Updated: May 22, 2024
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A life insurance policy allows your family to repay your financial obligations and receive financial support after your death. Since many insurers offer life insurance in Greensboro, it might seem challenging to choose the best one for you. MoneyGeek recommends shopping around and comparing rates to find the insurer that fits your needs.
To help you get started, we researched the best life insurance companies in the city based on age, gender, lifestyle and more.
BestLife InsuranceGreensboro, NCBest Life Insurance Companies in Greensboro, NC, for 2023
Your policy amount and gender affect the cost of your policy. In Greensboro, MassMutual is the cheapest insurer for men, offering a $250K coverage policy for an average monthly cost of $10. Transamerica is the most affordable insurer for women, charging an average of $8 per month for the same policy.
Although you’ll pay less for a $250K coverage policy, it might not be enough for your needs. A higher coverage policy, like one that includes North Carolina’s recommended coverage amount of $649K, can better protect your beneficiaries after you pass away. The state’s recommended coverage amount is based on the average cost of living, income, personal debt, age and other state-specific factors.
Our research shows that MassMutual offers the cheapest $649K coverage policy for men in Greensboro, charging an average of $17 per month. On the other hand, Transamerica offers the cheapest policy for women, with policies costing an average of $13 per month.
Cheapest For | $250K Coverage | $649K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Nationwide |
Female | MassMutual | Nationwide |
Gender significantly impacts the cost of life insurance. Compared to the average cost of a policy in the state, women in Greensboro pay 7% less for a policy, while men pay roughly the same as North Carolina’s average cost of life insurance.
MoneyGeek’s data shows that the average cost of a $250K coverage policy for men is $19 per month. On the other hand, women pay an average monthly cost of $14 for a policy with the same coverage.
Your insurance premium will be higher if you opt for a policy with the state’s recommended coverage amount of $649K. For this coverage amount, men in Greensboro pay an average of $37 per month, while women pay $28 per month. North Carolina’s recommended coverage amount was determined based on several factors such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.
On the other hand, a 10-year term policy for men in the city costs an average of $24 per month. For women, the same policy costs an average of $18 per month.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $26 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $33 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| AAA | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Greensboro 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.
Generally, women pay less for life insurance than for men because females have a longer lifespan. Men tend to die earlier than women due to several factors, including dangerous jobs and risky behaviors, as well as a higher chance of developing heart disease.
However, many studies show that men buy more life insurance policies than women. A life insurance policy can also be an excellent investment for females, enabling them to support their families after death.
MoneyGeek found the three most popular insurance companies in North Carolina are Northwestern Mutual, Lincoln Financial and Southern Farm Bureau Life Insurance based on respective market shares of 8%, 7% and 4%. Our research shows that the state's seven most popular insurance companies make up 35% of the insurance market.
In the table below, we listed the seven most popular life insurance companies in North Carolina.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| Southern Farm Bureau Life Insurance | Market Share4% |
| MassMutual | Market Share4% |
| New York Life | Market Share4% |
A company’s market share is the percentage of its sales from its industry’s total sales. An insurance company with a higher market share is more popular and has sold more policies than its competitors.
The market share data used in MoneyGeek’s analysis was obtained from 2020 S&P Global data reports and is based on total premiums written in the state.
The cost of life insurance for young people in Greensboro ranges from $13 to $31 per month, on average. MoneyGeek’s research shows the following insurers offer the cheapest policies for young people in the city:
The table below lists other insurance companies offering affordable life insurance policies for young people in Greensboro.
| Transamerica | Monthly Cost$13 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| AAA | Monthly Cost$16 |
| Nationwide | Monthly Cost$19 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Greensboro who is 5 feet 10 inches and 167 pounds that purchases a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Insurance companies generally charge less to young people for life insurance policies. As you age, your insurance premiums increase. That’s why MoneyGeek recommends buying a policy at a young age, as it’s one of the best ways to qualify for a lower rate.
MoneyGeek’s research shows that seniors in Greensboro can expect to pay between $38 and $79 per month, on average, for life insurance. We found that the following companies offer the cheapest policies for seniors:
Other insurers that offer cheap life insurance for seniors in Greensboro are listed in the table below.
| MassMutual | Monthly Cost$38 |
| Mutual of Omaha | Monthly Cost$43 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$51 |
| Progressive Life | Monthly Cost$69 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Greensboro who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $75,000.
Seniors are generally considered riskier to insure by the insurance companies because they are more likely to develop severe diseases and their policy is expected to outlive them. However, seniors usually don’t need much coverage as most of their family members aren’t financially dependent on them. Their insurance is generally used to cover funeral and burial expenses, estate taxes or debts. That’s why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.
For smokers in Greensboro, the cost of life insurance ranges from $111 per month to $208 per month. MoneyGeek’s research shows that the following insurers offer the most affordable life insurance policies for smokers:
See the table below for the complete list of cheap insurers for smokers in the city.
| MassMutual | Monthly Cost$111 |
| State Farm | Monthly Cost$112 |
| Nationwide | Monthly Cost$118 |
| Mutual of Omaha | Monthly Cost$120 |
| Transamerica | Monthly Cost$124 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Greensboro who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $649,000. 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.
Since smokers have a higher risk of developing lung disease and certain cancers, insurers consider them riskier to insure and subsequently charge them higher life insurance premiums. However, smokers can still find affordable policies by shopping around. Because rates exponentially increase as smokers age, MoneyGeek recommends buying a 20-year term policy for extended coverage.
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.
