10 Best Life Insurance Companies in Indiana

Life insurance companies in Indiana can help protect you and your family.

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10 Best Life Insurance Companies in Indiana

Key Terms

  • A life insurance policy is one of the best investments you can make for you family’s financial future.
  • Life insurance can cover your final expenses like funeral costs and debts.
  • Indiana life insurance companies can help you find a policy to suit your needs and budget.

Indiana is known as the Hoosier State and is located in the great lakes region of the United States. It’s bordered by Michigan to the north, Ohio to the east, Kentucky to the south, and Illinois to the west. With a population of 6.69 million people, it’s the 17th-most populous state. The largest city in Indiana is Indianapolis which has a population of 867,125 residents. Indianapolis Is also the state capital.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Indiana is approximately 75 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Indiana have been heart disease, cancer, and Covid-19. The homicide rate in Indiana is around 9.7 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Indiana, the 90th percentile income is currently $81,010. The median income in the state is approximately $38,330. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Indiana, this works out to around $810,100 – $1,620,200 dollars for most people.

Individuals with dependents, such as a spouse or children, may want to consider purchasing life insurance coverage to provide financial protection for their loved ones in the event of their death. Life insurance companies offer a range of insurance products, including traditional life insurance policies and annuities, to meet the needs of different policyholders. These companies often provide free life insurance quotes to help potential policyholders compare the insurance options and choose the right coverage for their needs.

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How life insurance works in Indiana

There are different types of life insurance, but they all work in a similar way. You, the policyholder, pay monthly or annual premiums to the insurance company. If you die while the policy is active, the company pays a death benefit to your beneficiaries. The beneficiaries can then use the money to cover your final expenses and any other debts or expenses you may have left behind.

There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance is the more affordable and straightforward option. It pays a death benefit only if you die during the term of the policy, which is usually 20 or 30 years. If you outlive the term, the policy expires, and you get nothing. Term life insurance is ideal for people who want coverage for a specific period of time, such as when they have young children and large mortgages.

Whole life insurance (also called permanent life insurance) is more expensive and also more complicated. It pays a death benefit regardless of when you die. In addition, whole life insurance builds cash value over time that you can borrow against or cash out. Whole life insurance is often not the right choice because it involves mixing insurance and investment. Most people would benefit from paying cheaper premiums for term life insurance and using the extra money to invest in a traditional investment account.

When applying for life insurance, policyholders may be required to provide information about their medical history and to undergo a medical exam. This is because the life insurance company uses this information to assess the policyholder’s health and determine the premiums and terms of the policy. Some insurance companies may also offer long term care insurance which provides coverage for long-term care expenses, such as the costs of assisted living or nursing home care. In these cases, the policyholder’s medical history and the results of the medical exam may be particularly important in determining the policy’s terms and premiums.

10 Biggest life insurance companies in Indiana

Indiana life insurance companies ranked by premiums written in the state.

RankCompany NameIndiana
Premiums Written
Market Share
1Northwestern Mutual$257,854,7018.00%
4Mass Mutual Life Ins$146,537,3454.55%
5Lincoln National$135,647,4964.21%
6New York Life$127,868,2233.97%
7State Farm$125,500,3433.89%
8Sammons Enterprises$122,307,7773.79%
9Indiana Farm Bureau$109,799,1313.41%
10Minnesota Mutual$86,981,7942.70%

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How much life insurance do you need in Indiana?

The 90th percentile salary in Indiana is approximately $81,010. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Indiana that works out to around $810,100 – $1,620,200. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Indiana Life insurance laws

There are a few unique features with respect to Indiana Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • Free Look period: Indiana insurance laws do not mandate insurance companies to give you a free look period to test the policy. Unlike in other states where insurers have to provide you with 10 days to cancel your policy, insurers in Indiana are not required to do so. However, most companies will still offer a free look period depending on your policy.
  • Grace period for late payments: Indiana insurance laws give you a grace period of 30 days in case you miss a premium payment on your policy. This means that your insurer cannot cancel your policy and you will remianed covered if you miss a payment provided you pay within the 30-day grace period.
  • Time allowable to pay a claim: Indiana insurance laws require life insurance companies to settle a claim within 60 days of it being filed. Should the insurer fail to pay within the 60 days, the policy starts to accrue interest, and the insurer may be fined for delaying payment.
  • Life insurance protection: In the unlikely scenario that your insurer becomes insolvent, the Indiana Life & Health Insurance Guaranty Association protects your life insurance policy for up to $300,000 in death benefits and up to $100,000 for cash surrender per insured person.

A life insurance policy is an investment in your family’s future. It ensures that they will be able to maintain their standard of living even if you are no longer there to support them. If you have not already done so, you should look into getting life insurance today. It could be the best decision you ever make for your loved ones. Also, be sure to consult with a licensed insurance agent, as they can help you select a policy that works for your unique needs and budget.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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