Best Life Insurance Companies in Fayetteville, NC

Based on MoneyGeek's review, MassMutual is the best life insurance company for adults and seniors, whereas Transamerica is our top pick for smokers and young adults in Fayetteville, North Carolina. The most affordable policy rates start at $10 per month for a $250K policy and $16 per month for a policy with the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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If you want to protect your beneficiaries financially after your death, investing in a life insurance policy is a smart choice. In Fayetteville, North Carolina, you have access to a wide variety of insurance companies, so it’s essential to shop around and compare prices before choosing a policy.

MoneyGeek evaluated life insurance companies in Fayetteville based on your age, gender and smoking history to find the best rates.

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2023

Best Life Insurance Companies in Fayetteville, NC, for 2023

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Best Cheap Life Insurance in Fayetteville

The cost of your life insurance premium varies based on your policy amount and gender. For a policy with a $250K coverage limit, MassMutual offers the cheapest policy in Fayetteville at an average cost of $10 per month. Meanwhile, Transamerica offers the least expensive policies for women, at an average of $7 per month.

Despite its affordability, a policy with a $250K coverage limit doesn’t provide enough coverage for most people. When deciding how much coverage to purchase, the state's recommended coverage amount is a good starting point. North Carolina's recommended coverage amount is $649K, which is based on state-specific factors like cost of living, household income, average personal debt and age.

Getting the recommended coverage amount in North Carolina ensures that you and your family are adequately covered. For the state-recommended coverage level, MassMutual offers the cheapest insurance policy for men at $16 per month, while Transamerica offers the least expensive policy for women at $12 per month.

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

    MassMutual

    MassMutual

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Fayetteville for Men and Women

Based on the amount of coverage and the length of the policy, MoneyGeek calculated the average life insurance cost in Fayetteville for men and women. The average cost of life insurance for men in Fayetteville is 5% lower than in North Carolina. Women in Fayetteville also pay 14% less than the state's average cost for life insurance.

A number of factors influence the cost of life insurance, one of which is gender. The average monthly premium in Fayetteville for a policy with default coverage of $250K is $18 for males and $13 for females.

Life insurance rates are also influenced by the coverage amount and term of the policy. In North Carolina, the state-recommended coverage amount is $649K. This amount is based on several factors including per capita income, average mortgage debt, average personal debt and average age. The average cost of policy in Fayetteville that includes the state-recommended coverage is $35 per month for men and $26 per month for women. For a 10-year term policy, regardless of coverage amount, men pay an average of $23 per month, while women pay $17 per month.

Average Monthly Life Insurance Rates in Fayetteville: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $10
    $16
  • Nationwide
    $10
    $16
  • Mutual of Omaha
    $11
    $17
  • Transamerica
    $13
    $25
  • State Farm
    $18
    $32
  • AAA
    $18
    $39
  • Progressive Life
    $21
    $43
  • Prudential
    $25
    $49
Average Monthly Life Insurance Rates in Fayetteville: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $12
  • Nationwide
    $10
    $14
  • Mutual of Omaha
    $11
    $14
  • MassMutual
    $9
    $14
  • AAA
    $10
    $18
  • State Farm
    $16
    $26
  • Progressive Life
    $13
    $35
  • Prudential
    $19
    $43

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

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of life insurance varies significantly between men and women. Women statistically live longer than men, so insurance companies charge them less for life insurance. Men are more likely than women to engage in risky behaviors, work in dangerous jobs and develop heart disease than women, all of which contribute to their shorter lifespan.

Men, however, are more likely than women to buy life insurance. Since life insurance premiums are cheaper for women, they should consider investing in a policy. Life insurance is an ideal solution for women because they contribute significantly to their households' economies, whether they are the primary breadwinners or stay-at-home moms.

Most Popular Life Insurance Companies in North Carolina

North Carolina's top three life insurance companies are Northwestern Mutual, Lincoln Financial and Southern Farm Bureau Life Insurance with market shares of 8%, 7% and 4%, respectively. As a whole, the seven most popular life insurance companies in North Carolina account for 35% of the state's total market share.

As shown in the table below, MoneyGeek offers a summary of the most popular life insurance companies and their market shares in North Carolina.

Most Popular Life Insurance Companies in North Carolina

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  • 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

The market share of a company is measured as a percentage of its sales or revenue compared to other companies in the same industry. MoneyGeek compiled this list of the top life insurance companies in North Carolina using S&P Global's 2020 reports.

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Cheapest Life Insurance for Young People in Fayetteville

Younger adults in Fayetteville can expect to pay between approximately $12 and $30 per month for life insurance. Young people in Fayetteville can find the most affordable insurance from the following two companies:

  • Transamerica: $12 per month
  • Mutual of Omaha: $14 per month

Additional life insurance quotes for young people in Fayetteville can be found in the table below.

Best Life Insurance Companies for Young People in Fayetteville, NC

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  • Company
    Monthly Cost
  • Transamerica
    $12
  • Mutual of Omaha
    $14
  • MassMutual
    $14
  • AAA
    $16
  • Nationwide
    $18
  • State Farm
    $20
  • Progressive Life
    $21
  • Prudential
    $30

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Fayetteville 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance costs less for young people and increases as you get older. Since rates tend to be lower the younger you are, it's a good idea to purchase life insurance in Fayetteville when you're young.

Cheapest Life Insurance for Seniors in Fayetteville

Life insurance costs for seniors in Fayetteville range from $37 to $76 per month, on average. MoneyGeek's analysis found that the following companies offer the cheapest life insurance in Fayetteville:

  • MassMutual: $37 per month
  • Mutual of Omaha: $41 per month

For a list of companies in Fayetteville with the lowest life insurance rates for seniors, please refer to the table below.

Best Life Insurance Companies for Seniors in Fayetteville, NC

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  • Company
    Monthly Cost
  • MassMutual
    $37
  • Mutual of Omaha
    $41
  • Nationwide
    $42
  • State Farm
    $49
  • Progressive Life
    $66
  • AAA
    $69
  • Transamerica
    $69
  • Prudential
    $76

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

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Older adults often pay higher life insurance premiums since they are closer to their life expectancy. However, purchasing less coverage can reduce the cost of life insurance. For seniors whose beneficiaries are grown, financially independent adults, less life insurance coverage will likely suffice. Seniors typically only need life insurance to cover funeral expenses and settle remaining debts after they die. Consequently, our sample policy in Fayetteville covers $75K.

Cheapest Life Insurance for Smokers in Fayetteville

The average monthly cost of life insurance in Fayetteville for smokers ranges from $106 to $199 According to MoneyGeek, these companies offer the best rates for smokers in Fayetteville:

  • MassMutual: $106 per month
  • State Farm: $107 per month

Find out which companies in Fayetteville offer cheap rates for smokers by reading the table below.

Best Life Insurance Companies for Smokers in Fayetteville, NC

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  • Company
    Monthly Cost
  • MassMutual
    $106
  • State Farm
    $107
  • Nationwide
    $113
  • Mutual of Omaha
    $114
  • Transamerica
    $119
  • Progressive Life
    $165
  • Prudential
    $167
  • AAA
    $199

Rates were determined by analyzing quotes for a 31-year-old male smoker in Fayetteville who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $649K.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurers consider smokers high risk because of the negative adverse health effects of smoking. However, you can still get cheap life insurance if you smoke. MoneyGeek recommends purchasing a 20-year policy if you smoke because smoking increases your rates 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 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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