums will differ based on your health, smoking status and other attributes. Getting quotes from multiple insurers is the best way to find affordable rates tailored to you.

Purchasing Life Insurance in Iowa

The process of getting life insurance coverage in Iowa involves these key steps:

• Determine the policy type (term or permanent) and coverage amount you need.

• Use online quote tools to compare pricing from multiple insurers.

• Narrow down your options and apply for coverage from your top choice(s).

• Complete the application including medical history and undergo any required exams.

• If approved, select your premium payment schedule and beneficiary information.

• The policy will be issued and coverage goes into effect after your first premium payment.

Working with an independent insurance agent can streamline the process and ensure you get the right policy to protect your family within your budget.

Top Life Insurance Companies in Iowa

While the major insurers dominate the state’s market share, Iowans have access to coverage from dozens of reputable providers. Here is an overview of 10 top life insurance companies operating in Iowa:

Northwestern Mutual

• Ratings: A++ (Superior) from A.M. Best
• Policies offered: Term, whole, universal, survivorship
• One of the oldest and most established insurers with highly rated financial strength.

Iowa Farm Bureau Federation

• Ratings: Not rated by agencies (insurer group)
• Policies offered: Term, whole, children’s life
• Prominent Iowa-based insurer with affordable rates and focus on rural communities.

New York Life

• Ratings: A++ (Superior) from A.M. Best
• Policies offered: Term, whole, universal, variable universal
• Offers an array of permanent and term policies with numerous riders and options.

Lincoln Financial

• Ratings: A+ (Superior) from A.M. Best
• Policies offered: Term, permanent, universal, index universal
• Global insurer with broad policy selection and highly rated financial strength.

Principal Financial Group

• Ratings: A+ (Superior) from A.M. Best
• Policies offered: Term, whole, universal, variable universal
• Iowa-based firm and one of the nation’s largest insurers with over 75 million policies in force.

State Farm

• Ratings: A++ (Superior) from A.M. Best
• Policies offered: Term, whole, children’s life
• Top mutual life insurance company providing affordable coverage with stellar financial ratings.

Prudential Financial

• Ratings: A+ (Superior) from A.M. Best
• Policies offered: Term, whole, variable, universal
• Global insurer offering an extensive suite of life insurance products.

Transamerica

• Ratings: A+ (Superior) from A.M. Best
• Policies offered: Term, universal, final expense
• Part of Aegon group, offering term, permanent, and final expense life insurance.

John Hancock

• Ratings: A+ (Superior) from A.M. Best
• Policies offered: Term, UL, IUL, VUL, whole life
• Global company providing an array of term lengths and permanent policies.

Mutual of Omaha

• Ratings: A+ (Superior) from A.M. Best
• Policies offered: Term, whole, children’s life
• Well-rated insurer offering flexible permanent and term life insurance.

This overview shows the diversity and strengths of top insurers offering life insurance coverage across Iowa. Reviewing financial ratings, policy types, and customer feedback can help you select the right provider for your needs and budget.

Key Takeaways

• Several major national insurers control nearly half of Iowa’s life insurance market led by Northwestern Mutual and Iowa Farm Bureau.

• When comparing life insurers, look at financial strength, policy selection, costs, reputation, and ease of doing business.

• Average premiums range from $160 annually for $100k coverage for a 25-year-old to $4,000 annually for $500k coverage for a 65-year-old.

• The process involves determining needs, comparing quotes, applying, taking medical exams if required, and making the first premium payment.

• Iowa residents have access to life insurance from dozens of highly-rated insurers like New York Life, Lincoln Financial, Principal, and Transamerica.

Finding the right life insurance in Iowa takes research to identify the appropriate solutions at the best value to protect your family’s financial future.