10 Best Life Insurance Companies in Pennsylvania

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

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10 Best Life Insurance Companies in Pennsylvania

Key Terms

  • Life Insurance covers the expenses that arise when somebody passes away.
  • 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.
  • Pennsylvania life insurance companies can help you find a policy to suit your needs and budget.

Pennsylvania is known as the Keystone State and is located in the eastern United States. It’s bordered by New York to the north, New Jersey to the east, Maryland and West Virginia to the south, and Ohio to the west. With a population of around 13 million people, it’s the 5th-most populous state. The largest city in Pennsylvania is Philadelphia which has a population of 1.59 million residents. The state capital is Harrisburg which has a population of 49,229.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Pennsylvania 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 Pennsylvania have been heart disease, cancer, and Covid-19. The homicide rate in Pennsylvania is around 8.5 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 Pennsylvania, the 90th percentile income is currently $99,330. The median income in the state is approximately $44,900. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Pennsylvania, this works out to around $993,300 – $1,986,600 dollars for most people.

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How life insurance works in Pennsylvania

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. Term life insurance is ideal for people who want coverage for a specific period of time, such as when they have children under the age of 18 and large mortgages.

Whole life insurance is more expensive and involves an investing component. 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. Universal life insurance is similar to whole life, but can be more expensive depending on the provider. Neither type of policy is very attractive to most people.

In terms of what type of term life insurance policy to buy, it really is a matter of personal preference. You should evaluate your current health, age, net worth and other factors when purchasing term life insurance policies to protect your family from an untimely death.

Some life insurance policies can include additional riders that cover things like annuities, long-term care riders, or even a rider for accidental death. Working with an independent insurance agent or an independent insurance agency is one of the best ways to see all the life insurance coverage options available to you.

Once you get a series of life insurance quotes, dig deeper into the companies. This will help you find an insurance provider based on financial strength, including ambest ratings. This tells you more about the viability of the company in the insurance industry overall. Further, an A+ rating gives you a good idea about whether this is a decent company.

10 Biggest life insurance companies in Pennsylvania

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

RankCompany NamePennsylvania
Premiums Written
Market Share
1Northwestern Mutual$567,804,5627.49%
4New York Life$478,461,2376.31%
5Mass Mutual Life Ins$476,527,3946.29%
6Lincoln National$386,470,7645.10%
7State Farm$222,330,4742.93%
8Guardian Life$210,578,5572.78%
9John Hancock$195,632,5532.58%
10Penn Mutual$183,597,0842.42%

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How much life insurance do you need in Pennsylvania?

The 90th percentile salary in Pennsylvania is approximately $99,330. 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 Pennsylvania that works out to around $993,300 – $1,986,600. 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

Pennsylvania life insurance laws

There are a few unique features with respect to Pennsylvania 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: Pennsylvania residents get a 10-day period to review the life insurance policy they purchased and make a decision. If they’re unhappy with the policy, they can claim a full refund from the company without facing a penalty.
  • Grace period: For Pennsylvania residents, the grace period of an insurance policy is set to 30 days. This means that if the policyholder fails to pay their monthly premiums, the company cannot cancel the policy for 30 days.
  • Time period for claim settlement: In the case of a life insurance claim in Pennsylvania, the insurance provider of a policyholder must pay the claim to the beneficiary within one month of obtaining the proof of death.
  • Incontestability of insurance: In Pennsylvania, a life insurance policy becomes incontestable if it has been in force for at least two years from the date of issue. After two years, the company will be unable to challenge the application for any mistakes or inconsistencies.

Everyone knows that life is unpredictable. No one knows when their time will come, which is why life insurance is so important. It is the best way to protect your loved ones financially in the event of your death. A life insurance policy gives your family peace of mind in knowing that they will be taken care of financially if something happens to you. It is one less worry for them to have to deal with during an already difficult time.

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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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