Best Life Insurance Companies in Norfolk, VA

The best overall life insurance company in Norfolk is Nationwide. However, Transamerica offers better deals for young adults and smokers, while seniors may find MassMutual a more affordable choice. These companies' average monthly life insurance premiums range from as low as $9 for a $250K policy to as little as $18 for Virginia's recommended coverage limit of $866K.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Norfolk, VA, for 2023

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Best Cheap Life Insurance in Norfolk

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

    MassMutual

    Nationwide

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Norfolk for Men and Women

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.

Average Monthly Life Insurance Rates in Norfolk: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $18
  • MassMutual
    $9
    $18
  • Mutual of Omaha
    $10
    $19
  • Transamerica
    $9
    $22
  • AAA
    $13
    $32
  • State Farm
    $17
    $38
  • Prudential
    $24
    $47
  • Progressive Life
    $19
    $50
Average Monthly Life Insurance Rates in Norfolk: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $14
  • Nationwide
    $9
    $14
  • MassMutual
    $8
    $15
  • Mutual of Omaha
    $9
    $15
  • AAA
    $9
    $20
  • Prudential
    $17
    $27
  • State Farm
    $15
    $30
  • Progressive Life
    $12
    $39

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Virginia

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.

Most Popular Life Insurance Companies in Virginia

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

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.

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Cheapest Life Insurance for Young People in Norfolk

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.

Best Life Insurance Companies for Young People in Norfolk, VA

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  • Company
    Monthly Cost
  • Transamerica
    $13
  • Mutual of Omaha
    $15
  • MassMutual
    $15
  • AAA
    $17
  • Prudential
    $18
  • State Farm
    $18
  • Nationwide
    $19
  • Progressive Life
    $22

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Norfolk

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.

Best Life Insurance Companies for Seniors in Norfolk, VA

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  • Company
    Monthly Cost
  • MassMutual
    $34
  • Mutual of Omaha
    $39
  • Nationwide
    $39
  • State Farm
    $46
  • AAA
    $52
  • Progressive Life
    $62
  • Prudential
    $71
  • Transamerica
    $80

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Norfolk

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.

Best Life Insurance Companies for Smokers in Norfolk, VA

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  • Company
    Monthly Cost
  • Transamerica
    $105
  • MassMutual
    $124
  • State Farm
    $128
  • Nationwide
    $130
  • Mutual of Omaha
    $138
  • Prudential
    $157
  • Progressive Life
    $200
  • AAA
    $230

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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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.


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