10 Best Life Insurance Companies in Kentucky

Life insurance companies in Kentucky can help you find a policy to protect your loved ones.

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I got both life insurance and disability insurance from Pradeep Audho. He was really great to work with. Very knowledgeable and helpful without ever being too pushy.” —Patrick Waldrop

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Pradeep is incredibly knowledgeable and walked me through several disability policy scenarios and helped me understand the coverages and nuances of the product. More important to me, he continues to be valuable resources for my wife and I when we have questions. Put simply, he’s earned my trust.” —Randall Faircloth

10 Best Life Insurance Companies in Kentucky

Key Terms

  • Life Insurance covers the expenses that arise when somebody passes away like funeral expenses with a payout.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • Kentucky life insurance companies can help you find a policy to suit your needs and budget.

Kentucky is known as the Bluegrass State and is located in the eastern United States. It’s bordered by Indiana and Ohio to the north, Virginia and West Virginia to the east, Tennessee to the south, and Illinois the west. With a population of 4.46 million people, it’s the 26th-most populous state. The largest city in Kentucky is Louisville which has a population of 620,578 residents. The state capital is Frankfort which has a population of 27,679.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Kentucky is approximately 73.5 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 Kentucky have been heart disease, cancer, and Covid-19. The homicide rate in Kentucky is around 9.5 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 Kentucky, the 90th percentile income is currently $79,210. The median income in the state is approximately $37,660. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Kentucky, this works out to around $792,100 – $1,584,200 dollars for most people.

Life insurance coverage provides financial protection to policyholders’ beneficiaries in the event of the policyholder’s death. Life insurance policies shouldn’t be confused with annuities, which are financial product that provides regular payments to policyholders over a specified period of time. Life insurance products, such as term life and whole life insurance, provide death benefit protection to policyholders and their beneficiaries. Policyholders are individuals or organizations that have purchased insurance coverage and insurance agents are the professionals who sells insurance products on behalf of an insurance company.

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How life insurance works in Kentucky

Life insurance is one of the best ways that you can protect your loved ones when you pass away. The idea is pretty simple. You pay a monthly premium in exchange for a death benefit which is paid out to your beneficiaries when you die. That said, there are a few different types of life insurance policies.

Whole life insurance is one of the two main types of permanent life insurance (the other being term life insurance). Unlike term life insurance, which only covers you for a specific period of time, whole life insurance covers you for your entire life. This means that as long as you pay your premiums, your beneficiaries are guaranteed to receive your death benefit, no matter when you die. Because of this, whole life insurance is significantly more expensive.

Whole life insurance also has a cash value component. When you purchase a whole life insurance policy, part of your premium goes into a cash account that you can access while you’re alive. You can take out loans against the cash value of your policy or use it to pay your premiums if you run into financial difficulties. Whole life insurance mixes investing and insurance, making it a complicated product.

Term life insurance (also called term insurance) is a bit different. It’s a life insurance policy that only covers you for a specific period of time, typically 10, 20, or 30 years. If you die during that time frame, your beneficiaries will receive your death benefit. If you don’t die during that time frame, the policy expires, and your beneficiaries don’t receive anything. It’s insurance in its simplest form.

Universal life insurance is another option. Universal life insurance policies have a death benefit and a cash value component, like whole life insurance policies. However, the cash value component grows at a faster rate than it does with whole life insurance. This means that you can access your cash value sooner and use it for things like supplemental retirement income or to pay your premiums.

Most people will prefer and benefit from buying cheap term life insurance. You can get life insurance quotes for free online to compare different type of policies (use one of the links on our site to run instant quotes). Furthermore, there is lots of information on the Kentucky Department of Insurance at insurance.ky.gov

10 Biggest life insurance companies in Kentucky

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

RankCompany NameKentucky
Premiums Written
Market Share
1Northwestern Mutual$144,446,6048.03%
3Aegon Us Holding$102,692,6965.71%
5Lincoln National$79,644,9094.43%
6New York Life$78,695,7744.37%
7State Farm$75,161,7784.18%
8Mass Mutual Life Ins$46,583,7012.59%
9Mutual Of Omaha$46,528,2722.59%
10Globe Life Inc$40,831,9902.27%

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How much life insurance do you need in Kentucky?

The 90th percentile salary in Kentucky is approximately $79,210. 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 Kentucky that works out to around $792,100 – $1,584,200. 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

Kentucky life insurance laws

There are a few unique features with respect to Kentucky 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: Depending on the type of insurance policy you buy, Kentucky insurance laws allow you a 10–30 day free look period. During this period, you can choose to cancel your policy and get a full refund from the insurer at no extra cost. This free look period is designed to allow consumers to evaluate their policies and decide to either keep or cancel the policy.
  • Grace period: An insurer cannot cancel your life insurance policy immediately if you miss a payment because Kentucky insurance laws allow you a 30-day grace period. If you miss a premium payment, you have 30 days from the due date to make the payment. 
  • Claim settlement period: Insurers in Kentucky are required by state insurance laws to settle life insurance claims within 30 days of receiving the claim. This ensures that there are no delays in settlement of claims after the claim is filed.
  • Incontestable period: In Kentucky, your life insurance policy will be incontestable if it has been in force for two years or more after its date of issue, provided all payments are up to date.

Life insurance is one of those things that everyone knows they should have, but many people put off getting because it can seem like a daunting task. But life insurance is actually quite simple, and there are many benefits to having a policy in place. No one likes to think about their own death, but it’s important to be prepared for the unexpected. Life insurance can give you and your family peace of mind in knowing that they are taken care of financially if something happens to you.

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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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