Best Life Insurance Companies in Alexandria, VA

MoneyGeek’s pick as the overall best life insurance company in Alexandria, Virginia, is MassMutual. It’s also the best option for seniors. Transamerica might be the most suitable insurer for young adults and smokers. The most affordable average premiums in the city range from $13 per month for a policy with $250K of coverage to $26 per month for the state's minimum suggested coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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Life insurance can help in supporting the needs of your loved ones by providing non-taxable funds to them in the case of your unexpected death. You can compare life insurance quotes in Alexandria, Virginia, for young adults, seniors and smokers using this MoneyGeek guide to choose the best life insurance company for your unique buyer profile.

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2023

Best Life Insurance Companies in Alexandria, VA, for 2023

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Best Cheap Life Insurance in Alexandria

MassMutual and Transamerica offer the most affordable coverage for $250K in life insurance in Alexandria, costing about $13 per month and $12 per month for men and women, respectively.

A $250,000 coverage is less expensive, but it might not be adequate. The recommended coverage level in Alexandria, based on state-specific factors, is $866,000 in insurance coverage.

For an $866K coverage, Nationwide offers the most affordable life insurance policy for men at around $26 per month and Transamerica for women at roughly $25 per month.

Cheapest Life Insurance Companies for Males and Females in Alexandria
  • Cheapest For
    $250K Coverage
    $866K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Alexandria for Men and Women

MoneyGeek examined the average cost of life insurance in the city for both men and women based on the level of coverage and length of the policy. We found that Alexandria's male and female life insurance premiums are around 30% and 37% more costly than the state's average.

Men spend around $23 per month for $250K in coverage compared to women's $21 monthly average.

The $866K state-recommended level, based on per capita income as recorded by the U.S. Bureau of Economics, per capita debt, personal wealth, personal and mortgage debt and average age, costs men in Alexandria around $54 monthly and women around $45 monthly.

For a 10-year term policy, the average monthly premium for men is around $32 and $28 for women. This is regardless of the coverage limit.

Average Monthly Life Insurance Rates in Alexandria: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $14
    $26
  • MassMutual
    $13
    $26
  • Mutual of Omaha
    $14
    $28
  • Transamerica
    $13
    $32
  • AAA
    $19
    $47
  • State Farm
    $24
    $56
  • Prudential
    $35
    $69
  • Progressive Life
    $29
    $74
Average Monthly Life Insurance Rates in Alexandria: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $12
    $25
  • Nationwide
    $16
    $25
  • MassMutual
    $14
    $26
  • Mutual of Omaha
    $16
    $27
  • AAA
    $16
    $35
  • Prudential
    $29
    $47
  • State Farm
    $25
    $51
  • Progressive Life
    $21
    $67

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

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Males frequently pay more for life insurance than females do. This is because women often live longer than men. In general, males are more likely to engage in dangerous behaviors, work in harmful occupations and develop heart disease compared to females.

Compared to women, however, males are more likely to buy life insurance. Despite this, women are good candidates for life insurance since they are vital parts of their families' economies, whether they are the main income earners or stay-at-home mothers.

Most Popular Life Insurance Companies in Virginia

Based on average market shares of 9%, 7% and 6%, respectively, Northwestern Mutual, New York Life and MassMutual are the three largest life insurance providers in Virginia. The state's top seven insurers jointly have around 39% of the market share.

MoneyGeek has identified the major life insurance providers in the state along with their respective market shares in the table below.

Most Popular Life Insurance Companies in Virginia

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  • Company
    Market Share
  • Northwestern Mutual
    9%
  • New York Life
    7%
  • Lincoln Financial
    6%
  • MassMutual
    6%
  • State Farm
    4%
  • Transamerica
    4%
  • Prudential
    3%
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MONEYGEEK DICTIONARY

Market share is the percentage of a market that a business or organization controls based on its sales. Market domination increases along with a company's market share. A company often outsells its competitors if it holds a significant market share in the life insurance industry.

Market share information is acquired for our study based on each company's total premiums stated in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Alexandria

The average life insurance rates for young people in Alexandria range from about $20 to $32 per month. If you are a part of this age group in Alexandria, the following companies offer the most affordable policies, on average:

  • Transamerica: $20 per month
  • Mutual of Omaha: $22 per month

The following table provides a detailed list of the cheapest life insurance companies for young people in the city.

Best Life Insurance Companies for Young People in Alexandria, VA

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  • Company
    Monthly Cost
  • Transamerica
    $20
  • Mutual of Omaha
    $22
  • MassMutual
    $22
  • AAA
    $24
  • Prudential
    $27
  • State Farm
    $27
  • Nationwide
    $27
  • Progressive Life
    $32

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Alexandria who is 5 feet 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

For people under the age of 25, life insurance in Alexandria, VA, is less expensive. However, as they age, the cost rises. Because of this, the ideal time to buy a life insurance policy is when you're young. The sooner you purchase one, the more savings you might get in the long run.

Cheapest Life Insurance for Seniors in Alexandria

The average monthly premium that seniors pay for life insurance in Alexandria is around $50 to $117. Our study reveals that the following two companies offer the best average deals to elderly residents in Alexandria:

  • MassMutual: $50 per month
  • Mutual of Omaha: $57 per month

The table below shows a more comprehensive list of the cheapest life insurance providers in Alexandria for seniors.

Best Life Insurance Companies for Seniors in Alexandria, VA

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  • Company
    Monthly Cost
  • MassMutual
    $50
  • Mutual of Omaha
    $57
  • Nationwide
    $58
  • State Farm
    $67
  • AAA
    $76
  • Progressive Life
    $90
  • Prudential
    $103
  • Transamerica
    $117

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Older people usually pay higher life insurance premiums since they are closer to their life expectancy. One way to lower life insurance costs is to purchase less coverage. Seniors are often happy with buying less life insurance if their beneficiaries are grown adults who can support themselves. Most elderly people just need life insurance to cover final costs and pay any lingering obligations. We analyzed a lower coverage limit for senior buyers compared to other profiles.

Cheapest Life Insurance for Smokers in Alexandria

Smokers in Alexandria pay more expensive life insurance rates, ranging from $154 to $336 per month. On average, the most economical options for smokers in the city are:

  • Transamerica: $154 per month
  • MassMutual: $182 per month

Affordable life insurance policy providers for smokers in Alexandria are shown in the table below.

Best Life Insurance Companies for Smokers in Alexandria, VA

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  • Company
    Monthly Cost
  • Transamerica
    $154
  • MassMutual
    $182
  • State Farm
    $188
  • Nationwide
    $191
  • Mutual of Omaha
    $202
  • Prudential
    $230
  • Progressive Life
    $293
  • AAA
    $336

Rates were determined by analyzing quotes for a 30-year-old male smoker in Alexandria who is 5 feet 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurance companies perceive smokers as high-risk clients and increase their rates appropriately since smoking has long-term detrimental impacts on health. However, smokers can still find affordable life insurance. MoneyGeek advises purchasing a longer 20-year term policy to give prolonged coverage because the cost of insurance for smokers rises sharply with age.

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Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.

About the Author


Mark Fitzpatrick headshot

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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