Updated: May 22, 2024
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Life insurance is important because it helps your beneficiaries financially after you pass away. The cost of life insurance depends on factors such as your age and lifestyle. It is best to get quotes from a few different companies to find the right policy for you.
In this guide, MoneyGeek researched several Winston-Salem life insurance providers, their quotes and the type of consumer they are ideal for.
BestLife InsuranceWinston-SalemBest Life Insurance Companies in Winston-Salem, NC, for 2023
In Winston-Salem, MassMutual has the cheapest $250K policy for men (around $10 per month), while Transamerica has the cheapest policy for women (roughly $8 per month).
Insurance for $250,000 is cheap, but it might not be adequate. Each state has a recommended level of coverage based on state-specific variables.
North Carolina's recommended coverage limit of $649,000 is the cheapest for men through MassMutual at roughly $16 monthly. Transamerica offers the least expensive premium for women at around $13 monthly.
Cheapest For | $250K Coverage | $649K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | Transamerica | Transamerica |
The average cost of life insurance depends on your gender. For example, women in Winston-Salem pay approximately 8% less than the average in North Carolina, while men pay roughly 4% less.
On average, women pay $14 per month for coverage worth $250K, while men pay $18 per month.
These rates change if you get the amount of coverage that the state recommends (based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age). Using the state of North Carolina's recommended coverage amount of $649K, the average cost of a policy for women is $27 per month and $35 per month for men.
Furthermore, regardless of your coverage limit, a 10-year term policy costs an average of $18 per month for women and $23 per month for men.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $32 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| AAA | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Winston-Salem 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 costs more for men than for women. Women usually pay less than men because they tend to live longer than men. This is because, according to research, men are more likely than women to do risky things, work in dangerous jobs and develop heart disease. Insurers charge men more for life insurance in many U.S. cities, including Winston-Salem.
Meanwhile, studies show that men are more likely than women to buy life insurance. Whether they are the major source of income or stay-at-home caretakers, women are important to their households' finances and are good candidates for life insurance.
Based on average market share, the three most popular life insurance companies in North Carolina are Northwestern Mutual (8%), Lincoln Financial (7%) and Southern Farm Bureau (4%).
Approximately 35% of the market for life insurance in North Carolina is controlled by the seven most well-known companies. In the table below, you can see how much of the market the most popular North Carolina life insurance companies hold.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share7% |
| Southern Farm Bureau Life Insurance | Market Share4% |
| MassMutual | Market Share4% |
| New York Life | Market Share4% |
Market share is the percentage of a market that is controlled by a particular company or product. For this guide, MoneyGeek used data from S&P Global's market intelligence for the year 2020 to create a list of the most well-known life insurance companies in North Carolina.
Most young people in Winston-Salem pay around $12 and $30 per month for life insurance. The top two most affordable providers for young individuals in the city on average are:
The table below shows the comprehensive list of all the best cheap life insurance providers for young adults in Winston-Salem.
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$16 |
| Nationwide | Monthly Cost$18 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Winston-Salem who is 5 feet 10 inches and 167 pounds and purchases 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.
Life insurance costs less when you are young and healthy. The best time to buy life insurance in Winston-Salem is when you are young since it gets more expensive as you age. This is because you are more prone to develop illnesses.
Premiums for life insurance for seniors in Winston-Salem range from around $37 to $76. On average, the two cheapest life insurance companies for seniors are:
Read through the list of inexpensive life insurance companies serving seniors in Winston-Salem in the table below.
| MassMutual | Monthly Cost$37 |
| Mutual of Omaha | Monthly Cost$42 |
| Nationwide | Monthly Cost$42 |
| State Farm | Monthly Cost$49 |
| Progressive Life | Monthly Cost$66 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Winston-Salem who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $75,000.
Seniors are seen as high-risk by life insurance companies. Their premiums will likely be higher than those of younger consumers since it is expected that their policy could outlast them.
Nevertheless, there are ways for seniors to get affordable coverage. For example, a high coverage level policy may not be worth it since their children are often adults who are financially secure.
Seniors should get life insurance to cover any final expenses as well as any outstanding debts. This explains why the sample senior insurance coverage in this guide is priced lower than that of other customer profiles.
Smokers often pay a higher premium for their life insurance policy since they are seen as high-risk. Rates for smokers normally run between $106 and $199 per month, depending on the company and the applicant's age.
Winston-Salem's most affordable carriers for smokers are, on average:
Winston-Salem's affordable life insurance providers and their monthly premiums can be found in the table below.
| MassMutual | Monthly Cost$106 |
| State Farm | Monthly Cost$107 |
| Nationwide | Monthly Cost$114 |
| Mutual of Omaha | Monthly Cost$115 |
| Transamerica | Monthly Cost$119 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Winston-Salem who is 5 feet 10 inches and 197 pounds that purchases 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 as you age.
Smokers are subject to higher premiums from insurance companies since they are seen as high-risk clients. This is because smoking-related diseases like lung cancer and heart disease are more likely to cause a smoker's death at a younger age. However, there are several companies in Winston-Salem that provide affordable life insurance to smokers.
Don't select a life insurance company solely on the cost of the monthly premium. Also, take into account the term of the coverage. MoneyGeek recommends buying 20-year term plans to provide coverage for a longer period of time since insurance costs for smokers rise with 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.
