Best Life Insurance Companies in Raleigh, NC

MoneyGeek’s research revealed that for an average American adult with a coverage amount of $250,000, MassMutual is the best overall life insurance company in Raleigh, North Carolina. MassMutual is also our top pick for seniors and smokers. But, for young adults, we found the best rates and policies with Transamerica. The most affordable life insurance premiums in Raleigh cost an average of $12 per month for a $250,000 coverage policy to $19 for North Carolina’s recommended coverage amount.

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

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2023

Best Life Insurance Companies in Raleigh, NC, for 2023

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Best Cheap Life Insurance in Raleigh

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 Life Insurance Companies for Males and Females in Raleigh
  • Cheapest For
    $250K Coverage
    $649K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Raleigh for Men and Women

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.

Average Monthly Life Insurance Rates in Raleigh: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $12
    $19
  • Nationwide
    $12
    $19
  • Mutual of Omaha
    $13
    $20
  • Transamerica
    $16
    $31
  • State Farm
    $22
    $39
  • AAA
    $22
    $47
  • Progressive Life
    $26
    $52
  • Prudential
    $31
    $60
Average Monthly Life Insurance Rates in Raleigh: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $16
  • Nationwide
    $13
    $18
  • Mutual of Omaha
    $14
    $18
  • MassMutual
    $12
    $18
  • AAA
    $13
    $23
  • State Farm
    $21
    $34
  • Progressive Life
    $17
    $46
  • Prudential
    $24
    $55

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in North Carolina

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.

Most Popular Life Insurance Companies in North Carolina

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Lincoln Financial
    7%
  • Prudential
    4%
  • Transamerica
    4%
  • New York Life
    4%
  • MassMutual
    4%
  • Southern Farm Bureau Life Insurance
    4%
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MONEYGEEK DICTIONARY

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.

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Cheapest Life Insurance for Young People in Raleigh

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:

  • Transamerica: $15 per month
  • Mutual of Omaha: $17 per month

The table below contains the complete list of the most affordable life insurance companies for young people in Raleigh.

Best Life Insurance Companies for Young People in Raleigh, NC

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  • Company
    Monthly Cost
  • Transamerica
    $15
  • Mutual of Omaha
    $17
  • MassMutual
    $17
  • AAA
    $19
  • Nationwide
    $22
  • State Farm
    $24
  • Progressive Life
    $25
  • Prudential
    $36

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Raleigh

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:

  • MassMutual: $45 per month
  • Mutual of Omaha: $51 per month

Check the table below to view MoneyGeek’s complete list of the best and cheapest life insurance for seniors in Raleigh.

Best Life Insurance Companies for Seniors in Raleigh, NC

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  • Company
    Monthly Cost
  • MassMutual
    $45
  • Mutual of Omaha
    $51
  • Nationwide
    $51
  • State Farm
    $60
  • Progressive Life
    $80
  • AAA
    $84
  • Transamerica
    $85
  • Prudential
    $92

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Raleigh

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:

  • MassMutual: $129 per month
  • State Farm: $131 per month

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.

Best Life Insurance Companies for Smokers in Raleigh, NC

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  • Company
    Monthly Cost
  • MassMutual
    $129
  • State Farm
    $131
  • Nationwide
    $138
  • Mutual of Omaha
    $139
  • Transamerica
    $144
  • Progressive Life
    $202
  • Prudential
    $204
  • AAA
    $242

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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Insurance Rates

Methodology

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 the Author


expert-profile

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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