Best Life Insurance Companies in Murfreesboro, TN, for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.