Best Life Insurance Companies In North Carolina For 2024

If your home is in North Carolina and you’re considering buying life insurance, you probably want the process of finding and securing a policy as fast and easy as possible. My goal is to help you accomplish this by doing research that will save you time as well as money.

In the course of my research into life insurance providers in North Carolina, I concluded that the overall best life insurance in the state is MassMutual. This conclusion wasn’t based on market share by itself or on price alone, either, but also by the company’s other strong points.

These include top customer service, above average coverage, and low prices. The way I see it, all of those areas make MassMutual an optimal choice for anyone who wants to get quality life insurance at a price that won’t break the bank.

Other companies that ranked at the top in my ratings were: State Farm for their excellent customer service, Transamerica for young adults, Mutual Of Omaha for senior citizens, Nationwide for smokers and MassMutual for the cheapest life insurance policy.

Best Life Insurance Companies For Seniors In North Carolina

*Based on $75,000 of coverage for a 60 year old male non-smoker buying a 10 year term life contract.

Best Life Insurance Companies For Young Adults In North Carolina

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.

Cheapest Life Insurance Companies In North Carolina

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker

Best Life Insurance Companies In North Carolina For Smokers

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker

How To Find The Best Life Insurance Company For You

If you call North Carolina your home and want to purchase life insurance, you should understand that when it comes to life insurance, there is no one-size-fits-all policy. Insuranceopedia knows that everybody’s situation is unique to that person alone.

I kept this in mind while reviewing insurance companies and assigning virtual awards for the different categories. What could be the perfect coverage for someone else might not be best for you. So, it makes perfect sense to shop around before buying. To make sure you’re getting the best life insurance for your particular situation, I recommend that you follow these 3 steps:

1. First, determine how much life insurance coverage will be adequate. Many life insurance companies have “life insurance calculators” on their websites that can be used to help you figure how much is enough for your needs.
2. Select three companies that seem suitable for your situation, then make comparisons between those three. Comparing life insurance is a smart move, but don’t make the mistake of comparing just cost and nothing else. You’ll need to compare customer reviews, coverage, financial strength, and other important factors. Low premiums are important, but cheap premiums won’t help your family if your life insurance company can’t settle a claim.
3. When you’ve narrowed your selections down to one company, it’s time to submit an application for coverage, provided the insurance company will accept online applications, and most of them will. Many life insurance shoppers don’t go on to become life insurance buyers, telling themselves they’ll get it some other time. But, the thing about life insurance is that by the time it’s needed, it’s too late to get it. Later will be too late. Your family’s  security and financial well-being is in your hands, so it’s important not to postpone securing life insurance.

Largest Life Insurance Companies In North Carolina

There are many life insurance companies operating in North Carolina. Here are the five largest, measured by market share:

Average Cost Of Life Insurance In North Carolina

Average Cost Of Life Insurance In North Carolina For Females

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Average Cost Of Life Insurance In North Carolina For Males

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In North Carolina

The price of life insurance in North Carolina is influenced by a number of factors, including:

• Age
• Gender
• Health status
• Riders added to your policy
• Credit score
• Smoking habits

It’s not extraordinary for men to have higher life insurance rates than women because on the average, men have shorter life spans than women. This is basically the same way it works with insurance rates for smokers.

Male as well as female smokers usually pay more expensive premiums for life insurance because on average, they have shorter life spans than nonsmokers. Insurance providers in North Carolina may look at other factors, too, like your credit score or health status, when they’re calculating your rates. If you add riders to your policy, a child rider or a disability waiver of premium, this will also cause higher rates.

How Much Life Insurance Do You Need In North Carolina?

The amount of life insurance that will be adequate is dependent on your circumstances. Homeowners, for instance, usually need more life insurance coverage than those who rent their homes. People with dependents usually need more coverage, also.

Life insurance agents will probably advise you to purchase coverage of 10-20 times your yearly wages to ensure there’s enough coverage for your family. For instance, if your annual income is $75,000, you might need coverage ranging from $750,000 to $1.5 million in order for your family to live comfortably.

North Carolina Life Insurance Laws To Know

If you plan to buy life insurance in North Carolina, you might find it helpful to acquire some basic knowledge of the state’s guidelines that have been put into place to protect policyholders. These laws include:

Contestable Period:

Life insurance companies in North Carolina can reject a claim if it is discovered that the policyholder gave false or misleading information on their application within the first 2 years of the policy’s effective date. However, when 2 years have elapsed the insurer can’t contest the application due to errors or discrepancies.

Free Look Period:

Once you receive your life insurance policy, you’ll have 10 days to look it over. If you decide that you don’t want the policy within this 10 day period, you can return it without a penalty, and receive a full refund for any premiums paid.

Grace Period For Missed Payments:

If you miss a payment, North Carolina law gives you a 30 day grace period. During this time, you’ll still be able to make the payment without losing your insurance.

Time Allowable To Settle A Claim:

Beneficiaries must file a claim with the insurance company in order to receive benefits. After the claim has been filed, life insurance companies in North Carolina are required to pay the claim within 30 days.