10 Best Life Insurance Companies in Nebraska

Life insurance companies in Nebraska can protect your family in the event of an emergency.

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10 Best Life Insurance Companies in Nebraska

Key Terms

  • Life insurance, like health insurance, provides peace of mind for you and your family.
  • 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.
  • Nebraska life insurance companies can help you find a policy to suit your needs and budget.

Nebraska is known as the Cornhusker State and is located in the central region of the United States. It’s bordered by South Dakota to the north, Iowa to the east, Kansas and Colorado to the south, and Wyoming to the west. With a population of 1.9 million people, it’s the 37th-most populous state. The largest city in Nebraska is Omaha which has a population of 221,986 residents. The state capital is Lincoln which has a population of 287,401.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Nebraska is approximately 77.7 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 Nebraska have been cancer, heart disease, and Covid-19. The homicide rate in Nebraska is around 4.1 homicides per 100,000 residents, which is lower than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Nebraska, the 90th percentile income is currently $93,220. The median income in the state is approximately $38,780. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Nebraska, this works out to around $932,200 – $1,864,400 dollars for most people.

The Nebraska department of insurance at nebraska.gov regulates the annuities insurance products, insurance agencies, and insurance agents. Life insurance quotes can help insure your enrollment in an insurance policy that meets your needs. Life insurance and long term care policies can help provide financial support for health care expenses.

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How life insurance works in Nebraska

There are many different life insurance companies, and they all have their own packages and plans. That said, the general idea is the same with all of them. You pay a monthly premium, and if you pass away during the term of your life insurance policy, then your loved ones will receive a set amount of money.

There are two different types of life insurance policies to be aware of: whole life insurance and term life insurance. With whole life insurance, you pay premiums throughout your entire life, and when you die, your beneficiaries will receive the amount of coverage that you paid for.

Term life insurance is a bit different. With this type of insurance, you pay premiums for a set number of years, and when that time is up, the policy expires. Term life insurance policies cost less than whole life policies and are simpler. For the vast majority of people, term life insurance is the way to go.

In the end, it comes down to this: life insurance is for peace of mind. If you have people in your life who depend on you financially, then you should make sure that they’ll be taken care of financially if something happens to you. Life insurance is one of the best ways to do that.

10 Biggest life insurance companies in Nebraska

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

RankCompany NameNebraska
Premiums Written
Market Share
1Northwestern Mutual$330,543,35020.83%
2Mass Mutual Life Ins$147,430,1929.29%
3New York Life$60,908,1773.84%
4Pacific Life$58,229,9433.67%
5Prudential Of Amer$57,073,8193.60%
6Thrivent Financial For$53,229,8953.35%
7Mutual Of Omaha$48,513,5863.06%
8Principal Fin$48,019,1903.03%
9State Farm$47,193,9742.97%
10Lincoln National$44,136,8322.78%

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How much life insurance do you need in Nebraska?

The 90th percentile salary in Nebraska is approximately $93,220. 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 Nebraska that works out to around $932,200 – $1,864,400. 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

Nebraska life insurance laws

There are a few unique features with respect to Nebraska 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: This is the time between the purchase and the commitment of an insurance policy. During this time, which is typically 10 days for policyholders in Nebraska, you can review the policy so you can decide whether or not to maintain it. You may cancel the policy without penalty within this period and receive full reimbursement from the company if you’re not happy with the policy.
  • Grace period: This is the period of time that a policyholder can use without a penalty to pay a missing premium. The insurance policy will remain in force during this period. Insurers must grant a grace period of no less than 30 days to Nebraska policyholders.
  • Time period for claim settlement: This is a deadline given to life insurance companies to process a claim, which in Nebraska is usually within 30 days of the submission of proof of death documents. Failure to follow the timeline charges the provider with interest on the unpaid amount.
  • Incontestability: In Nebraska, a life insurance policy becomes incontestable if it has been active for at least two years from the date of issue. The company will be unable to challenge the application for mistakes or discrepancies after this period. Only insurance policies with outstanding premiums or where the policyholder is qualified for accidental death benefits are exempt from this rule.

So, why do you need life insurance? Because it gives you and your family peace of mind in knowing that they’re taken care of financially if something happens to you. No one knows what the future holds, but with life insurance, you can rest assured that your loved ones will be taken care of financially when you’re no longer around to provide for them.

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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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