Best Life Insurance Companies in Murfreesboro, TN

The best life insurance in Murfreesboro, Tennessee, depends on several factors, including your age, gender, coverage level and more. To help you choose the best life insurance according to your driver profile, we analyzed different insurers in Murfreesboro. For the average adult, our top pick is MassMutual, and this company is also our number one choice for seniors and smokers. However, Mutual of Omaha is the best choice for young adults.

The cheapest life insurance rate for a $250K policy in Murfreesboro is offered by MassMutual at roughly $11 per month, and this company also has the best rate for the state’s recommended coverage level, averaging $19 monthly.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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Life insurance is important to secure your family's future when you pass away. For this reason, make sure you choose the right policy according to your needs. You can shop around and compare rates from different insurers to get the best possible deal.

MoneyGeek analyzed the rates of several life insurance providers in Murfreesboro to determine which ones offer the best rates based on your gender, age and smoking history.

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2023

Best Life Insurance Companies in Murfreesboro, TN, for 2023

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Best Cheap Life Insurance in Murfreesboro

The cheapest life insurance policy in Murfreesboro differs for men and women, as well as their chosen coverage amount. For a $250K coverage, MassMutual is the cheapest at $11 for men and $10 for women. Meanwhile, the recommended coverage level for Tennessee ($652K) is much higher. The most affordable rate for this coverage amount for men is from MassMutual, averaging $19 per month. For women, however, the best rate is from Nationwide at an average of $15 monthly.

Many people will not have enough coverage with a $250K coverage limit, even though it is a more affordable policy. To ensure your family gets adequate coverage, it is best to get Tennessee's recommended coverage of $652K. This amount was calculated based on the cost of living, average income, average personal debt, average age and other state-specific factors.

Cheapest Life Insurance Companies for Males and Females in Murfreesboro
  • Cheapest For
    $250K Coverage
    $652K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Murfreesboro for Men and Women

Using the amount of coverage and the length of a policy, MoneyGeek calculated the average life insurance cost in Murfreesboro for men and women. Compared to Tennessee's average statewide rates, life insurance costs for men in Murfreesboro are 13% higher. Additionally, Murfreesboro women pay 5% more for life insurance than their state's average.

Gender is a major factor affecting life insurance costs. The average man pays more than the average woman. Among men, the average monthly cost of a policy with $250K coverage in Murfreesboro is $22. Women, on the other hand, pay an average of $17 per month for the same policy.

However, these rates dramatically change if you factor in the state's recommended coverage amount based on per capita income, mortgage debt, personal debt and average age. In Murfreesboro, an average policy costs $47 for men and $33 for women based on MoneyGeek's $652K recommendation for Tennessee.

Additionally, the term of the policy affects life insurance premiums. Typically, a 10-year policy in Murfreesboro costs $29 monthly for men and $22 for women.

Average Monthly Life Insurance Rates in Murfreesboro: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $11
    $19
  • Nationwide
    $12
    $19
  • Mutual of Omaha
    $12
    $20
  • Transamerica
    $17
    $34
  • AAA
    $22
    $46
  • State Farm
    $26
    $47
  • Progressive Life
    $25
    $50
  • Prudential
    $30
    $75
Average Monthly Life Insurance Rates in Murfreesboro: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $15
  • Mutual of Omaha
    $12
    $15
  • MassMutual
    $10
    $15
  • Transamerica
    $13
    $27
  • State Farm
    $21
    $33
  • AAA
    $17
    $36
  • Progressive Life
    $20
    $38
  • Prudential
    $20
    $41

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

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of life insurance is heavily influenced by gender. Typically, women pay less for life insurance than men since their average life expectancy is longer. The likelihood of men engaging in risky behaviors, working in dangerous jobs and developing heart disease is statistically higher than that of women, explaining why women outlive men.

Studies show, however, that men are more likely to buy life insurance than women. It is important for women to have life insurance as well because they often play a significant role in family finances.

Most Popular Life Insurance Companies in Tennessee

According to their market share, Northwestern Mutual (8%), Tennessee Farmers Life Insurance Co. (6%) and State Farm (5%) are the three most popular life insurance companies in Tennessee. A total of 36% of the market share is held by the seven most popular companies in Iowa state.

The following table lists Tennessee's most popular life insurance companies by market share.

Most Popular Life Insurance Companies in Tennessee

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Tennessee Farmers Life Insurance Co.
    6%
  • Lincoln Financial
    5%
  • State Farm
    5%
  • Sammons Enterprises Inc.
    4%
  • MassMutual
    4%
  • New York Life
    4%
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MONEYGEEK DICTIONARY

In a given industry, a company's market share reflects its share of sales. A company that has a high market share owns a larger percentage of that market. Therefore, life insurance companies with large market shares sell more policies than their competitors.

In MoneyGeek's analysis, market share data is derived from S&P Global's 2020 state reports, which include the total premiums written by each company.

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Cheapest Life Insurance for Young People in Murfreesboro

In Murfreesboro, average life insurance premiums for younger adults can range between an average of $16 and $35 per month. MoneyGeek found that the two most affordable insurers for young people in the city of Murfreesboro are:

  • Mutual of Omaha: $16 per month
  • MassMutual: $17 per month

In the table below, you can compare other life insurance quotes for young people in Murfreesboro.

Best Life Insurance Companies for Young People in Murfreesboro, TN

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $16
  • MassMutual
    $17
  • Transamerica
    $18
  • Nationwide
    $21
  • Progressive Life
    $24
  • AAA
    $24
  • State Farm
    $26
  • Prudential
    $35

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

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Young adults 25 and under pay less for life insurance. As you age and become more susceptible to certain ailments, your insurance costs rise. The best strategy to save money on life insurance is to purchase it at a young age. It will cost you less each month if you are younger and healthier.

Cheapest Life Insurance for Seniors in Murfreesboro

For seniors living in Murfreesboro, life insurance costs usually range between an average of $43 and $89 per month. The top two most affordable life insurance companies in Murfreesboro for seniors are:

  • MassMutual: $43 per month
  • Mutual of Omaha: $49 per month

Listed below are more of the most affordable and best insurers for seniors in Murfreesboro.

Best Life Insurance Companies for Seniors in Murfreesboro, TN

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  • Company
    Monthly Cost
  • MassMutual
    $43
  • Mutual of Omaha
    $49
  • Nationwide
    $50
  • State Farm
    $58
  • Progressive Life
    $78
  • AAA
    $82
  • Transamerica
    $83
  • Prudential
    $89

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Murfreesboro who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $76K.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Getting older increases the likelihood that your life insurance policy will outlive you, so seniors pay higher premiums. That said, because seniors are more likely to be financially independent adults, they may not need as much coverage. It is only necessary to cover funeral expenses, estate taxes and other expenses with their life insurance policies. Consequently, MoneyGeek's sample policy for seniors has much less coverage than similar policies for other groups.

Cheapest Life Insurance for Smokers in Murfreesboro

The average range of life insurance quotes in Murfreesboro for people who smoke is between $126 and $235 per month. MoneyGeek determined that the cheapest life insurance providers for smokers in Murfreesboro are:

  • MassMutual: $126 per month
  • Nationwide: $134 per month

Take a look at the table below to find out more about the most affordable insurers for smokers in the city.

Best Life Insurance Companies for Smokers in Murfreesboro, TN

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  • Company
    Monthly Cost
  • MassMutual
    $126
  • Nationwide
    $134
  • Mutual of Omaha
    $136
  • Transamerica
    $141
  • State Farm
    $162
  • Progressive Life
    $195
  • Prudential
    $198
  • AAA
    $235

Rates were determined by analyzing quotes for a 31-year-old male smoker in Murfreesboro who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $652K.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because smokers are more likely to contract diseases that reduce life expectancy, life insurance companies consider them risky to insure. As a result, smokers usually pay higher insurance rates. The good news is that smokers can still purchase affordable life insurance. You should consider buying a longer-term (20-year) policy if you smoke since rates for smokers increase exponentially with 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


Mark Fitzpatrick headshot

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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