Updated: May 22, 2024
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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.
BestLife InsuranceMurfreesboroBest Life Insurance Companies in Murfreesboro, TN, for 2023
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 For | $250K Coverage | $652K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
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.
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $20 |
| Transamerica | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $34 |
| AAA | Rates for $250K Coverage$22 | Rates for $926K Coverage (Recommended) $46 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $27 |
| State Farm | Rates for $250K Coverage$21 | Rates for $926K Coverage (Recommended) $33 |
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.
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.
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.
| Northwestern Mutual | Market Share8% |
| Tennessee Farmers Life Insurance Co. | Market Share6% |
| State Farm | Market Share5% |
| Lincoln Financial | Market Share5% |
| New York Life | Market Share4% |
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.
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:
In the table below, you can compare other life insurance quotes for young people in Murfreesboro.
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$17 |
| Transamerica | Monthly Cost$18 |
| Nationwide | Monthly Cost$21 |
| Progressive Life | Monthly Cost$24 |
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.
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.
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:
Listed below are more of the most affordable and best insurers for seniors in Murfreesboro.
| MassMutual | Monthly Cost$43 |
| Mutual of Omaha | Monthly Cost$49 |
| Nationwide | Monthly Cost$50 |
| State Farm | Monthly Cost$58 |
| Progressive Life | Monthly Cost$78 |
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.
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.
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:
Take a look at the table below to find out more about the most affordable insurers for smokers in the city.
| MassMutual | Monthly Cost$126 |
| Nationwide | Monthly Cost$134 |
| Mutual of Omaha | Monthly Cost$136 |
| Transamerica | Monthly Cost$141 |
| State Farm | Monthly Cost$162 |
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.
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.
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.
