Updated: May 22, 2024
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It is best to be prepared for life’s uncertainties. One of these is your own passing. Having a life insurance policy will help your beneficiaries financially. MoneyGeek developed this guide to help you find the best life insurance companies in Raleigh, North Carolina, for various buyer profiles.
We analyzed the rates and policy offerings of different companies to identify the best company for each consumer category.
BestLife InsuranceRaleigh, NCBest Life Insurance Companies in Raleigh, NC, for 2023
Your gender and coverage amount will significantly affect your rates. For a $250,000 coverage in Raleigh, MassMutual provides the cheapest option at $12 monthly for men, while Transamerica offers the lowest rates for women at $10 monthly.
A $250,000 coverage limit may be cheaper, but it might not be enough for most people. Each state has a recommended coverage amount which is calculated using state-specific factors such as average age, cost of living, average income and average personal debt. In North Carolina, the state-recommended coverage amount is $649,000.
For women, a policy with this coverage amount costs around $16 from Transamerica and roughly $19 in MassMutual for men. These are the lowest rates for this coverage level in the city.
Cheapest For | $250K Coverage | $649K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | Transamerica | Transamerica |
In Raleigh, the price of life insurance doesn’t differ significantly between male and female buyers. Specifically, while women in Raleigh pay 13% higher rates than the state average, men’s life insurance costs 16% higher than the average rates in North Carolina.
In Raleigh, a $250,000 coverage costs an average of $22 monthly for men and $17 monthly for women.
If you prefer a higher coverage, you may purchase a policy with North Carolina’s state-recommended coverage amount of $649,000, which was calculated based on per capita income from the U.S. Bureau of Economics, average personal and mortgage debt and average age. This option is safer but more expensive, costing around $43 for men and $33 for women.
Alternatively, you may decide to get a 10-year term policy which costs $28 monthly for men and $22 monthly for women, on average, regardless of the coverage limit.
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $20 |
| Transamerica | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $31 |
| State Farm | Rates for $250K Coverage$22 | Rates for $926K Coverage (Recommended) $39 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $18 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $23 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Raleigh using average buyer profile statistics, including the average age of 31, the average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $649,000.
Life insurance is more expensive for men than for women because women often live longer than men. There are many reasons why women tend to outlive men. For example, men are more likely to be risk-seeking, skip routine medical checkups and have more dangerous jobs.
Research studies have consistently shown that although women live longer, men are more likely to own life insurance. To address this gender gap, MoneyGeek advises women to view life insurance as another essential tool to have in their financial arsenal and to learn more about life insurance products.
In terms of overall popularity, Northwestern Mutual (8%), Lincoln Financial (7%) and Southern Farm Bureau Life Insurance (4%) are the top three companies in North Carolina.
An estimated 35% of the life insurance market share comes from the seven most popular companies in the state. Check the table below to see the most popular life insurance companies in North Carolina based on market share.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| Southern Farm Bureau Life Insurance | Market Share4% |
| MassMutual | Market Share4% |
| New York Life | Market Share4% |
A company’s market share is a good measure of how large and strong it is within its business sector. It is calculated as the company’s sales out of the total sales for the entire industry.
For this review, MoneyGeek used market share data based on total premiums indicated in the 2020 state reports from S&P Global.
The cost of life insurance for young adults in Raleigh ranges from around $15 to $36 per month.
On average, MoneyGeek found that young adults in Raleigh will find the best rates from the following providers:
The table below contains the complete list of the most affordable life insurance companies for young people in Raleigh.
| Transamerica | Monthly Cost$15 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$19 |
| Nationwide | Monthly Cost$22 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Raleigh who is 5 feet 10 inches in height and weighs 167 pounds with a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
It is best to purchase life insurance earlier in life because it is cheaper for those who are 25 years of age and younger. Premiums become more expensive over time as the policyholder becomes more prone to age-related illnesses. As a result, one of the best strategies to save on your policy is to purchase life insurance at a young age.
Life insurance premiums for seniors in Raleigh are priced at roughly $45 to $92 per month, on average.
Based on MoneyGeek’s research, the life insurance companies that offer the lowest rates for seniors in Raleigh are, on average:
Check the table below to view MoneyGeek’s complete list of the best and cheapest life insurance for seniors in Raleigh.
| MassMutual | Monthly Cost$45 |
| Mutual of Omaha | Monthly Cost$51 |
| Nationwide | Monthly Cost$51 |
| State Farm | Monthly Cost$60 |
| Progressive Life | Monthly Cost$80 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Raleigh who is 5 feet 10 inches tall and weighs 197 pounds with a 10-year term contract at the average coverage need of $75,000.
When determining risk classification, life insurance providers typically put seniors in the high-risk category since their policies are expected to outlive them. To offset this increased risk, insurers demand higher rates from seniors.
However, there are still ways for seniors to save on insurance costs, such as by getting less coverage. Since most seniors generally have financially-independent adult children as their beneficiaries, their policies will only need to cover expenses related to funeral and burial arrangements, settling estate taxes and any outstanding debt obligations.
For this reason, MoneyGeek set its sample coverage policy for seniors at a lower level than for other profiles.
The average life insurance premiums for smokers in Raleigh, North Carolina, is priced from around $129 to $242 per month.
On average, the following life insurance companies provide the cheapest rates for smokers in Raleigh:
You may refer to the table below for MoneyGeek’s complete list of the best life insurance providers and their respective rates for smokers in Raleigh.
| MassMutual | Monthly Cost$129 |
| State Farm | Monthly Cost$131 |
| Nationwide | Monthly Cost$138 |
| Mutual of Omaha | Monthly Cost$139 |
| Transamerica | Monthly Cost$144 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Raleigh who is 5 feet 10 inches tall and weighs 197 pounds with a 20-year term contract at the average coverage need of $649,000. 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.
Smoking increases one’s risk of developing serious and long-term health issues, which ultimately shortens lifespans. For this reason, insurance providers classify smokers as riskier to insure and charge them higher premiums.
Smokers can review MoneyGeek’s list of the cheapest life insurance companies and rates for individuals who smoke. Alternatively, consider buying a longer-term policy of at least 20 years to avoid expected surges in insurance rates that insurers typically charge smokers as they 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 Economics, 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.
