Best Life Insurance Companies in Cary, NC

MoneyGeek’s research found that MassMutual is the best life insurance company in Cary, North Carolina, for seniors, smokers and average adults. Meanwhile, Transamerica is an ideal insurance provider for young adults.

The cost of life insurance in Cary is approximately $17 per month for a $250K coverage policy and roughly $29 per month for North Carolina’s recommended coverage.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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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.

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2023

Best Life Insurance Companies in Cary, NC, for 2023

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Best Cheap Life Insurance in Cary

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.

Cheapest Life Insurance Companies for Males and Females in Cary
  • Cheapest For
    $250K Coverage
    $694K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Cary for Men and Women

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.

Average Monthly Life Insurance Rates in Cary: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $17
    $29
  • Nationwide
    $18
    $29
  • Mutual of Omaha
    $19
    $30
  • Transamerica
    $24
    $46
  • State Farm
    $32
    $58
  • AAA
    $33
    $70
  • Progressive Life
    $38
    $77
  • Prudential
    $46
    $89
Average Monthly Life Insurance Rates in Cary: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $11
    $18
  • Nationwide
    $15
    $20
  • Mutual of Omaha
    $16
    $21
  • MassMutual
    $13
    $21
  • AAA
    $15
    $27
  • State Farm
    $24
    $39
  • Progressive Life
    $20
    $52
  • Prudential
    $28
    $63

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

When it comes to life insurance, women usually pay less than men because they tend to live longer. Men pay a pricier premium since they tend to have riskier lifestyles, avoid visiting a doctor and more often take up hazardous occupations.

Statistics show that compared to men, women are less likely to purchase a life insurance policy. But MoneyGeek highly encourages women to buy a life insurance policy — women bring economic value to their households that needs protection.

Most Popular Life Insurance Companies in North Carolina

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.

Most Popular Life Insurance Companies in North Carolina

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Lincoln Financial
    7%
  • Prudential
    4%
  • Transamerica
    4%
  • New York Life
    4%
  • MassMutual
    4%
  • Southern Farm Bureau Life Insurance
    4%
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MONEYGEEK DICTIONARY

Market share is the sales percentage of a company when compared to its competitors. MoneyGeek analyzed S&P Global 2020 market intelligence reports to determine North Carolina's biggest life insurance providers by market share.

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Cheapest Life Insurance for Young People in Cary

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.

Best Life Insurance Companies for Young People in Cary, NC

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  • Company
    Monthly Cost
  • Transamerica
    $22
  • Mutual of Omaha
    $25
  • MassMutual
    $26
  • AAA
    $28
  • Nationwide
    $32
  • State Farm
    $36
  • Progressive Life
    $37
  • Prudential
    $54

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is cheaper for young adults, but the premium increases as you get older. That is because you’re closer to your life expectancy and more prone to diseases. If you’re 25 years old or younger, consider getting life insurance in Cary to ultimately save on your monthly payments.

Cheapest Life Insurance for Seniors in Cary

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.

Best Life Insurance Companies for Seniors in Cary, NC

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  • Company
    Monthly Cost
  • MassMutual
    $66
  • Mutual of Omaha
    $75
  • Nationwide
    $76
  • State Farm
    $89
  • Progressive Life
    $119
  • AAA
    $125
  • Transamerica
    $125
  • Prudential
    $137

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurance companies view seniors as high-risk policyholders. That is because life insurance policies tend to outlive older adults, which results in a more expensive premium. Seniors can usually get less coverage, though, since their adult beneficiaries are not financially dependent on them.

Because seniors just need life insurance to cover burial costs and outstanding debts, MoneyGeek used a lower coverage limit for them than other age groups.

Cheapest Life Insurance for Smokers in Cary

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.

Best Life Insurance Companies for Smokers in Cary, NC

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  • Company
    Monthly Cost
  • MassMutual
    $191
  • State Farm
    $193
  • Nationwide
    $204
  • Mutual of Omaha
    $206
  • Transamerica
    $214
  • Progressive Life
    $299
  • Prudential
    $302
  • AAA
    $359

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Since smokers are more susceptible to severe illnesses, life insurance providers often charge them more expensive rates. On the bright side, MoneyGeek has a selection of life insurance companies that have cheap rates for smokers. To save money, individuals who smoke should consider getting a long, 20-year term policy since rates significantly increase as they get older.

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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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