Best Life Insurance Companies in Alexandria, VA for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.