Best Life Insurance Companies in Charlotte, NC for 2024

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.