Updated: May 22, 2024
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Having life insurance can help financially support your beneficiaries after you pass away. It’s best to shop around and compare quotes and terms from various providers to determine the best carrier for your needs.
To help you choose the best life insurance companies in Memphis, Tennessee, MoneyGeek analyzed the best life insurance providers for different policy buyer profiles.
BestLife InsuranceMemphis, TNBest Life Insurance Companies in Memphis, TN, for 2023
The cost of your life insurance is determined by your gender and the amount of coverage you buy. MassMutual is the most affordable company in Memphis for $250K coverage life insurance for both men and women, with policies costing roughly the same at $9 per month.
Although $250K coverage may be cheaper, it might not be enough coverage for you. If you need more coverage you may want to opt for a policy that includes Tennessee’s recommended minimum coverage amount of $652K. This coverage amount is determined by state-specific factors such as cost of living, average income, average personal debt and average age.
Based on the recommended coverage level in Tennessee, MassMutual offers the cheapest life insurance for men at $16 per month, while Nationwide provides the most affordable policy for women at $13 per month.
Cheapest For | $250K Coverage | $652K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Gender is one of the most important factors impacting the cost of life insurance. For example, men in Memphis pay 6% less, while women pay 7% less than the average cost of life insurance in Tennessee.
In Memphis, the average cost of a life insurance policy with a base coverage of $250K is $18 for men and $15 for women.
These premiums can significantly increase if you opt for Tennessee’s recommended higher coverage level of $652K. Men pay $39 per month, on average, for Tennessee’s recommended coverage amount, while women pay $29 per month.
Meanwhile, regardless of the coverage limit, the average cost of a 10-year term insurance policy in Memphis is $24 per month for men and $19 per month for women.
| MassMutual | Rates for $250K Coverage$9 | 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$10 | Rates for $926K Coverage (Recommended) $16 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $28 |
| AAA | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $38 |
| Nationwide | Rates for $250K Coverage$10 | 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) $24 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $30 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Memphis 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.
Life insurers may base their rates on other factors such as age and income. Still, gender is one of the main determining factors for the cost of life insurance. Women typically pay less for life insurance because they live longer than men.
According to a study, men die earlier because they take bigger risks, avoid doctors, commit suicide more often than women and have more dangerous jobs.
Although women live longer, one major life insurance research study states that more men buy life insurance than women. Women should consider purchasing life insurance, as they often provide the same economic support as men in their households.
MoneyGeek found Northwestern Mutual, Tennessee Farmers Life Insurance Co. and State Farm to be the three most popular life insurance companies in Tennessee based on their respective market shares of 8%, 6% and 5%.
The top seven most popular life insurance companies in Tennessee have a combined market share of 36%. MoneyGeek compiled a list of the most popular life insurance companies in Tennessee and their market shares 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% |
A company’s market share is a measure of how much of a given market or industry is controlled by that company. The market share data in MoneyGeek’s analysis is based on total premiums written in the 2020 state S&P Global data reports.
In Memphis, the cost of life insurance for young adults varies from company to company, with premiums ranging from $14 to $29 per month. The top two cheapest life insurance companies for young adults in the state are:
The table below shows a complete list of all companies that offer affordable rates for young people in Memphis.
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| Transamerica | Monthly Cost$15 |
| Nationwide | Monthly Cost$17 |
| Progressive Life | Monthly Cost$20 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Tennessee who is 5 feet 10 inches and 168 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.
Life insurance costs less for young people and becomes more expensive as you age. To save money on monthly premiums, it is best to get life insurance while you are young.
MoneyGeek’s data shows that the cost of life insurance for seniors in Memphis ranges from $36 to $74 per month. The cheapest life insurance companies for seniors include:
The table below contains the comprehensive list of the best and cheapest life insurance providers for seniors in Memphis.
| MassMutual | Monthly Cost$36 |
| Mutual of Omaha | Monthly Cost$41 |
| Nationwide | Monthly Cost$41 |
| State Farm | Monthly Cost$48 |
| Progressive Life | Monthly Cost$65 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tennessee who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $76K.
Age is a significant factor in determining the cost of your coverage; the older you are when you apply for life insurance, the more costly your policy will be. Older people are considered at higher risk because their policies will likely outlive them.
However, seniors can still save money on life insurance by choosing a low-coverage policy.
Most older people only need life insurance to cover burial expenses and outstanding obligations, as they have fewer dependents. As a result, the sample insurance coverage for seniors is set at $100K.
The average cost of life insurance for smokers in Memphis ranges from $104 to $195 per month. MoneyGeek found the following companies to be the cheapest for smokers in Memphis.
Other affordable life insurance companies for smokers in Memphis are listed below.
| MassMutual | Monthly Cost$104 |
| Nationwide | Monthly Cost$111 |
| Mutual of Omaha | Monthly Cost$113 |
| Transamerica | Monthly Cost$117 |
| State Farm | Monthly Cost$135 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Tennessee who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $652K.
Smokers are considered high risk by insurers because they are more likely to develop life-threatening health problems. If you’re a smoker, it’s important to shop around for life insurance rates; some companies will charge higher premiums for smokers than others.
MoneyGeek’s guide can help you find the most affordable life insurance providers for smokers.
If you are a smoker, we suggest buying a longer-term (20-year) policy to provide more extended coverage, as rates for smokers increase as you age.
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 Economics, 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.
