Best Life Insurance Companies in Chesapeake, VA

Overall, MoneyGeek’s pick for the best life insurance company in Chesapeake, Virginia, is MassMutual. However, your profile can change what’s best for you. For instance, young adults and smokers will find that Transamerica gives the best deals, while the elderly may want to consider MassMutual instead. The cheapest average premiums in the city range from around $11 per month for a $250K policy to roughly $22 per month for the minimum amount of coverage advised by the state.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

iconBestLife InsuranceChesapeake, VA
2023

Best Life Insurance Companies in Chesapeake, VA, for 2023

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Best Cheap Life Insurance in Chesapeake

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.

Cheapest Life Insurance Companies for Males and Females in Chesapeake
  • Cheapest For
    $250K Coverage
    $966K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Chesapeake for Men and Women

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.

Average Monthly Life Insurance Rates in Chesapeake: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $12
    $22
  • MassMutual
    $11
    $22
  • Mutual of Omaha
    $12
    $24
  • Transamerica
    $11
    $27
  • AAA
    $16
    $39
  • State Farm
    $20
    $47
  • Prudential
    $29
    $58
  • Progressive Life
    $24
    $62
Average Monthly Life Insurance Rates in Chesapeake: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $8
    $17
  • Nationwide
    $11
    $17
  • MassMutual
    $10
    $18
  • Mutual of Omaha
    $11
    $18
  • AAA
    $11
    $24
  • Prudential
    $20
    $32
  • State Farm
    $17
    $35
  • Progressive Life
    $14
    $46

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender has a significant impact on the price of life insurance. Women, on average, tend to live longer than men, and they tend to pay less for life insurance. Statistically, males are more likely than women to engage in risky activities, work in dangerous locations and develop heart disease. In turn, insurance companies charge men more prices.

That said, men are more likely than women to get life insurance. Whether they are the main breadwinners or stay-at-home parents, women are crucial members of their families' economy, making them ideal customers for life insurance.

Most Popular Life Insurance Companies in Virginia

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.

Most Popular Life Insurance Companies in Virginia

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  • Company
    Market Share
  • Northwestern Mutual
    9%
  • New York Life
    7%
  • Lincoln Financial
    6%
  • MassMutual
    6%
  • State Farm
    4%
  • Transamerica
    4%
  • Prudential
    3%
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MONEYGEEK DICTIONARY

Market share is a measure of a company's revenues as compared to competitors in its sector. Market dominance increases with a company's market share. A large market share in the life insurance industry indicates that one business has sold more policies than the competition.

For our study, market share information is collected from each company's total premiums reported in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Chesapeake

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.

Best Life Insurance Companies for Young People in Chesapeake, VA

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  • Company
    Monthly Cost
  • Transamerica
    $17
  • Mutual of Omaha
    $19
  • MassMutual
    $19
  • AAA
    $21
  • Prudential
    $23
  • State Farm
    $23
  • Nationwide
    $23
  • Progressive Life
    $27

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance costs are lower for adults under the age of 25. Your insurance costs will rise as you age and become more prone to certain ailments. As a result, one of the best methods to save money on coverage is to purchase life insurance when you're young. If you start when you are young and healthy, you can significantly reduce your long-term costs.

Cheapest Life Insurance for Seniors in Chesapeake

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.

Best Life Insurance Companies for Seniors in Chesapeake, VA

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  • Company
    Monthly Cost
  • MassMutual
    $42
  • Mutual of Omaha
    $48
  • Nationwide
    $49
  • State Farm
    $57
  • AAA
    $64
  • Progressive Life
    $76
  • Prudential
    $87
  • Transamerica
    $99

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Due to the increased likelihood that their policy may outlast them as they age, seniors pay higher life insurance rates. However, because their beneficiaries are more likely to be mature adults who can support themselves financially, seniors frequently don't require as much coverage. Only necessary fees like burial costs, estate taxes and other costs must be covered by their life insurance policies. This is why MoneyGeek's example policy coverage for seniors is lower than for other profiles.

Cheapest Life Insurance for Smokers in Chesapeake

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.

Best Life Insurance Companies for Smokers in Chesapeake, VA

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  • Company
    Monthly Cost
  • Transamerica
    $130
  • MassMutual
    $154
  • State Farm
    $158
  • Nationwide
    $161
  • Mutual of Omaha
    $170
  • Prudential
    $194
  • Progressive Life
    $247
  • AAA
    $284

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are considered high risk and have higher premiums because smoking can have detrimental long-term health impacts. The good news is that smokers may still get affordable life insurance. MoneyGeek advises purchasing a longer-term coverage (at least 20 years), as smoking amplifies the aging-related rate increases.

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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


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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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