Best Life Insurance Companies in Winston-Salem, NC, for 2023

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.

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.

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.

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.

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.

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:

• Transamerica: $12 per month
• Mutual of Omaha: $14 per month

The table below shows the comprehensive list of all the best cheap life insurance providers for young adults in Winston-Salem.

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.

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:

• MassMutual: $37 per month
• Mutual of Omaha: $42 per month

Read through the list of inexpensive life insurance companies serving seniors in Winston-Salem in the table below.

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.

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:

• MassMutual: $106 per month
• State Farm: $107 per month

Winston-Salem's affordable life insurance providers and their monthly premiums can be found in the table below.

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.

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.