Best Life Insurance Companies in Winston-Salem, NC

MassMutual is the best overall life insurance provider in Winston-Salem for the average adult, smokers and seniors. Transamerica offers the lowest rates for young people. These companies provide life insurance rates as low as around $10 per month for a $250K policy and roughly $16 per month for the recommended coverage level in North Carolina.

Compare Life Insurance Rates

Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

widget-location-pin
Advertising & Editorial DisclosureLast Updated: 12/22/2022
Written By     |  
Reviewed By     |  

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.

iconBestLife InsuranceWinston-Salem
2023

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

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Best Cheap Life Insurance in Winston-Salem

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

    MassMutual

    MassMutual

  • Female

    Transamerica

    Transamerica

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Life Insurance Costs in Winston-Salem for Men and Women

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.

Average Monthly Life Insurance Rates in Winston-Salem: Men

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $10
    $16
  • Nationwide
    $10
    $16
  • Mutual of Omaha
    $11
    $17
  • Transamerica
    $13
    $25
  • State Farm
    $18
    $32
  • AAA
    $18
    $39
  • Progressive Life
    $21
    $43
  • Prudential
    $25
    $49
Average Monthly Life Insurance Rates in Winston-Salem: Women

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $8
    $13
  • Nationwide
    $11
    $14
  • Mutual of Omaha
    $11
    $15
  • MassMutual
    $10
    $15
  • AAA
    $11
    $19
  • State Farm
    $17
    $28
  • Progressive Life
    $14
    $37
  • Prudential
    $20
    $45

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.

tip icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in North Carolina

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 Popular Life Insurance Companies in North Carolina

Scroll for more

swipe icon
  • 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%
tip icon
MONEYGEEK DICTIONARY

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.

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Cheapest Life Insurance for Young People in Winston-Salem

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.

Best Life Insurance Companies for Young People in Winston-Salem, NC

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $12
  • Mutual of Omaha
    $14
  • MassMutual
    $14
  • AAA
    $16
  • Nationwide
    $18
  • State Farm
    $20
  • Progressive Life
    $21
  • Prudential
    $30

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.

tip icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Winston-Salem

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.

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

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $37
  • Mutual of Omaha
    $42
  • Nationwide
    $42
  • State Farm
    $49
  • Progressive Life
    $66
  • AAA
    $69
  • Transamerica
    $70
  • Prudential
    $76

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.

tip icon
LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Winston-Salem

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.

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

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $106
  • State Farm
    $107
  • Nationwide
    $114
  • Mutual of Omaha
    $115
  • Transamerica
    $119
  • Progressive Life
    $166
  • Prudential
    $168
  • AAA
    $199

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.

tip icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin
Insurance Rates

Methodology

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 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.


sources