Maine Life Insurance

Find the right life insurance policy for you.


Like most people in New England, residents of Maine place a lot of value on family and responsibility. Life insurance gives you a way to ensure that your loved ones will have a secure financial future in the event of your untimely passing. Unfortunately, most Americans either do not have a life insurance policy or feel that they lack sufficient coverage. Maine residents have many different options when it comes to this type of coverage, and rate quotes may be lower than you think.

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Life Expectancy Rates: How Maine Compares to the Nation

  • Overall: United States, 78.6; Maine, 79.2
  • Men: United Sates, 76.0; Maine, 76.8
  • Women: United States, 81.2; Maine, 81.5

Nobody likes to think about dying, but talking about life insurance forces you to do so. A policy may not seem necessary now, but if you have loved ones who depend on you for income or care, having a policy in place may save them from financial hardship in the event of a tragedy.

If you are young and healthy, your death is probably the last thing on your mind, particularly if you are a resident of Maine, where life expectancy rates exceed the national average. However, this is the best time to purchase a life insurance policy because you can lock in coverage at a low rate. The longer you put off getting life insurance, the more it will cost you. And, if you wait until you have been severely injured or diagnosed with a life-threatening illness, you may find yourself uninsurable.

ME Leading Causes of Death

  • Cancer:
    • 201.9 deaths per 100,000 people
    • Ranks 8th among states
  • Heart disease:
    • 182.7 per 100,000 people
    • Ranks 34th among states
  • Chronic lower respiratory disease:
    • 52.3 deaths per 100,000
    • Ranks 12th among states
  • Stroke:
    • 42.8 deaths per 100,000
    • Ranks 36th among states
  • Accidents or unintentional injuries:
    • 41.1 per 100,000 people
    • Ranks 25th among states
  • Alzheimer’s disease:
    • 29.1 per 100,000 people
    • Ranks 10th among states
  • Diabetes:
    • 24.2 deaths per 100,000
    • Ranks 27th among states

Life insurance is about preparing for the unexpected. It is important to think about how those you would leave behind would fare if you were to meet a premature death. If you are married, ask yourself whether your spouse would be able to afford to keep the family home without your support or income. If you are a parent, think about how your children would survive in your absence and what opportunities they might need to forgo due to lack of funds. These are not easy scenarios to think about, but they are necessary ones.

Life insurance can provide your family with coverage for your final expenses, which can cost thousands of dollars. But more importantly, a suitably large policy can provide enough financial stability to allow your loved ones to maintain their current lifestyle. Depending on the type of policy you purchase, your life insurance may also provide you with a sum of money that you can use if a financial hardship befalls you while you are still living.

Residents of Maine Have Life Insurance Options

There are many different types of life insurance policies on the market, and for many residents of Maine, choosing a policy type is the most difficult part of purchasing coverage. The type that is best for you is dependent on your unique life situation. There are two main types of life insurance:

  • Term life insurance: This is the least expensive type of life insurance. You purchase it for a certain amount of time, or term, such as 10, 20 or 30 years. If you pass away during the course of the term, this insurance will provide death benefits to your beneficiaries. This policy has no cash value, and it expires at the end of the term. It has the benefit of enabling you to purchase high amounts of coverage at low, affordable rates, and you can count on having coverage during the years that you need it most.
  • Permanent life insurance: These policies are significantly more expensive than term policies, but they have the advantages of accruing a cash value and having no expiration date. If you purchase a permanent life insurance policy while you are young, you can lock in low rates and keep it for your entire lifetime as long as you continue to make payments on your premiums. Because these policies have a cash value, you can close them out and collect these funds at any time if your life situation dictates the need. Permanent policies include whole life insurance, which provides for fixed premiums and cash accumulation, and universal life insurance, which provides a cash value account that earns interest at market rates.

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How Much Does Life Insurance Cost in Maine?

Life insurance rates can vary significantly from one person to another. Many different factors determine how your rates are calculated. Among them are these:

  • Your age and health history
  • Your height to weight ratio
  • Your cholesterol level
  • Your family’s health history
  • Whether or not you are a smoker
  • The type of policy you are purchasing
  • The amount of coverage you wish to buy

Your insurer will likely ask you to complete a health questionnaire and take a physical exam that includes a blood sample. Your insurance company may give you an estimate of how much your policy will cost but will only give you a final quote after the results of the physical exam and blood work come back. Not all policies require a physical exam and blood work.

Review Life Insurance Policies and Rates Before You Buy

Without an agent to assist you and answer your insurance questions, it can be very difficult to decide on the best life insurance policy for yourself and the adequate coverage to protect your family. A local Trusted Choice® agent can answer your questions, provide guidance and explain the various types of insurance in detail so you can make an informed decision when purchasing a policy.

Contact a Trusted Choice agent with an office in Maine to learn more and to start comparing life insurance quotes.

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