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Best Life Insurance Companies in Charlotte, NC for 2023


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Updated: Sep 19, 2023

Life insurance provides financial support to your beneficiaries after your death. MoneyGeek gathered and analyzed information from various life insurance companies in Charlotte to help you find the best provider based on age, gender and smoking habits.

MoneyGeek Logo IconBestLife InsuranceCharlotte, NC
2023

Best Life Insurance Companies in Charlotte, NC, for 2023

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Best Cheap Life Insurance in Charlotte

In Charlotte, men can find the most affordable premiums for a policy with $250K coverage from MassMutual for approximately $11 per month. For the same coverage, Transamerica offers the cheapest policies for women at $9 per month.

While a policy with $250K coverage is cheaper, it may not be adequate for your needs. In North Carolina, the recommended coverage is $649K, which is based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors.

If you opt for the higher state-recommended coverage amount of $649K, you should consider Transamerica as your top life insurance provider; the insurer offers the least expensive policies for both men and women for approximately $19 and $15 per month, respectively.

Cheapest Life Insurance Companies for Males and Females in Charlotte
Cheapest For
$250K Coverage
$649K Coverage (Recommended)

Male

MassMutual

MassMutual

Female

Transamerica

Transamerica

Life Insurance Costs in Charlotte for Men and Women

When it comes to life insurance, gender significantly impacts your premium rate. In North Carolina, life insurance costs 17% more for men and 5% more for women than the average cost of life insurance in the state.

In Charlotte, a life insurance policy with a coverage of $250K costs $22 per month for men and $16 per month for women.

The recommended coverage in North Carolina of $649K is based on several factors like the per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. For this additional coverage, the cost of life insurance is $43 per month for men and $31 per month for women.

The cost of insurance also changes if you choose a 10-year term policy: a 10-year policy costs $28 per month for men and $21 per month for women.

Average Monthly Life Insurance Rates in Charlotte: Men
Company
Rates for $250K Coverage
Rates for $926K Coverage (Recommended)

MassMutual

$12

$19

Nationwide

$12

$19

Mutual of Omaha

$13

$20

Transamerica

$16

$31

State Farm

$22

$39

AAA

$22

$48

Progressive Life

$26

$52

Prudential

$31

$60

Average Monthly Life Insurance Rates in Charlotte: Women
Company
Rates for $250K Coverage
Rates for $926K Coverage (Recommended)

Transamerica

$9

$15

Nationwide

$12

$17

Mutual of Omaha

$13

$17

MassMutual

$11

$17

AAA

$13

$22

State Farm

$20

$32

Progressive Life

$16

$43

Prudential

$23

$52

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Charlotte 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.

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Typically women live longer than men. Studies show that men have shorter lifespans for several reasons: men are more likely to take more risks, develop chronic illnesses and work in hazardous environments. As a result, life insurance is typically less expensive for women, as they’re considered less risky to insure.

Despite the added cost, more men purchase life insurance than women. With women’s growing dominance in the workforce, purchasing life insurance is a smart and affordable investment for their beneficiaries’ future.

Most Popular Life Insurance Companies in North Carolina

The most popular life insurance companies in North Carolina are Northwestern Mutual, Lincoln Financial and Southern Farm Bureau Life Insurance with market shares of 8%, 7% and 4%, respectively.

MoneyGeek also found that the seven most popular life insurance companies in North Carolina comprise a total market share of approximately 35%. You’ll find the data and the individual market shares of all seven companies in the table below.

Most Popular Life Insurance Companies in North Carolina
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

A market share is the percentage of a company’s sales for a specific industry. Companies with high market shares dominate their respective industry. For the life insurance industry, companies with high market shares sell more policies than their counterparts. MoneyGeek’s market share data is based on North Carolina’s total premiums provided by S&P Global’s reports from 2020.

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Cheapest Life Insurance for Young People in Charlotte

On average, the cost of life insurance in Charlotte for young people ranges from $15 to $36 per month. The following are the cheapest companies in the city:

  • Transamerica: $15 per month
  • Mutual of Omaha: $17 per month

MoneyGeek gathered the average monthly premiums of different life insurance companies in Charlotte. Below, you will find the complete list of companies and their corresponding premiums.

Best Life Insurance Companies for Young People in Charlotte, NC
Company
Monthly Cost

Transamerica

$15

Mutual of Omaha

$17

MassMutual

$17

AAA

$19

Nationwide

$22

State Farm

$24

Progressive Life

$25

Prudential

$36

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

teen icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Young people can purchase life insurance for a cheaper rate. Although premiums become more expensive over time, buying life insurance at a younger age can help you save money.

Cheapest Life Insurance for Seniors in Charlotte

In North Carolina, seniors’ premiums can range from $45 to $93 per month. The cheapest companies for seniors in Charlotte are the following:

  • MassMutual: $45 per month
  • Mutual of Omaha: $51 per month

We’ve included data in the table below from other affordable life insurance companies in Charlotte so you can find the best one for your needs

Best Life Insurance Companies for Seniors in Charlotte, NC
Company
Monthly Cost

MassMutual

$45

Mutual of Omaha

$51

Nationwide

$51

State Farm

$60

Progressive Life

$81

AAA

$84

Transamerica

$85

Prudential

$93

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Charlotte who is 5 feet 10 inches tall and weighs 197 pounds with a 10-year term contract at the average coverage need of $75K.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Life insurance for seniors is more expensive because insurers view them as a high-risk population. This is because their policies may outlive them. However, seniors can still save money on premiums by choosing a low-coverage policy. This is usually acceptable as most seniors have beneficiaries that are financially independent. MoneyGeek’s sample policy coverage of $100K is typically sufficient to cover funeral expenses and arrangements.

Cheapest Life Insurance for Smokers in Charlotte

On average, life insurance for smokers in Charlotte costs between $129 and $243 per month. Smokers can purchase the cheapest policies from these companies:

  • MassMutual: $129 per month
  • State Farm: $131 per month

In the table below, MoneyGeek also included other companies that offer affordable life insurance for smokers in Charlotte.

Best Life Insurance Companies for Smokers in Charlotte, NC
Company
Monthly Cost

MassMutual

$129

State Farm

$131

Nationwide

$138

Mutual of Omaha

$140

Transamerica

$145

Progressive Life

$202

Prudential

$204

AAA

$243

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

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smoking causes a wide range of diseases. Therefore, insurance companies view smokers as high-risk customers. As a result, they tend to pay more expensive premiums. If you smoke, we recommend that you choose a 20-year term policy because the cost of life insurance will increase exponentially as you 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 Economics, 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 Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.


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