Updated: May 22, 2024
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In the event you pass away unexpectedly, life insurance provides financial support to your beneficiaries. Given the number of life insurance companies in Augusta-Richmond, Georgia, looking around and comparing quotes will help you find the policy that best suits your needs and lifestyle.
Review the best life insurance companies in Augusta-Richmond with MoneyGeek’s analysis of their average rates based on your age, gender or smoking history.
BestLife InsuranceAugusta, GABest Life Insurance Companies in Augusta-Richmond, GA, for 2023
For $250K coverage in Augusta-Richmond, MassMutual is the cheapest for men and women, charging an average of $8 per month.
Although a policy with $250K coverage is more affordable, it may not be enough for your beneficiaries. The state’s average recommended amount, based on state-specific factors, is $680,000.
For Georgia’s recommended coverage, MassMutual offers the cheapest life insurance for men at roughly $14 per month. Nationwide offers the cheapest life insurance for women at approximately $13 per month.
Cheapest For | $250K Coverage | $680K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
The average cost of life insurance can change depending on your gender. For instance, men in Augusta-Richmond pay around 15% less than the average for the state of Georgia. Women pay around 21% less than the average in Georgia.
For $250K in coverage, men pay roughly $16 per month, and women pay approximately $12 per month in Augusta-Richmond.
These rates significantly change if you get the state’s recommended coverage. This is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and age. For Georgia’s recommended coverage, the average cost of a policy for women is $23 per month. For men, it is approximately $33 per month.
Additionally, regardless of the coverage amount, the average cost of a 10-year term policy for women is $15 per month, while men pay roughly $21.
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $29 |
| AAA | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $37 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| AAA | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $17 |
| Prudential | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $21 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Augusta-Richmond using average buyer profile statistics, including the average age of 30, the average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $680,000.
Gender plays a vital role in the cost of life insurance. Women usually pay less than men because of their longer average life expectancy. Men are statistically more likely than women to engage in risky behaviors, perform hazardous jobs and develop heart disease. Augusta-Richmond is one of the many U.S. cities where insurance companies charge men more for life insurance.
Research also shows that men buy life insurance more than women. Whether they are breadwinners or stay-at-home caretakers, women are essential contributors to their household economies and ideal candidates for life insurance.
Based on their average market share, the three most popular life insurance companies in the state of Georgia are Northwestern Mutual (11%), Lincoln Financial (5%) and State Farm (5%). Overall, Georgia's seven most popular companies make up approximately 36% of the market share.
In the table below, MoneyGeek lists Georgia's most popular life insurance companies and their market shares.
| Northwestern Mutual | Market Share11% |
| Lincoln Financial | Market Share5% |
| State Farm | Market Share5% |
| MassMutual | Market Share5% |
| New York Life | Market Share4% |
A company’s market share reflects its percentage of sales relative to others in its industry. In terms of life insurance, a high market share means a company has sold more policies than other insurers.
The market share data in MoneyGeek’s analysis is derived from each company’s total premiums written in 2020 state reports from S&P Global.
In Augusta-Richmond City, average life insurance premiums for young adults range between $13 and $18 per month. On average, MoneyGeek found that the two most affordable insurance companies for young people in Augusta-Richmond are:
You can review other life insurance quotes in Georgia for young people in the table below.
| Mutual of Omaha | Monthly Cost$13 |
| MassMutual | Monthly Cost$13 |
| AAA | Monthly Cost$14 |
| Prudential | Monthly Cost$15 |
| State Farm | Monthly Cost$16 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Augusta-Richmond who is 5 feet 10 inches tall and weighs 156 pounds with a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a more extended coverage period for a younger buyer.
Life insurance is less expensive for adults ages 25 and under. Policy costs rise over time as you grow older and become more prone to certain illnesses. As a result, buying life insurance at a young age is one of the best strategies to save money on a policy. The younger and healthier you are, the less you pay per month.
For seniors living in Augusta-Richmond City, life insurance costs range from $33 to $67 per month. On average, the top two most affordable life insurance companies in Augusta-Richmond City for seniors are
The table below shows more of the best and cheapest insurers in Augusta-Richmond City for seniors.
| MassMutual | Monthly Cost$33 |
| Mutual of Omaha | Monthly Cost$37 |
| Nationwide | Monthly Cost$37 |
| State Farm | Monthly Cost$44 |
| Progressive Life | Monthly Cost$59 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Augusta-Richmond who is 5 feet 10 inches and 193 pounds that purchases a 10-year term contract at the average coverage need of $77,000.
Seniors pay more for insurance premiums because it’s highly likely that your policy will outlive you as you get older. But, seniors often don’t need as much coverage since their beneficiaries are more likely to be financially independent adults. Their life insurance amounts only need to cover expenses such as funeral arrangements, estate tax and outstanding debt.
For this reason, MoneyGeek’s sample policy coverage for seniors is much lower than for other groups.
The average cost of life insurance quotes in Augusta-Richmond City for smokers ranges from $94 to $179 per month. MoneyGeek determined that the most affordable life insurance providers for smokers in Augusta-Richmond City are, on average:
Browse the table below to see more of the most affordable insurers in the city for smokers.
| MassMutual | Monthly Cost$94 |
| State Farm | Monthly Cost$94 |
| Nationwide | Monthly Cost$98 |
| Mutual of Omaha | Monthly Cost$103 |
| Progressive Life | Monthly Cost$144 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Augusta-Richmond who is 5 feet 10 inches and 193 pounds that purchases a 20-year term contract at the average coverage need of $680,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide more extended coverage as rates for smokers increase dramatically as you age.
Since smoking brings long-term adverse health effects, insurance providers see smokers as high risk and charge them higher premiums. Nevertheless, it’s still possible to find cheap life insurance for people who smoke. MoneyGeek recommends buying a longer-term policy for at least 20 years. Being a smoker compounds the increase in your rates as you get older.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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. Remember that each buyer is unique and may need more or less coverage depending on their circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.
