Updated: May 22, 2024
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Having a life insurance policy can help financially support your beneficiaries after you pass away. Given the abundance of life insurance providers in Durham, it’s best to shop around and compare quotes to find the most affordable policy for your family.
MoneyGeek evaluated the best life insurance companies in Durham, North Carolina, based on age, gender and smoking history.
BestLife InsuranceDurham, NCBest Life Insurance Companies in Durham, NC, for 2023
For a $250K policy in Durham, MassMutual offers the cheapest policy for men at $11 per month, while Transamerica is the cheapest for women at $9 per month.
While a $250K policy may be cheaper, it may not be sufficient for your beneficiaries. To get more coverage, you can opt for a policy with the state-recommended coverage amount of $649K. This amount is based on the cost of living, average income and age, average personal debt and other state-specific factors.
For the state-recommended coverage amount of $649K, MassMutual offers the cheapest policies for men at $18 per month and Transamerica offers the cheapest for women at $16 per month.
Cheapest For | $250K Coverage | $649K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | Transamerica | Transamerica |
Gender impact the cost of life insurance. In Durham, women and men pay 10% and 8% more, respectively, than the average cost of life insurance in the state.
For a $250K policy, men pay an average of $20 per month, while women pay $17 per month.
A $250K policy costs less than a policy with the state-recommended coverage of $649K. On average, males in Durham pay $40 per month and women pay $33 per month for a $649K policy. The state-recommended coverage amount is based on state-specific factors like per capita income from the U.S. Bureau of Economics, average age, mortgage debt and personal debt.
For a 10-year term policy, men pay around $26 per month, while women pay around $22 per month for the same policy.
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $29 |
| State Farm | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $36 |
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $18 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $23 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Durham 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.
Studies report that women live longer than men. In comparison to women, men are more likely to be exposed to hazardous working conditions and to develop heart disease. Based on these factors, insurers generally charge higher rates for men.
Despite the higher cost, most life insurance policyholders are men. Women, however, should consider taking out a life insurance policy to safeguard their survived beneficiaries from financial hardship.
The three most popular life insurance providers in North Carolina are Northwestern Mutual, Lincoln Financial and Southern Farm Bureau Life Insurance, with respective market shares of 8%, 7% and 4%. The top seven companies control almost 35% of the state's market share.
The table below displays the market shares of the state’s top seven life insurance companies.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| Southern Farm Bureau Life Insurance | Market Share4% |
| MassMutual | Market Share4% |
| New York Life | Market Share4% |
Market share is the proportion of a company's sales in comparison to other companies in the same industry. A company with a higher market share has sold more policies than its competitors.
MoneyGeek’s market share statistics are based on total premiums written in North Carolina as provided in the 2020 S&P Global data reports.
Life insurance premiums for young people in Durham range from $14 to $35 per month. Based on MoneyGeek's research, the following companies offer the cheapest life insurance for young people, on average:
The table below includes a comprehensive list of life insurance quotes for young individuals in Durham.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$18 |
| Nationwide | Monthly Cost$20 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Durham who is 5 feet 10 inches and 167 pounds that purchases 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.
Young people often pay less for life insurance. However, as you age and become more prone to health conditions, your insurance premium will go up. Because of this, MoneyGeek recommends buying life insurance at a young age to save money on the cost of your premium.
The average cost of life insurance for seniors in Durham ranges between $41 and $86. According to MoneyGeek's analysis, the following two companies offer the most affordable life insurance for seniors in Durham:
The table below includes a complete list of the life insurance companies in Durham for seniors.
| MassMutual | Monthly Cost$41 |
| Mutual of Omaha | Monthly Cost$47 |
| Nationwide | Monthly Cost$48 |
| State Farm | Monthly Cost$56 |
| Progressive Life | Monthly Cost$75 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Durham who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $75K.
Since their policies may outlive them, seniors pay more for life insurance. However, they can save money by purchasing a policy with less coverage. Typically, seniors’ beneficiaries are financially independent, so the policy coverage only has to cover funeral expenses and arrangements. As such, MoneyGeek’s baseline coverage for seniors of $75K is less than that of other groups.
Most smokers in Durham pay between $120 and $225 per month for their life insurance premiums. MoneyGeek found that that following companies offer the most affordable life insurance for smokers in the city:
The following table provides a list of the city's most affordable and best-rated insurers for smokers.
| MassMutual | Monthly Cost$120 |
| State Farm | Monthly Cost$121 |
| Nationwide | Monthly Cost$128 |
| Mutual of Omaha | Monthly Cost$129 |
| Transamerica | Monthly Cost$134 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Durham who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $649K. 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.
Because smoking adversely affects one's health over time, insurance companies consider smokers to be high-risk clients and charge them higher premiums. However, smokers can still find affordable life insurance. Since life insurance rates for smokers increase dramatically with age, MoneyGeek recommends smokers purchase a 20-year term life insurance policy in Durham.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick 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 knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
