Best Life Insurance Companies in Newport News, VA, for 2023

Life insurance is a good way to provide financial support to your beneficiaries after you pass away. But with various companies and policy coverage amounts to choose from, shopping for a plan could be overwhelming. To help you find the best option for your needs, MoneyGeek gathered quotes and found the best life insurance companies in Newport News, Virginia, based on age, gender and smoking history.

Two factors that significantly affect the cost of life insurance are gender and the coverage amount. For life insurance with $250K coverage, the cheapest company for men in Newport News is MassMutual at around $9 per month. Meanwhile, Transamerica is the most affordable for women, at an average monthly rate of $7.

A life insurance policy with $250K in coverage is a good way to save on monthly payments, but that coverage may not be enough. For adequate financial protection, consider getting the Virginia-recommended coverage amount, determined by state-specific factors such as cost of living, average income, average personal debt and average age.

Using Virginia’s recommended coverage amount of $866,000, the cheapest life insurance company in Newport News for men is Nationwide (approximately $19 per month), and Transamerica is the least expensive for women (about $15 per month).

Based on MoneyGeek’s research, life insurance for men in Newport News is around 5% lower than the average cost in Virginia for men, and women pay roughly 19% less in Newport News than the state average cost for them.

It’s worth noting that the cost of your life insurance policy depends on your gender. Case in point, men in Newport News pay around $17 per month for $250K in coverage, whereas women pay roughly $12 per month.

Each state has a recommended coverage amount determined by several factors like per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. For Virginia, the recommended life insurance coverage amount is $866,000.

Following the state’s recommended coverage amount, the average cost of life insurance in Newport News for men is $39 per month. The same coverage costs around $27 per month for women.

As for policy length, the average cost of life insurance in Newport News with a 10-year term is $24 per month for men and $17 per month for women, regardless of the coverage amount.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Newport News using average buyer profile statistics, including the average age of 30, the average weight of 188 pounds for males and 149 pounds for females, and an average coverage need of $866,000.

The three most popular life insurance companies in Virginia based on market share are Northwestern Mutual (around 9%), New York Life (roughly 7%) and MassMutual (around 6%). If you add the market shares of the seven most popular companies in Virginia, it totals about 39% of the state’s life insurance industry.

You can check the table below for the complete list of the seven most popular companies in Virginia and their market shares.

For young people, life insurance in Newport News averages between $14 and $23 per month. According to MoneyGeek’s analysis, on average, the two companies offering the lowest rates on life insurance for young people in Newport News are:

• Transamerica: $14 per month
• Mutual of Omaha: $16 per month

Check out the table below for the complete list of the life insurance companies in Newport News for young people and their rates.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Newport News who is 5 feet 10 inches tall and weighs 160 pounds with a 20-year term contract at the average needed coverage amount of $310,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

The average cost of life insurance in Newport News for seniors varies, with monthly premiums ranging from $36 to $85. Based on MoneyGeek’s analysis of average rates, the two cheapest companies for older adults in Newport News for life insurance are:

• MassMutual: $36 per month
• Mutual of Omaha: $41 per month

Below, we provide the complete list of life insurance companies, with their rates, for seniors in Newport News.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Newport News who is 5 feet 10 inches tall and weighs 188 pounds with a 10-year term contract at the average needed coverage amount of $94,000.

On average, life insurance in Newport News for people who smoke is between $112 per month and $245 per month. MoneyGeek compared average rates in Newport News for smokers that want life insurance and found that the two cheapest companies are:

• Transamerica: $112 per month
• MassMutual: $133 per month

In the table below, you can see the complete list of life insurance companies for smokers in Newport News and their rates.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Newport News who is 5 feet 10 inches tall and weighs 188 pounds with a 20-year term contract at the average needed coverage amount of $866,000.

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.