Best Life Insurance Companies in Newport News, VA

If you’re shopping for life insurance in Newport News, MoneyGeek recommends Nationwide as the best overall life insurance company. But Transamerica is the best option for young people and smokers in the city, while MassMutual is ideal for seniors.

On average, life insurance costs in Newport News start at $9 per month for a policy with $250K in coverage or $19 per month for a policy with the recommended coverage amount for Virginia.

Compare Life Insurance Rates

Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

widget-location-pin
Advertising & Editorial DisclosureLast Updated: 12/23/2022
Written By     |  
Reviewed By     |  

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.

MoneyGeek Logo IconBestLife InsuranceNewport News
2023

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

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Best Cheap Life Insurance in Newport News

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).

Cheapest Life Insurance Companies for Males and Females in Newport News
  • Cheapest For
    $250K Coverage
    $866K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    Transamerica

    Transamerica

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Life Insurance Costs in Newport News for Men and Women

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.

Average Monthly Life Insurance Rates in Newport News: Men

Scroll for more

Horizontal swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $19
  • MassMutual
    $9
    $19
  • Mutual of Omaha
    $10
    $20
  • Transamerica
    $10
    $23
  • AAA
    $14
    $34
  • State Farm
    $18
    $41
  • Prudential
    $25
    $50
  • Progressive Life
    $21
    $54
Average Monthly Life Insurance Rates in Newport News: Women

Scroll for more

Horizontal swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $15
  • Nationwide
    $9
    $15
  • MassMutual
    $8
    $16
  • Mutual of Omaha
    $10
    $16
  • AAA
    $10
    $21
  • Prudential
    $17
    $27
  • State Farm
    $15
    $30
  • Progressive Life
    $12
    $40

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.

businessOwner icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

One significant factor affecting the cost of life insurance is gender. Women usually pay less because they tend to live longer than men. Some reasons why men have shorter life expectancies include a greater likelihood of developing heart disease and avoiding doctors. As such, the average cost of life insurance is higher for men.

However, studies show that life insurance policyholders are more often men. But, more women should consider getting a policy to avoid causing a financial strain on their household in the event of their untimely passing.

Most Popular Life Insurance Companies in Virginia

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.

Most Popular Life Insurance Companies in Virginia

Scroll for more

Horizontal swipe icon
  • Company
    Market Share
  • Northwestern Mutual
    9%
  • New York Life
    7%
  • Lincoln Financial
    6%
  • MassMutual
    6%
  • State Farm
    4%
  • Transamerica
    4%
  • Prudential
    3%
bookshelves icon
MONEYGEEK DICTIONARY

The market share of a company reflects the percentage of sales compared to others in its industry. Having a high market share means a life insurance company has sold more policies than others. For this guide, market share data is based on each company’s total premiums per the 2020 S&P Global data reports.

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Cheapest Life Insurance for Young People in Newport News

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.

Best Life Insurance Companies for Young People in Newport News, VA

Scroll for more

Horizontal swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $14
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • AAA
    $18
  • Prudential
    $20
  • State Farm
    $20
  • Nationwide
    $20
  • Progressive Life
    $23

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.

teen icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance tends to be cheaper for young people and gets more expensive with age. If you want to save money on life insurance, it’s best to buy a life insurance policy at a young age when rates are lower.

Cheapest Life Insurance for Seniors in Newport News

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.

Best Life Insurance Companies for Seniors in Newport News, VA

Scroll for more

Horizontal swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $36
  • Mutual of Omaha
    $41
  • Nationwide
    $42
  • State Farm
    $49
  • AAA
    $55
  • Progressive Life
    $66
  • Prudential
    $75
  • Transamerica
    $85

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.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Usually, seniors have more expensive life insurance because the expectation is that they will not outlive their policies. However, most seniors are fine with getting less coverage to save on insurance since their beneficiaries tend to be financially independent. Their coverage amount only needs to pay for funeral arrangements or outstanding debts, for example. For this reason, MoneyGeek’s sample policy coverage for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Newport News

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.

Best Life Insurance Companies for Smokers in Newport News, VA

Scroll for more

Horizontal swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $112
  • MassMutual
    $133
  • State Farm
    $136
  • Nationwide
    $139
  • Mutual of Omaha
    $147
  • Prudential
    $167
  • Progressive Life
    $213
  • AAA
    $245

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.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Because smoking may increase the chances of contracting an illness that can reduce life expectancy, insurers view smokers as high-risk individuals and charge them a higher premium. But you can still save on life insurance by shopping around for companies that offer the cheapest life insurance for smokers.

If you’re a smoker, MoneyGeek recommends purchasing a longer-term (20-year) policy as rates for smokers increase exponentially with age.

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin
Insurance Rates

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.


sources