Best Life Insurance Companies in Norfolk, VA, for 2023

Life insurance offers your beneficiaries financial help in the case of your demise. Given the wide range of life insurance companies in Norfolk, Virginia, checking around and comparing costs will enable you to identify the plan that most closely matches your requirements and lifestyle.

Use MoneyGeek's study of average prices to find and compare the best life insurance companies in Norfolk, depending on your age, gender and smoking history.

Gender and the level of coverage are the two criteria that have the most impact on the cost of life insurance. The least expensive provider of $250K coverage for men in Norfolk is MassMutual, with an average premium of $9 per month. Meanwhile, Transamerica offers women the cheapest life insurance rates in the city, at around $7 per month.

Even if insurance with a $250,000 maximum coverage limit is affordable, many consumers might not find it sufficient. Based on factors including cost of living, average personal debt, average income and average age, each state has a recommended coverage amount. Consider purchasing the recommended $866K in insurance coverage to ensure that your loved ones have access to sufficient support.

Using the suggested coverage amount of $866K, Nationwide provides the most affordable life insurance for men ($18 per month) and Transamerica for women ($14 per month).

Your gender may impact how much life insurance typically costs. For instance, men in Norfolk pay 11% less than the typical Virginian, while women in Norfolk pay 21% less than the state average.

In Norfolk, women pay $12 per month on average for $250K in coverage, while men pay around $16 per month.

The average monthly cost for the recommended state coverage level ($866K) for men is $37, while women pay around $26. This is based on a number of variables, including the per capita income according to the U.S. Bureau of Economic Analysis, the average age, average personal debt and average mortgage debt.

For a 10-year term policy, men pay around $22 per month regardless of the coverage limit, while women pay an average of $16 per month for the same policy.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Norfolk 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 biggest life insurance companies in Virginia are Northwestern Mutual, New York Life and MassMutual, based on their market shares of 9%, 7% and 6%, respectively. The top seven insurers in the state collectively own about 39% of the market.

The top life insurance companies in the state, along with their respective market shares, are listed in the table below.

The monthly cost of life insurance for younger Norfolk residents ranges from an average of $13 to $21. The two most affordable insurers in the city for young people, according to MoneyGeek, are:

• Transamerica: $13 per month
• Mutual of Omaha: $15 per month

You may compare different life insurance rates in Norfolk for young people in the table below.

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

Seniors in Norfolk may expect to pay monthly life insurance premiums averaging from $34 to $80. The top two most affordable Norfolk life insurance companies in the city for seniors are:

• MassMutual: $34 per month
• Mutual of Omaha: $39 per month

The table below includes more of the best and most affordable life insurance providers for seniors in the area.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Norfolk who is 5 feet 10 inches and 188 pounds that purchases a 10-year term contract at the average coverage need of $94,000.

For smokers in Norfolk, the average monthly life insurance premium ranges from $105 to $230. The most affordable life insurance companies in Norfolk for smokers, according to MoneyGeek’s research are:

• Transamerica: $105 per month
• MassMutual: $124 per month

For more details on the city's most affordable insurers for smokers, see the table below.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Norfolk who is 5 feet 10 inches and 188 pounds that purchases a 20-year term contract at the average coverage need of $866,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

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.