Best Life Insurance Companies in Cary, NC for 2023

Life insurance can be a delicate topic for some, but it does guarantee financial support for your loved ones after your passing. There are many life insurance options, and MoneyGeek analyzed quotes by age, gender and smoking history to find the best life insurance company in Cary, North Carolina, for specific needs.

Life insurance companies consider your coverage amount and gender when calculating your premium. For $250,000 coverage, MassMutual offers the cheapest rate for men at around $17 per month, and Transamerica is the lowest for women at roughly $11 per month for the same amount.

You may pay a lower premium for $250K coverage, but many people need a higher life insurance coverage amount. MoneyGeek recommends North Carolinians get a coverage amount of $694,000, which addresses state-specific factors like cost of living, average income, average personal debt and average age.

For the state-recommended $694K coverage policy, Transamerica has the most affordable rate for women, costing around $18 per month, and MassMutual is the cheapest for men, costing roughly $29 per month.

Your gender plays a significant role in determining the cost of life insurance in Cary, as does your location. Compared to North Carolina’s average rate, men pay roughly 72% more in Cary, whereas women pay around 28% more.

In Cary, on average, a life insurance premium costs men $32 per month and women about $20 per month for a policy with $250K coverage.

North Carolina’s $694K coverage amount is based on factors such as the state’s average personal debt, mortgage debt, age and per capita income, according to the U.S. Bureau of Economic Analysis.

For $694K coverage, the average policy cost is $63 per month for men and $38 per month for women. If you purchase a 10-year term policy with any coverage amount, the average cost for men is $41 per month, and women pay $25 per month.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Cary using average buyer profile statistics, including the average age of 31, the average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $649,000.

Based on market share, the three most popular life insurance companies in North Carolina are Northwestern Mutual (around 8%), Lincoln Financial (roughly 7%) and Southern Farm Bureau Life Insurance (around 4%). MoneyGeek’s research revealed that the seven most popular providers in North Carolina take up roughly 35% of the industry.

See below the seven most popular life insurance companies in North Carolina and their market shares.

On average, life insurance for young adults in Cary ranges between $22 and $54 each month. Based on MoneyGeek’s average costs research, the two life insurance companies that provide the cheapest rates in Cary at a young age are:

• Transamerica: $22 per month
• Mutual of Omaha: $25 per month

Browse through the below table to check the rates for life insurance companies for young adults in Cary.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Cary who is 5 feet 10 inches and 167 pounds that purchases a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

For older adults in Cary, on average, a life insurance quote can range from $66 to $137 per month. MoneyGeek found the cheapest companies for seniors in Cary, on average, for life insurance are:

• MassMutual: $66 per month
• Mutual of Omaha: $75 per month

Below is the complete list of life insurance carriers and their rates for seniors in Cary.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Cary who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $75,000.

For individuals who smoke, the average life insurance premium in Cary ranges between $191 and $359 per month. The most affordable average life insurance rates for smokers in Cary are offered by:

• MassMutual: $191 per month
• State Farm: $193 per month

Find a full list of companies that give smokers life insurance in Cary in the below table.

Rates were determined by analyzing quotes for a 31-year-old male smoker in Cary who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $649,000.

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.