Updated: May 22, 2024
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A life insurance policy provides your beneficiaries financial support if you pass away. MoneyGeek can help you shop around and compare prices in Virginia Beach to find the best and most affordable policy for your lifestyle and needs.
Get an overview of the best life insurance companies in Virginia Beach with MoneyGeek's comparison of average rates for your age, gender and smoking history.
BestLife InsuranceVirginia BeachBest Life Insurance Companies in Virginia Beach, VA, for 2023
A life insurance policy's premium is heavily influenced by factors like your gender and the coverage amount you select. MassMutual offers the most affordable life insurance with $250K in coverage for men in Virginia Beach at $10 per month on average. On the other hand, Transamerica, with a monthly premium of about $8, is the cheapest for women for the same coverage.
Despite being less expensive, a policy with a $250K coverage limit may not be sufficient for most people. Each state recommends a specific amount of coverage depending on factors such as cost of living, average income, average personal debt and average age.
You can ensure your loved ones have adequate financial support by purchasing the $866K coverage Virginia recommends. For this level of coverage, Nationwide provides the least expensive insurance policy for men at $20 per month, while Transamerica offers the most affordable policy for women at $17 per month.
Cheaper For | $250K Coverage | $866K Coverage (Recommended) | |
|---|---|---|---|
Male | MassMutual | Nationwide | |
Female | Transamerica | Transamerica |
MoneyGeek found the cost of life insurance in Virginia Beach is 3% higher than the state average for men but 6% lower than the state average for women.
In Virginia Beach, MoneyGeek examined the average price of men's and women's life insurance based on the amount of coverage and policy length. Men pay about $18 per month for life insurance with $250K in coverage in Virginia Beach, whereas women pay about $14 per month.
We found that, if we change the coverage to the $866K state-recommended level in Virginia, the monthly premium increases to $43 for men and $31 for women.
Furthermore, a 10-year term policy in Virginia Beach averages $26 per month for men and $19 per month for women.
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $21 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $21 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $22 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| AAA | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $37 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $17 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| AAA | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $24 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Virginia Beach 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.
When it comes to determining life insurance premiums, gender plays a vital role. The National Center for Health Statistics (NCHS) found that women pay lower insurance premiums because of their longer life expectancy. Some reasons women outlive men include men's riskier occupations and their general reluctance to see a doctor regularly.
Even though statistics indicate that women live longer, men hold the majority of life insurance policies. Regardless of their role in the household, women should secure their family’s future by purchasing a good life insurance policy. Life insurance will serve as a safety net for children, parents who need care, and other dependents.
According to MoneyGeek's analysis, the three most popular life insurance companies in Virginia are Northwestern Mutual, New York Life, and Lincoln Financial. The state's largest insurer, Northwestern Mutual, holds a 9% market share, followed by New York Life at 7% and Lincoln Financial at 6%.
Virginia’s top seven life insurance companies account for 39% of the state's life insurance market. Below are the seven most popular companies offering life insurance in Virginia.
| Northwestern Mutual | Market Share9% |
| New York Life | Market Share7% |
| MassMutual | Market Share6% |
| Lincoln Financial | Market Share6% |
| Transamerica | Market Share4% |
A company’s market share measures its revenue or sales versus other companies in the same industry. Using 2020 market intelligence reports from S&P Global, MoneyGeek compiled a list of Virginia’s most popular life insurance companies.
MoneyGeek found that the cost of life insurance for young people in Virginia Beach varies, with premiums ranging from approximately $16 to $25 per month. This age group can find the cheapest life insurance in Virginia Beach with the following companies:
In the table below, you'll find a comprehensive list of the most affordable life insurance companies for young adults in Virginia Beach.
| Transamerica | Monthly Cost$16 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$18 |
| AAA | Monthly Cost$19 |
| Prudential | Monthly Cost$21 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Virginia Beach who is 5 feet 10 inches tall and weighs 160 pounds with a 20-year term contract at the average coverage need of $310K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Younger people usually pay less for life insurance, while older people pay more. To save money on life insurance in Virginia Beach, you should buy a policy when you are young, when rates will be lower.
The average cost of life insurance for seniors in Virginia Beach ranges from $40 to $93 per month. According to MoneyGeek's analysis, the cheapest companies for older adults in Virginia Beach are:
Find more life insurance companies with the lowest rates for seniors in Virginia Beach in the table below.
| MassMutual | Monthly Cost$40 |
| Mutual of Omaha | Monthly Cost$45 |
| Nationwide | Monthly Cost$46 |
| State Farm | Monthly Cost$53 |
| AAA | Monthly Cost$60 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Virginia who is 5 feet 10 inches and 188 pounds and purchases a 10-year term contract at the average coverage need of $94K.
Because older adults are closer to the end of their life expectancy, they often pay higher life insurance premiums. One way to save money on premiums is to get less coverage. If the seniors' beneficiaries are grown adults who can care for themselves, they should not need as much financial support.
In most cases, a senior only needs life insurance to cover funeral arrangements and pay off outstanding debts. For this reason, our sample policy for seniors provides coverage of $94K.
For someone who smokes, the average cost of life insurance in Virginia Beach can be as low as $122 per month and as high as $266 per month. MoneyGeek found that Virginia Beach smokers can find the most affordable insurance through the following companies:
The table below lists the companies that insure smokers for the cheapest rates in Virginia Beach.
| Transamerica | Monthly Cost$122 |
| MassMutual | Monthly Cost$145 |
| State Farm | Monthly Cost$149 |
| Nationwide | Monthly Cost$151 |
| Mutual of Omaha | Monthly Cost$160 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Virginia who is 5 feet 10 inches and 188 pounds and purchases a 20-year term contract at the average coverage need of $866K.
Because smokers are prone to illnesses that reduce life expectancy, life insurance companies consider them risky. As a result, smokers often have higher insurance rates. Still, smokers can find affordable life insurance options.
If you are a smoker, we suggest buying a longer-term (20-year) policy, as rates for smokers dramatically increase 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.
