Best Life Insurance Companies in Virginia

If you have a life insurance policy in your name, your beneficiaries will get financial support after your passing. It’s not always easy to choose the right company for your needs, as many life insurance companies in Virginia offer competitive quotes for the state’s residents. MoneyGeek examined life insurance quotes from several insurers across the state using gender, age and smoking history as criteria. Through this analysis, MoneyGeek found the most affordable life insurance companies in Virginia in several categories and evaluated the average monthly premiums from various insurers.

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Best Cheap Life Insurance in Virginia

The less insurance coverage you have, the lower your monthly premiums will be. According to MoneyGeek's analysis, MassMutual has the most inexpensive rates for men in Virginia for a policy that covers $250,000. The company quotes an average monthly premium of $9.99 for Virginia’s male residents. Transamerica has the most affordable premiums for females for a $250,000 policy, at $8.60 per month on average.

Although a policy offering less coverage may be inexpensive, it is worth noting that this may not cover all of the necessary expenses post-death. And, if there are young members in your family, they may require sufficient funds to support their living expenses or to pay off any pending loans or bills. Before purchasing a life insurance policy, you must assess your financial situation and see how much coverage works for you. By doing this, you can ensure your family members get adequate financial support following your death.

MoneyGeek proposes a life insurance policy of $866,000 for the average Virginian, regardless of gender, to appropriately fund continued expenses after their death. We made this recommendation after assessing the cost of living in Virginia, along with the state's average salaries, personal debts, age and other considerations.

For a policy offering MoneyGeek's recommended coverage of $866,000, Nationwide and Transamerica are the most affordable life insurance companies in Virginia for men and women, respectively. Nationwide's average rate of $19.96 per month is the most affordable for men, while Transamerica's average monthly quote of $18.22 is the most economical for women in Virginia.

Best Cheap Life Insurance Companies in Virginia: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $866k
  • Nationwide
    $10.63
    $19.96
  • MassMutual
    $9.99
    $20.11
  • Mutual of Omaha
    $10.84
    $21.59
  • Transamerica
    $10.26
    $24.44
  • AAA
    $14.85
    $35.72
  • State Farm
    $18.60
    $42.81
  • Prudential
    $26.47
    $52.88
  • Progressive Life
    $21.92
    $56.77
Best Cheap Life Insurance Companies in Virginia: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $866k
  • Transamerica
    $8.60
    $18.22
  • Nationwide
    $11.59
    $18.46
  • MassMutual
    $10.45
    $19.34
  • Mutual of Omaha
    $12.04
    $19.53
  • AAA
    $11.88
    $25.48
  • Prudential
    $21.08
    $34.11
  • State Farm
    $18.49
    $37.70
  • Progressive Life
    $15.23
    $49.37

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Virginia using average buyer profile statistics in Virginia, including average age of 30, average weight of 188 pounds for males and 149 pounds for females, and an average coverage need of $866,000.

What Is the Average Cost of Life Insurance for Companies in Virginia?

Life insurance quotes in Virginia can vary substantially, and gender always affects the costs. Women in Virginia have higher life expectancies than men; thus, their life insurance rates are generally lower.

For instance, in Virginia, female policyholders pay an average monthly premium of $15.14 for a policy with $250,000 coverage. Male policy owners, on the other hand, spend roughly $17.49 per month, which is $2.35 more than the average quote for women.

In Virginia, opting for MoneyGeek’s recommended coverage of $866,000 may result in higher monthly premiums. Female average quotes rise to $32.96 per month, an increase of $17.82. Males pay $23.77 more per month, for an average premium of $41.26.

Most Popular Life Insurance Companies in Virginia

Always go with a financially strong insurance company that can pay insurance claims without delay. The market share of the company can help you find such insurers, as larger companies tend to be more stable.

The market share of a life insurance company is calculated by dividing the number of premiums written by the company by the total number of policies sold in the state. In Virginia, the top seven life insurance companies account for around 39% of the market share. Northwestern Mutual is the most popular insurer, accounting for a 9.05% market share.

Most Popular Life Insurance Companies in Virginia

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  • Company
    Market Share
  • Northwestern Mutual
    9.05%
  • New York Life
    7.19%
  • MassMutual
    5.8%
  • Lincoln Financial
    5.69%
  • Transamerica
    4.12%
  • State Farm
    3.9%
  • Prudential Financial Inc.
    3.45%

Life insurance market share data for Virginia is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Virginia?

Younger buyers have a lower risk of dying. As a result, young policyholders in Virginia are at an advantage and often pay lower life insurance rates. Purchasing a life insurance policy at a young age can save you a large amount of money.

The Virginia insurers with the most affordable average life insurance premiums for young people are:

  • Transamerica: $15.11 per month
  • Mutual of Omaha: $16.84 per month
Best Life Insurance Companies for Young People in Virginia

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  • Company
    Monthly Cost
  • Transamerica
    $15.11
  • Mutual of Omaha
    $16.84
  • MassMutual
    $17.05
  • AAA
    $18.74
  • Prudential
    $20.61
  • State Farm
    $20.66
  • Nationwide
    $21.00
  • Progressive Life
    $24.19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Virginia who is 5 ft 10 inches and 160 pounds that purchases a 20-year term contract at the average coverage need of $310,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Virginia?

While Virginia's insurers offer cheaper rates for young buyers, the state's elderly frequently pay higher monthly premiums for their life insurance plans. Insurers classify the elderly as high-risk customers, and your life insurance rates in Virginia can rise as you age.

Seniors, however, generally require less insurance coverage as they seldom need to support their adult children financially. Instead, they expect their life insurance policy to cover burial expenses and other unpaid liabilities after death. If you are a senior from Virginia, you can still shop around and find an affordable policy.

MoneyGeek compared policies with coverage of $94,000 and discovered that the following two companies have the most affordable rates in Virginia for seniors:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Virginia

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • AAA
    $57.99
  • Progressive Life
    $69.17
  • Prudential
    $79.39
  • Transamerica
    $89.80

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Virginia who is 5 ft 10 inches and 188 pounds that purchases a 10-year term contract at the average coverage need of $94,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Virginia?

If you smoke, your life insurance premiums will be higher than the average person's. And, if you're a senior male who smokes, your life insurance premiums can be quite high due to the exceedingly high health risks you pose. If you smoke, you can still get an affordable quote from an insurer by comparing prices from several insurers in Virginia.

The following two life insurance companies in Virginia have the most affordable rates for smokers in the state:

  • Transamerica: $118.02 per month
  • MassMutual: $139.89 per month
Best Life Insurance Companies for Smokers in Virginia

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  • Company
    Monthly Cost
  • Transamerica
    $118.02
  • MassMutual
    $139.89
  • State Farm
    $143.96
  • Nationwide
    $146.39
  • Mutual of Omaha
    $155.07
  • Prudential
    $176.16
  • Progressive Life
    $224.46
  • AAA
    $258.10

Rates were determined by analyzing quotes for a 30-year-old male smoker in Virginia who is 5 ft 10 inches and 188 pounds that purchases a 20-year term contract at the average coverage need of $866,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Virginia Life Insurance Laws You Should Know

To find the best life insurance quotes in Virginia, it's best to compare rates from as many insurers as possible. You should also familiarize yourself with the state's life insurance laws mentioned in Title 38.2 of the Code of Virginia.

We have defined a few key phrases that you should be aware of before acquiring a life insurance policy in Virginia.

  • Free look period: This is the 10-day period in which you can evaluate the policy and decide if you wish to retain it. You may end the coverage without penalties and receive a full refund from the company if you are dissatisfied.
  • Grace period for missed payments: If you fail to pay a monthly premium, Virginia provides a grace period of 31 days. The insurance policy remains effective, and the company will accept that the premium is paid on time if you pay it during the grace period.
  • Time Period for Claim Settlement: In Virginia, the policyholder’s beneficiary can usually get the claim paid soon after submitting the relevant documents to the insurer. The insurance company will check if the policy is in force, if the beneficiary is authorized to accept the claims, if the monthly premiums were appropriate to the policy owner's age, whether there is an outstanding loan against the policy and the policy owner's cause of death (especially when it occurs within the first two years of commencing the policy).
  • Contestable period and incontestability: In this two-year period, the life insurance company may review the policy and refuse to pay the claim if inaccuracies or misinterpretations are found in the application. If the policyholder withheld facts about their health or lifestyle, which resulted in their death, the insurer might refuse payment. For deaths caused by suicide, the claim may be rejected within this period. After two years, a policy becomes incontestable.

Methodology

MoneyGeek took various factors into account before suggesting $866,000 in life insurance coverage for Virginia's residents. We used statistics from the U.S. Bureau of Economics to evaluate the suggested coverage, as well as the state's average mortgage debt, personal debt and age. Remember that each buyer is unique, and their circumstances may necessitate more or less coverage than we recommended.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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