Best Life Insurance Companies in West Virginia

Life insurance is vital when it comes to supporting your beneficiaries after you pass away. There are many life insurance companies in West Virginia offering unique combinations of pricing and benefits. The trickiest aspect is finding the best company to fit your needs and budget. MoneyGeek has done some of the work for you by comparing policies from several providers to get the average rates for life insurance quotes in West Virginia. The findings are based on gender, age and smoking history. Also, we listed the best life insurance companies in West Virginia for various categories to help you find the right policy.

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Best Cheap Life Insurance in West Virginia

It’s important to note that your coverage amount highly impacts the costs of your policy. In other words, the lower the coverage, the cheaper the policy premium. MoneyGeek found out that AIG and Mutual of Omaha are the most affordable insurance companies for a $250,000 policy. The average man in West Virginia pays $8.17 per month for AIG coverage, while the typical woman pays $12.90 for Mutual of Omaha coverage.

Be mindful that lower coverage may not be the best option for everyone, as it might not cover all of your loved ones’ necessary ongoing expenses. Based on the cost of living, average incomes, average personal debt, average age and other determinants in West Virginia. MoneyGeek’s research found that an average person would require a life insurance policy of about $530,000 to cover their outgoing expenses after death fully.

The most affordable life insurance companies in West Virginia for $530,000 in coverage are the same as for $250,000 policies: AIG for men and Mutual of Omaha for women. For men, AIG’s $530,000 coverage policies cost a monthly average of $13.71. The cheapest company at this coverage level for women is Mutual of Omaha, with a monthly average of $14.49.

Best Cheap Life Insurance Companies in West Virginia: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $530k
  • AIG
    8.172
    $13.71
  • Mutual of Omaha
    $11.42
    $15.51
  • AAA
    $19.21
    $35.24
  • State Farm
    $23.48
    $35.77
  • Progressive Life
    $19.18
    $39.15
  • Prudential
    $27.96
    $57.77
Best Cheap Life Insurance Companies in West Virginia: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $530k
  • AIG
    $39.27
    $13.71
  • Mutual of Omaha
    $12.90
    $14.49
  • Prudential
    $22.33
    $21.37
  • AAA
    $14.52
    $24.16
  • State Farm
    $19.14
    $27.29
  • Progressive Life
    $16.31
    $37.50

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in West Virginia using average buyer profile statistics in West Virginia, including average age of 34, average weight of 209 pounds for males and 165 pounds for females, and an average coverage need of $530,000.

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

The average cost of life insurance in West Virginia varies. One of the primary factors that can affect your life insurance policy cost is gender. Women tend to pay less for life insurance than men due to their longer life expectancy.

On average, women pay a monthly premium of $20.10 for an insurance policy with $250,000 coverage. On the other hand, men pay an average of $21.16 per month for the same policy coverage.

Increasing coverage to the recommended $530,000 level for life insurance in West Virginia leads to higher monthly premiums. The rates for women increase by $7.65 per month to an average cost of $27.75. Men pay $17.03 more, with an average cost of $38.19 per month.

Most Popular Life Insurance Companies in West Virginia

It's vital to choose a financially stable company that can pay your loved ones’ claim when you pass away. You can use market share to evaluate a company's financial stability, as larger companies tend to have higher stability.

Market share is the number of premiums a life insurance company has written against the total number of policies written in the state. The seven most popular life insurance companies in West Virginia cover about 39% of the market. The most prevalent insurance provider is Northwestern Mutual, with a market share of 11.57%.

Most Popular Life Insurance Companies in West Virginia

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  • Company
    Market Share
  • Northwestern Mutual
    11.57%
  • State Farm
    7.21%
  • Transamerica
    5.2%
  • Globe Life Inc.
    4.70%
  • Prudential Financial Inc.
    3.67%
  • MassMutual
    3.41%
  • New York Life
    3.2%

Life insurance market share data for West 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 West Virginia?

Life insurance companies in West Virginia assess several factors when establishing premiums. Age is one of the most significant factors when determining the cost of a policy in West Virginia. The younger you are when purchasing a policy, the less you pay for life insurance premiums because young people have a much lower risk of death than older individuals.

A strong strategy for saving money is to purchase life insurance at a young age. The best life insurance companies in West Virginia with the cheapest average policies for young people include:

  • MassMutual: $15.33 per month
  • Nationwide: $18.59 per month
Best Life Insurance Companies for Young People in West Virginia

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  • Company
    Monthly Cost
  • MassMutual
    $15.33
  • Nationwide
    $18.59
  • Mutual of Omaha
    $20.01
  • State Farm
    $25.50
  • AAA
    $27.72
  • Progressive Life
    $33.13
  • Prudential
    $42.73

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in West Virginia who is 5 ft 10 inches and 178 pounds that purchases a 20-year term contract at the average coverage need of $230,000. 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 West Virginia?

Older people have a higher risk to insure. As a result, life insurance companies in West Virginia charge seniors a higher monthly rate for coverage. Nevertheless, you can still find monthly coverage options at a reasonable cost from several companies.

Seniors rarely need their life insurance to cover future income as their children tend to be adults who do not depend on their parents. The coverage is instead used primarily to cover burial expenses after they pass away. Because of this reason, we determined rates subject to a policy with $100,000 in coverage.

According to MoneyGeek’s research, the most affordable insurance companies in West Virginia for seniors are:

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

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $61.08
  • State Farm
    $65.08
  • AAA
    $72.34
  • Progressive Life
    $72.39
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in West Virginia who is 5 ft 10 inches and 209 pounds that purchases a 10-year term contract at the average coverage need of $68,000.

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

Besides gender and age, smoking is another factor that life insurance providers in West Virginia use to determine your coverage rates. If you’re a smoker, you’ll presumably pay higher rates for insurance premiums due to the high risks of potential diseases caused by smoking.

Despite that, you can still find coverage at reasonable monthly premiums from some life insurance companies in West Virginia.

  • Mutual of Omaha: $106.11 per month
  • MassMutual: $107.51 per month
Best Life Insurance Companies for Smokers in West Virginia

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $106.11
  • MassMutual
    $107.51
  • State Farm
    $130.59
  • Prudential
    $159.55
  • AAA
    $202.27

Rates were determined by analyzing quotes for a 34-year-old male smoker in West Virginia who is 5 ft 10 inches and 209 pounds that purchases a 20-year term contract at the average coverage need of $530,000. 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.

West Virginia Life Insurance Laws You Should Know

You can get the most suitable coverage rate by comparing life insurance quotes in West Virginia. In the same fashion, you should learn more about the West Virginia insurance laws under Chapter 33 of the State Statutes. These laws protect consumer interests.

  • Free look - This allows you to try your policy for 10 days without a permanent financial commitment. If you decide to end your policy within 10 days, you should receive a full refund of your premiums from the insurance company.

  • Grace period - West Virginia gives a grace period of four weeks or 30 days after missing a premium payment. The four-week grace period prevents the insurance company from canceling your policy, saving you from a hefty payment or an underwriting process to reinstate the policy.

  • Timely payment of claims - After filing a life insurance claim, the insurance provider is required to pay you the amount promptly. Otherwise, late or unfair payments could lead to interest penalties added to the final total. While the law does not have a specific time guideline for settling a claim, you should understand how your insurer honors this rule by carefully going through the insurance policy.

  • Contestable period - After filing a claim, the policy providers may review the deceased's existing medical records to confirm accuracy and consistency in the application. Life insurance in West Virginia becomes incontestable except for non-payment premiums for two years since the issue date.

Methodology

MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average ages to determine our recommended life insurance coverage amount of $530,000 for West Virginia residents.

Remember, each person's situation is unique and may require more or less coverage depending on their circumstances.

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.