Best Life Insurance in Memphis, TN (August 2024)


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Updated: October 4, 2024

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The best life insurance company in Memphis, Tennessee, differs for men and women based on MoneyGeek scores. For men, the top company is Mutual of Omaha with a MoneyGeek score of 91 and a monthly premium of $26. For women, the best option is Protective with a MoneyGeek score of 92 and a monthly premium of $18.

Different factors should be considered when deciding on what type of life insurance to buy. These scores and premium costs are based on a 20-year term policy and $500,000 coverage. Your unique needs may mean a different company is best for you.

Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies in Memphis, Tennessee.

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Coverage costs and company information for life insurance providers were updated in August 2024.

1,488Quotes Analyzed
 
14Companies Compared
 
50ZIP Codes
MoneyGeek Logo IconBestLife InsuranceMemphis, TN
2024

Best Life Insurance Companies in Memphis

Overall Best Life Insurance in Memphis, TN

How was this MoneyGeek score calculated?

Protective offers the best life insurance for women in Memphis with a MoneyGeek score of 92 and a monthly premium of $18. For men, Mutual of Omaha leads with a MoneyGeek score of 91 and a monthly premium of $26.

The top providers for men are:

  • Mutual of Omaha: MoneyGeek score of 91 out of 100 at $26 per month for men
  • Protective: MoneyGeek score of 91 out of 100 at $27 per month for men

The top providers for women are:

  • Protective: MoneyGeek score of 92 out of 100 at $18 per month for women
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 at $23 per month for women

Mutual of Omaha and Protective stand out due to their high MoneyGeek scores and competitive premiums. These companies offer a balance of affordability, customer satisfaction, and financial stability, making them ideal choices for the average person seeking life insurance in Memphis.

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MoneyGeek Top Pick
Mutual of Omaha

In Memphis, Mutual of Omaha stands out as the top life insurance choice for men, with a MoneyGeek score of 91 and a monthly premium of $26. It offers high customer satisfaction and financial stability, making it a reliable option for life insurance coverage.

Mutual of Omaha Pros:

  • High customer satisfaction

Cons:

  • Buying process could improve
  • Lower affordability

Best Term Life Insurance in Memphis, TN

How was this MoneyGeek score calculated?

The Mutual of Omaha offers the best term life insurance for men in Memphis, with a MoneyGeek score of 92 and a monthly premium of $11. For women, Protective leads with a score of 92 and a monthly premium of $9. These scores reflect the companies' exceptional balance of affordability, customer satisfaction, and financial stability, making them ideal for individuals seeking reliable term life insurance coverage in Memphis. Learn more about the best term life insurance.

Top MoneyGeek scores for term life insurance in Memphis:

  • Mutual of Omaha: MoneyGeek score of 92 out of 100 at $11 per month for men
  • Protective: MoneyGeek score of 92 out of 100 at $9 per month for women
  • Protective: MoneyGeek score of 91 out of 100 at $12 per month for men
  • Mutual of Omaha: MoneyGeek score of 91 out of 100 at $10 per month for women

Term life insurance is a policy where a beneficiary receives a payout if the insured person dies within a specified term. It is often chosen for its simplicity and lower cost compared to whole life insurance. For example, a parent might buy term insurance to ensure their child's education is funded in the event of their untimely death.

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MoneyGeek Top Pick
Mutual of Omaha

Mutual of Omaha stands out as the leading provider of term life insurance for men in Memphis, with a stellar MoneyGeek score of 92. Men seeking reliable coverage can expect a monthly premium of about $11.

Pros:

  • High customer satisfaction
  • Excellent affordability
  • Strong financial stability

Cons:

  • Buying process could improve
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MoneyGeek Top Pick
Protective

For women in Memphis seeking reliable term life insurance, Protective emerges as the top choice with a MoneyGeek score of 92. With a monthly premium of only $9, it represents a blend of value and security.

Pros:

  • High customer satisfaction
  • Excellent affordability
  • Solid financial stability

Cons:

  • Buying process could improve

Best Whole Life Insurance in Memphis, TN

How was this MoneyGeek score calculated?

For those seeking the best whole life insurance in Memphis, Protective stands out with a MoneyGeek score of 92 for men and women. This company offers a strong combination of affordability, customer satisfaction and financial stability.

  • Protective: MoneyGeek score of 92 out of 100 for men

  • Mutual of Omaha: MoneyGeek score of 91 out of 100 for men

  • Protective: MoneyGeek score of 92 out of 100 for women

  • Mutual of Omaha: MoneyGeek score of 91 out of 100 for women

Whole life insurance is a permanent policy that provides coverage for the life of the insured, as long as premiums are paid. It can be an attractive option for those who want the security of a fixed premium and a cash value component that grows over time. For example, someone might prefer whole life insurance to ensure they leave a legacy for their heirs, regardless of how long they live.

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MoneyGeek Top Pick
Protective

In Memphis, Protective stands out as the premier choice for whole life insurance for both men and women, boasting MoneyGeek scores of 92 for each. The company's commitment to customer satisfaction and financial stability is evident.

Pros:

  • High customer satisfaction
  • Strong financial stability

Cons:

  • Complex buying process

Compare Life Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Best Universal Life Insurance in Memphis, TN

How was this MoneyGeek score calculated?

Protective provides the best universal life insurance in Memphis for men and women, boasting a MoneyGeek score of 91. The company's high scores suggest it provides excellent customer satisfaction, a smooth buying process, and strong financial stability.

The top providers for men are:

  • Protective: MoneyGeek score of 91 out of 100 for men
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 for men

The top providers for women are:

  • Protective: MoneyGeek score of 91 out of 100 for women
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 for women

Universal life insurance is a flexible policy that allows policyholders to adjust their premiums and death benefits. For example, someone might prefer universal life insurance for its potential cash value growth, which can serve as an additional financial resource in retirement.

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MoneyGeek Top Pick
Protective

For those seeking universal life insurance in Memphis, Protective emerges as the leading choice for men and women, with a MoneyGeek score of 91 for each. This score reflects a strong balance of affordability, customer satisfaction and financial stability.

Pros:

  • High customer satisfaction
  • Strong affordability
  • Solid financial stability

Cons:

  • Buying process could improve

Best No-Medical-Exam Life Insurance in Memphis, TN

How was this MoneyGeek score calculated?

In Memphis, Protective stands out as the provider with the life insurance without a required medical exam for men and women, with a MoneyGeek score of 91. This score indicates a strong balance of affordability, customer satisfaction, and financial stability. The top MoneyGeek scores in Memphis are as follows:

The top providers for men are:

  • Protective: MoneyGeek score of 91 out of 100 for men
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 for men

The top providers for women are:

  • Protective: MoneyGeek score of 91 out of 100 for women
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 for women

No-medical-exam life insurance allows individuals to obtain coverage quickly and without the need to undergo a health assessment. For example, someone with a busy schedule or a dislike of medical exams might opt for this type of insurance to save time and avoid discomfort.

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MoneyGeek Top Pick
Protective

Protective stands out as the premier choice for no-medical-exam life insurance in Memphis, serving men and women with equal excellence. With an overall MoneyGeek score of 91 for both, Protective demonstrates its commitment to quality and customer satisfaction.

Pros:

  • High customer satisfaction
  • Exceptional affordability
  • Solid financial stability

Cons:

  • Buying process could improve

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Best Term Life Insurance for Seniors in Memphis, TN

How was this MoneyGeek score calculated?

For those in search of the best term life insurance for seniors in Memphis, Protective stands out with the highest MoneyGeek score of 92 for men and women. Men can expect a monthly premium of $44, while women are quoted at $39.

Age influences life insurance premiums because it correlates with the insurer's risk; older individuals often face higher rates due to increased health risks. Protective's top score signifies a balance of affordability, customer satisfaction, and financial stability, crucial for seniors prioritizing security and value in their insurance choices.

Best Term Life Insurance for Seniors in Memphis
Data filtered by:Results filtered by:
gender:
gender:M
1CompanyMutual of OmahaPremium$44MG Score out of 10092
2CompanyProtectivePremium$51MG Score out of 10091
3CompanyNationwidePremium$44MG Score out of 10091
4CompanyTransamericaPremium$52MG Score out of 10087
5CompanyPrudentialPremium$54MG Score out of 10086
6CompanyState FarmPremium$77MG Score out of 10085
7CompanyAAAPremium$77MG Score out of 10085
8CompanyAllstatePremium$85MG Score out of 10084
9CompanyHavenPremium$85MG Score out of 10082

Best Term Life Insurance for Smokers in Memphis, TN

How was this MoneyGeek score calculated?

Mutual of Omaha stands out as the best term life insurance for smokers in Memphis, with a MoneyGeek score of 91 for men and 89 for women. Men can expect to pay a monthly premium of $24, while women are quoted at $23.

Smoking is a key determinant in premium costs due to the heightened health risks it poses, which are factored into insurance evaluations. Mutual of Omaha's high MoneyGeek scores reflect their strong customer satisfaction, financial stability, and product diversity, making them a reliable choice for smokers in Memphis seeking life insurance coverage.

Best Term Life Insurance for Smokers in Memphis
Data filtered by:Results filtered by:
gender:
gender:M
1CompanyMutual of OmahaPremium$24MG Score out of 10091
2CompanyNationwidePremium$29MG Score out of 10089
3CompanyAllstatePremium$22MG Score out of 10088
4CompanyProtectivePremium$36MG Score out of 10088
5CompanyTransamericaPremium$21MG Score out of 10088
6CompanyPrudentialPremium$24MG Score out of 10087
7CompanyState FarmPremium$34MG Score out of 10086
8CompanyAAAPremium$45MG Score out of 10085
9CompanyHavenPremium$44MG Score out of 10083

Best Term Life Insurance for Young Adults in Memphis, TN

How was this MoneyGeek score calculated?

In Memphis, the best term life insurance for young adults is offered by Protective for women with a MoneyGeek score of 92 and a monthly premium of $6. For men, Mutual of Omaha leads with a MoneyGeek score of 92 and a monthly premium of $7.

Age plays a significant role in determining life insurance premiums. Younger adults generally benefit from lower premiums due to their lower risk profiles. Protective and Mutual of Omaha have the highest MoneyGeek scores because of their affordability, customer satisfaction and financial stability.

Best Term Life Insurance for Young Adults in Memphis
Data filtered by:Results filtered by:
Sex:
Sex:M
1CompanyMutual of OmahaPremium$7MG Score out of 10092
2CompanyProtectivePremium$7MG Score out of 10092
3CompanyNationwidePremium$8MG Score out of 10090
4CompanyTransamericaPremium$8MG Score out of 10088
5CompanyAAAPremium$12MG Score out of 10087
6CompanyAllstatePremium$12MG Score out of 10086
7CompanyHavenPremium$9MG Score out of 10086
8CompanyState FarmPremium$13MG Score out of 10085
9CompanyPrudentialPremium$11MG Score out of 10085
10CompanyBestowPremium$18MG Score out of 10083

Best Cheap Term Life Insurance in Memphis, TN

How was this MoneyGeek score calculated?

The best cheap term life insurance in Memphis varies by gender. For men, Mutual of Omaha leads with a MoneyGeek score of 92 and a monthly premium of $11. For women, Protective tops the list with a MoneyGeek score of 92 and a monthly premium of $9. They have high MoneyGeek scores due to their affordability, customer satisfaction and financial stability.

Factors influencing life insurance premiums include age, health, coverage amount, and term length. To get the lowest premiums possible, maintain good health, avoid tobacco, and choose a shorter term length with adequate coverage.

Best Cheap Term Life Insurance in Memphis
Data filtered by:Results filtered by:
Sex:
Sex:M
1CompanyMutual of OmahaPremium$11MG Score out of 10092
2CompanyNationwidePremium$12MG Score out of 10091
3CompanyProtectivePremium$12MG Score out of 10091
4CompanyTransamericaPremium$13MG Score out of 10089
5CompanyPrudentialPremium$16MG Score out of 10084
6CompanyAllstatePremium$19MG Score out of 10084
7CompanyHavenPremium$16MG Score out of 10084
8CompanyAAAPremium$19MG Score out of 10084
9CompanyState FarmPremium$21MG Score out of 10082

Average Cost of Term Life Insurance in Memphis, TN

The average monthly premium for term life insurance in Memphis is $19 for women and $24 for men. Several factors influence the cost of life insurance premiums, including age, health, and lifestyle. For example, younger individuals generally pay lower premiums. Health conditions like diabetes or heart disease can increase premiums. Lifestyle choices, such as smoking, also play a role.

The cost of life insurance in Memphis might be different than the rest of Tennessee due to various reasons. Regional health statistics can impact rates. Economic conditions in Memphis might differ from other areas, affecting the cost of living and, consequently, insurance premiums. Lifestyle factors prevalent in Memphis, such as higher smoking rates or different dietary habits, can also influence the cost.

FAQ About Life Insurance in Memphis, TN

What company has the best life insurance in Memphis for men?
What is the monthly premium cost for the best life insurance for men in Memphis?
What company has the best life insurance in Memphis for women?
What is the monthly premium cost for the best life insurance for women in Memphis?
Is there anything different about life insurance in Memphis compared to the rest of Tennessee?
What happens to your life insurance if a company goes bankrupt in Memphis?
Why might Memphis residents need life insurance?
How do you find a lost life insurance policy in Memphis?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


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