Updated: May 22, 2024
Advertising & Editorial Disclosure
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.
BestLife InsuranceNorfolk, VABest Life Insurance Companies in Norfolk, VA, for 2023
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).
Cheapest For | $250K Coverage | $866K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | Transamerica | Transamerica |
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.
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $22 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $32 |
| Transamerica | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| AAA | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $20 |
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.
Men often pay more for life insurance than women do. That's due to women having a longer average life expectancy. Men, on average, are more prone than women to participate in risky activities, have high-risk jobs and suffer from heart disease. As a result, insurers charge more for them.
However, research indicates that men purchase life insurance more frequently than women. Women are also significant economic contributors to their households these days, making them excellent candidates for life insurance.
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.
| Northwestern Mutual | Market Share9% |
| New York Life | Market Share7% |
| MassMutual | Market Share6% |
| Lincoln Financial | Market Share6% |
| Transamerica | Market Share4% |
A company's market share compares its proportion of sales to those of all businesses in the industry. A company's popularity increases with its market share. A firm has sold more policies than its rivals if it has a significant market share in life insurance.
MoneyGeek compiles market share figures based on each company's total premiums reported in the S&P Global 2020 state reports.
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:
You may compare different life insurance rates in Norfolk for young people in the table below.
| Transamerica | Monthly Cost$13 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$18 |
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.
Life insurance premiums are frequently lower for younger people and higher for elderly people. It is best to purchase life insurance while you are young since the rates are typically lower.
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:
The table below includes more of the best and most affordable life insurance providers for seniors in the area.
| MassMutual | Monthly Cost$34 |
| Mutual of Omaha | Monthly Cost$39 |
| Nationwide | Monthly Cost$39 |
| State Farm | Monthly Cost$46 |
| AAA | Monthly Cost$52 |
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.
Because it's more likely that their life insurance policy will outlast them as they age, seniors pay higher rates. However, because their beneficiaries are more likely to be mature adults with their own sources of income, seniors frequently don't require as much insurance. Only necessary costs like funeral preparations and estate taxes need to be covered by their life insurance policies. Because of this, the sample policy coverage suggested by MoneyGeek for seniors is lower than for other groups.
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:
For more details on the city's most affordable insurers for smokers, see the table below.
| Transamerica | Monthly Cost$105 |
| MassMutual | Monthly Cost$124 |
| State Farm | Monthly Cost$128 |
| Nationwide | Monthly Cost$130 |
| Mutual of Omaha | Monthly Cost$138 |
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.
Because smoking has long-term negative effects on health, insurers view smokers as high-risk individuals and raise their premiums accordingly. Smokers can still get inexpensive life insurance, though. MoneyGeek advises buying coverage with a minimum 20-year term because smoking raises your premiums as you 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.
