Updated: May 22, 2024
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Life insurance provides financial support to your loved ones if you unexpectedly pass away. If you’re looking for a life insurance company in Knoxville, MoneyGeek recommends shopping around and comparing offers to find the best option for your profile.
In this guide, we evaluated the city’s life insurance providers and ranked the highest-performing carriers based on age, lifestyle and other factors.
BestLife InsuranceKnoxville, TNBest Life Insurance Companies in Knoxville, TN, for 2023
The cost of life insurance varies depending on your gender and preferred coverage. If you’re looking for a $250K policy in Knoxville, the cheapest providers are:
While a $250K policy may seem more affordable, it may not be enough to cover your needs. In Tennessee, the recommended coverage amount is $660K. This figure is based on the state’s cost of living, average income, average personal debt and other state-specific factors.
If you prefer a $652K policy, the most affordable life insurance companies in Knoxville are:
Cheapest For | $250K Coverage | $660K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
MoneyGeek’s research found that life insurance premiums in Knoxville are lower than the state’s average. If you’re a man, life insurance is 4% cheaper, while it’s 9% more affordable if you’re a woman.
Gender is one of the most influential factors companies use to determine the cost of your life insurance. In Knoxville, the average cost of a $250K policy for males is $19, while it’s $15 for females.
Premium prices can also significantly change based on your preferred coverage. Considering Tennessee’s per capita income (from the U.S. Bureau of Economic Analysis) and average mortgage debt, personal debt and age, the recommended life insurance coverage in the state is $652K. For such a policy in Knoxville, you’ll pay $40 if you’re a man and $29 if you’re a woman.
Meanwhile, the average cost of a 10-year policy in the city is $25 for men and $19 for women, regardless of coverage limit.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| 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) $29 |
| AAA | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $39 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $29 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Knoxville 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 $652,000.
Generally, life insurance is more affordable if you’re a woman because women have longer life expectancies. Studies found that men are more likely to engage in risky behavior, perform dangerous jobs and develop heart disease.
Although men are the primary purchasers of life insurance, it’s also a good idea for women to invest in life insurance policies. Whether they are primary breadwinners or stay-at-home caretakers, women play an important role in their household economies. As such, they are ideal candidates for life insurance.
MoneyGeek’s analysis found that based on market share, the most popular life insurance companies in Tennessee are Northwestern Mutual (8%), Tennessee Farmers Life Insurance Co. (6%) and State Farm (5%).
Moreover, the seven largest companies in the state have a combined market share of 36%. You can find these companies listed in the table below.
| Northwestern Mutual | Market Share8% |
| Tennessee Farmers Life Insurance Co. | Market Share6% |
| State Farm | Market Share5% |
| Lincoln Financial | Market Share5% |
| New York Life | Market Share4% |
Market share refers to a company’s percentage of sales compared to others in its industry. A company with a high market share is one that dominates the market. In the life insurance industry, having a high market share means selling more policies compared to other providers.
The market share data we used in this guide are based on each company’s total premiums written in the state, per reports from the 2020 S&P Global.
The average cost of life insurance in Knoxville for young people is between $14 and $30 per month. MoneyGeek’s research shows the following companies offer the two cheapest policies for younger people in the city:
The table below lists life insurance quotes in Knoxville for young people.
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| Transamerica | Monthly Cost$15 |
| Nationwide | Monthly Cost$18 |
| Progressive Life | Monthly Cost$21 |
MoneyGeek determined rates by analyzing quotes for a 25-year-old male non-smoker in Knoxville who is 5 feet 10 inches and 159 pounds and purchases a 20-year term contract at the average coverage need of $400K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
On average, life insurance is cheaper if you’re 25 years or younger, but premium prices tend to increase as you age. Thus, to save on your premiums, we recommend purchasing life insurance at a young age. The cost of your life insurance is lower the younger and healthier you are.
MoneyGeek’s research found that life insurance premiums for seniors in Knoxville can range from $37 to $76 per month. Moreover, the two most affordable life insurance providers in Knoxville for older adults are:
Use the table below to find the city’s best life insurance companies for seniors.
| MassMutual | Monthly Cost$37 |
| Mutual of Omaha | Monthly Cost$42 |
| Nationwide | Monthly Cost$42 |
| State Farm | Monthly Cost$49 |
| Progressive Life | Monthly Cost$66 |
MoneyGeek determined rates by analyzing quotes for a 60-year-old male non-smoker in Knoxville who is 5 feet 10 inches and 179 pounds and purchases a 10-year term contract at the average coverage need of $107K.
Insurance companies view older adults as riskier to insure since it’s likely their policies will outlive them. Consequently, seniors pay higher life insurance premiums.
However, most seniors usually don’t need as much coverage as their younger counterparts, as they no longer have financially dependent beneficiaries. Their life insurance should only cover expenses like funeral arrangements and estate tax. As such, MoneyGeek’s sample policy for seniors has a lower coverage limit than other profiles.
If you’re a smoker, life insurance quotes in Knoxville usually range from $107 to $199 per month. Based on MoneyGeek’s analysis, Knoxville’s most affordable life insurance carriers for smokers are:
The table below lists affordable life insurance providers in the city for smokers.
| MassMutual | Monthly Cost$107 |
| Nationwide | Monthly Cost$113 |
| Mutual of Omaha | Monthly Cost$115 |
| Transamerica | Monthly Cost$119 |
| State Farm | Monthly Cost$138 |
MoneyGeek determined rates by analyzing quotes for a 31-year-old male smoker in Knoxville who is 5 feet 10 inches and 174 pounds and purchases a 20-year term contract at the average coverage need of $1,030,000. If you are a smoker, we suggest buying a longer-term (20-year) policy as rates for smokers dramatically increase as you age.
Smokers are considered riskier to insure due to the higher probability they'll contract smoking-related diseases. As a result, insurance companies charge them higher premiums. If you’re a smoker, it’s still possible for you to find affordable life insurance. MoneyGeek suggests that you buy a longer-term policy (at least 20 years) as rates for smokers only increase exponentially over time.
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.
