10 Best Life Insurance Companies in Montana

Life insurance companies in Montana can help protect you and your family by providing a financial benefit.

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10 Best Life Insurance Companies in Montana

Key Terms

  • Life insurance can cover your final expenses like funeral costs and debts.
  • 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.
  • Montana life insurance companies can help you find a policy to suit your needs and budget.

Montana is known as the Treasure State and is located in the northern United States. It’s bordered by North Dakota to the east, Wyoming to the south, and Idaho to the west. With a population of 1.1 million people, it’s the 44th-most populous state. The largest city in Montana is Billings which has a population of 116,827 residents. The state capital is Helena which has a population of 32,315.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Montana is approximately 76.8 years which is 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 Montana have been heart disease, cancer, and Covid-19. The homicide rate in Montana is around 6.6 homicides per 100,000 residents, which is slightly lower than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Montana, the 90th percentile income is currently $79,730. The median income in the state is approximately $38,050. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Montana, this works out to around $797,300 – $1,594,600 dollars for most people.

In the state of Montana, it is important to find a life insurance agency with insurance agents that can advise you on insurance products that fits your life insurance plans. They help you find annuities based on life insurance quotes that provide you the life insurance coverage you need.

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How life insurance works in Montana

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 universal life insurance) is more expensive but 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 not the right choice for many. You’d be better off buying cheap term life insurance and investing the difference.

10 Biggest life insurance companies in Montana

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

RankCompany NameMontana
Premiums Written
Market Share
1Northwestern Mutual$42,736,1609.34%
2New York Life$38,529,2818.42%
3Guardian Life$22,493,6984.91%
5State Farm$20,405,4134.46%
6Lincoln National$16,852,7283.68%
7Thrivent Financial For$15,685,9693.43%
8Iowa Farm Bureau$15,599,3823.41%
9Mass Mutual Life Ins$15,562,0593.40%
10Dai‐Ichi Life Holdings Inc$11,800,9252.58%

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How much life insurance do you need in Montana?

The 90th percentile salary in Montana is approximately $79,730. 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 Montana that works out to around $797,300 – $1,594,600. 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

Montana life insurance laws

There are a few unique features with respect to Montana Life Insurance Laws that have an impact on your specific policy if you are a resident of the state. These state laws can help you learn.

Here’s what you need to know:

  • Free look period: Montana does not have a free look period, which gives policyholders a chance to get a full refund if they’re not pleased with their coverage. However, many life insurance companies in Montana will still give you 7–30 days, within which you can back out of the policy and still get a refund.
  • Grace period for missed payments: All life insurance companies in Montana give their policyholders a 30-day grace period to process their bill payments. This means that if you are late on payments, you still have a 30-day period where you can make your payment before the provider legally cancels your policy.
  • Time allowable to settle a claim: After filing a claim for a life insurance policy, an Insurer in Montana has 30 days to pay. If your provider fails to pay your benefit on time, your beneficiary’s account will accrue interest from the insurer.
  • Contestable period: After you file a claim, life insurance companies in Montana have the right to review the deceased’s existing medical records for accuracy and consistency in your application. The insurer cannot contest the claim if the deceased purchased the policy more than two years ago.

Life insurance is an important financial tool for providing a death benefit to your loved ones in the event of your passing. A life insurance policy will pay money directly to your beneficiaries after you pass away from natural causes or another unfortunate circumstance. It’s one of those things that nobody likes to think about, but it’s important to have a solid financial plan in place in case something unexpected happens.

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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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