Best Life Insurance Companies in Chesapeake, VA for 2024

Even though it's uncomfortable to talk about, life insurance is a wise investment if you want to make sure your dependents are financially secure if you pass away. MoneyGeek evaluated pricing and sources to identify the top life insurance providers in Chesapeake, Virginia, for a variety of buyer profiles. This guide can help you shop around and compare prices for your specific needs to get the best offers.

MassMutual offers the most affordable coverage for men in Chesapeake for $250K, costing approximately $11 per month. Transamerica has the lowest monthly rates for women at around $8.

A $250K coverage is less expensive, but your beneficiaries might not find it sufficient. The state's average suggested amount, based on state-specific criteria, is $966K.

Nationwide and Transamerica provide the least expensive life insurance for men ($22 per month) and women ($17 per month) for the state-recommended coverage.

According to our data, the average price of life insurance for men in Chesapeake is 10% higher than the state average. Women in Chesapeake city pay around 7% less for life insurance than most residents from Virginia.

For $250K coverage in Chesapeake, women pay an average of $14 per month, while men pay an average of $19 per month.

The state's recommended level of coverage, $708,000, is based on per capita income from the U.S. Bureau of Economics, average age, personal and mortgage debt and personal wealth. The average monthly premium for $708K in coverage is $31 for women and $45 for men.

Additionally, regardless of the coverage level, men pay an average monthly premium of $27 while women pay an average monthly premium of $19 for 10-year term insurance.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Chesapeake using average buyer profile statistics, including the average age of 30, the average weight of 188 pounds for males and 149 pounds for females, and an average coverage need of $866,000.

On average, the three most well-known life insurance providers in Virginia are Northwestern Mutual (9%), New York Life (7%) and MassMutual (6%), according to their market shares. The market share held by the top seven insurers in the state account for roughly 39% of the total.

MoneyGeek highlights the top life insurance providers in Virginia along with their market shares in the table below.

Young people in Chesapeake can get life insurance with monthly premiums ranging from around $17 to $27. On average, our statistics show that the the most affordable life insurance companies for this age group are:

• Transamerica: $17 per month
• Mutual of Omaha: $19 per month

A detailed list of the top inexpensive life insurance providers in the city for young adults can be seen in the table below.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Chesapeake who is 5 feet 10 inches and 160 pounds that purchases a 20-year term contract at the average coverage need of $310,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Life insurance premiums for Chesapeake seniors typically vary from around $42 to $99 per month. For elderly people in Chesapeake, the top two most economical life insurance providers on average are:

• MassMutual: $42 per month
• Mutual of Omaha: $48 per month

More of Chesapeake's top-rated and cheapest insurers for seniors are included in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Chesapeake who is 5 feet 10 inches and 188 pounds that purchases a 10-year term contract at the average coverage need of $94,000.

For smokers, the typical price range for life insurance in Chesapeake is around $130 to $284 per month. On average, the following life insurance companies in the city offer the best rates for smokers:

• Transamerica: $130 per month
• MassMutual: $154 per month

Check out more of the city's most reasonably priced insurers for smokers in the table below.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Chesapeake who is 5 feet 10 inches and 188 pounds that purchases a 20-year term contract at the average coverage need of $866,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

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.