Best Life Insurance Companies In North Carolina For 2024

My research has shown that MassMutual is the best life insurance company in North Carolina.

min read
Updated: 19 March 2024
Written by
Bob Phillips
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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 In North Carolina, 2024

nationwide-icon-logo
Best for Smokers - Nationwide
mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
Best Life Insurance, North Carolina 2024

Compare The Best Life Insurance In North Carolina

To help you in reviewing the leading life insurance providers in North Carolina, the table below shows my preferred companies across a few important areas.

Overall Rating Best For A.M. Best Rating J.D. Power Rating Online Experience Get A Quote
MassMutual
4.8

Best Overall

A++

780

9.7

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

801

9.7

Instant Quote
State Farm
4.8

Best For Customer Service

A++

839

9.5

Instant Quote
Transamerica
4.7

Young Adults

A

740

9.8

Instant Quote
MassMutual
4.8

Best For Cheapest Life Insurance

A++

780

9.7

Instant Quote
Nationwide
4.6

Best For Smokers

A+

791

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

My approach was to conduct comprehensive examinations of top insurers in the state and then compare them to one another. Multiple factors were taken into consideration, including: online user experience, product offerings, customer service ratings, and cost.. I have quite a few years of experience as an insurance sales agent, so I went into this project with an advantage. That experience, together with the years I spent in interaction with agents from various insurance companies, gave me an edge that came in handy compiling these reviews. It provided me with insights into various insurance products, in addition to services that are key facets of the insurance industry.

31

Quotes Analyzed

15+

Years of Experience

15

Brands Reviewed

32+

Research Hours

The Best Life Insurance Companies In North Carolina


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

My research steered me to the determination that MassMutual was deserving of the title “Best Overall” due to its multiple strengths. This company offers an attractive selection of high quality insurance products, such as whole life, universal life, and term life—and all at competitive rates. MassMutual policies have an impressive array of riders that you can add to your policy, also.

MassMutual’s sales agents are expertly trained in all aspects of life insurance, and they only represent MassMutual’s insurance products, nobody else’s. These agents are often called “career agents” because of their knowledge of the company’s life insurance products, which makes them well qualified to answer questions consumers may have. This is a huge help to policyholders, or those still shopping around, who don’t know much about life insurance.

MassMutual’s financial strength and stability  was another key influence in my ratings. The company has gotten the highest possible rating from AM Best (A++ Superior) due to its robust financial standing, along with its ability to pay claims.

The title of Best Overall shows MassMutual’s commitment to providing a broad range of insurance products, plus a well-trained sales and service team. This award wasn’t based on price by itself, although its rates are certainly competitive. MassMutual may not have the brand recognition or market share that some of its competitors do, but it’s a notable insurance carrier in North Carolina.

Benefits & Drawbacks

Benefits
  • Cheapest rates in North Carolina
  • Superior financial rating
  • Diverse product portfolio with many riders
Drawbacks
  • Lower J.D. Power rating than some competitors
  • Cannot buy whole life products online
  • Must buy through MassMutual agents only

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has been meeting the life insurance needs of seniors for well over 100 years. America’s older citizens put their trust in Mutual of Omaha, not because of its television show “Mutual of Omaha’s Wild Kingdom,” but due to the expert training its agents get on how to best address the life insurance needs of the senior market.

The company is well known for its portfolio of senior life insurance products, especially two that are  designed just for older people with health problems. One of these products is a guaranteed-issue policy that doesn’t require you to have a medical exam or access to your medical records, making it a favorite for seniors with serious health issues such as heart disease, cancer, or stroke.

The second product is a simplified-issue policy that, while you do have to provide your medical history, you don’t have to undergo a medical examination. This policy is attractive to seniors with minor health problems such as hypertension (high blood pressure) or Type II Diabetes.

Benefits & Drawbacks

Benefits
  • The company is strong financially
  • Competitive rates for seniors in North Carolina
  • Gives seniors peace of mind through well trained agents
Drawbacks
  • Fewer agents in North Carolina than some other major insurance providers
  • Higher ratio of complaints than some insurers

Best Life Insurance Companies For Seniors In North Carolina

Company Monthly Cost
MassMutual $38.35
Mutual of Omaha $43.49
Nationwide $44.20
State Farm $51.53
Progressive Life $69.15

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


Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica is aware of its own strengths, and one of those strong points is providing low price life insurance for young adults. This company understands that many younger people are frugal with their financial outlays, especially when it’s an intangible product like life insurance. Because of this mindset, Transamerica makes an active effort to keep rates within the spending budgets of a group that wants to have adequate life insurance coverage without breaking the bank.

Transamerica also realizes that for this younger aged group of consumers, doing business online is something they’re accustomed to and familiar with. The company’s website is designed to be fast, smooth and easy to navigate. Young adult consumers expect an online experience that’s user-friendly with clear, succinct information they can move through quickly and efficiently. Transamerica’s website provides that experience, making it possible for visitors to access the site with ease. Transamerica believes that everybody, no matter their age or financial situation, deserves the protection and peace of mind that life insurance provides.

Life insurance companies probably find it a challenge marketing to this demographic. Maybe that’s because a lot of younger people don’t yet see the importance of having life insurance. This age group is marrying and starting families later than in earlier generations, so they tend to postpone securing life insurance until they move into that phase of their lives.

Companies like Transamerica focus on marketing life insurance to this age group because it’s a good business move. Younger policyholders have lower mortality rates, which translates to higher profits for the insurer.

Of the companies I reviewed for this project, Transamerica ranked the lowest in customer service. This could be because Transamerica only hires independent insurance agents for sales and service. Some independent agents, working without supervision, probably have room for improvement in those areas. This might account for the lower ratings in customer service.

Benefits & Drawbacks

Benefits
  • Policy face amounts go to as much as $10 million
  • No medical examination for up to $2 million for qualifying applicants
  • You can purchase term life insurance online
Drawbacks
  • $25,000 is the minimum term life insurance face amount you can buy
  • Has a lower customer service satisfaction rating than some competitors

Best Life Insurance Companies For Young Adults In North Carolina

Company Monthly Cost
Transamerica $12.70
Mutual of Omaha $14.62
MassMutual $15.03
Nationwide $18.60
Progressive Life $20.70

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


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers is a leading marketing research firm in the US that has been in business since 1909. This prestigious firm has consistently ranked State Farm as a life insurance company with superior customer satisfaction. These ratings are a direct result of State Farm’s commitment to good customer service. This probably isn’t surprising, since State Farm has more agents in the field than any other insurance company in the U.S.

State Farm is often recognized for its great customer service, and it’s an area that is appreciated by policyholders. State Farm also excels by having many local offices where policyholders can meet face to face with local agents to get the assistance they need, when they need it.

Benefits & Drawbacks

Benefits
  • More agents to provide service than any other insurer
  • Has fewer customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
Drawbacks
  • A limited number of riders are offered
  • Can only purchase policies through State Farm agents

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, North Carolina’s leading life insurer, offers the sound financial footing that consumers want in an insurance company, as well as cost effective premiums. Other insurers may have low price term life insurance, but MassMutual’s rates are your best choice if you’re looking for top quality at a bargain price.

While it’s not a good idea to choose your life insurance on price alone, you should know that Mass Mutual offers the most cost-friendly rates in North Carolina. MassMutual is usually best known for professionalism rather than low prices, but the company is applying itself to expanding its market share in North Carolina, and using aggressive pricing strategies to reach this goal.

Benefits & Drawbacks

Benefits
  • A wide network of well-trained agents sell MassMutual policies
  • Offers a full portfolio of life insurance products
  • Least expensive of any I evaluated for North Carolina life insurance
Drawbacks
  • Doesn't allow online applications for life insurance
  • You can only purchase through a MassMutual agent

Cheapest Life Insurance Companies In North Carolina

Company Average Monthly Cost
MassMutual $10.02
Nationwide $10.65
Mutual of Omaha $11.05
Transamerica $13.95
State Farm $18.82

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


Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a reputable and trusted company with a lot of local sales and service offices, which makes customer service convenient for policyholders. This company’s slogan: “Nationwide is on your side,” is true for smokers living in North Carolina who are looking to buy life insurance at a rate that won’t be over the top.

Nationwide’s rates for smokers may be higher than some of its competition, but I believe it’s still a viable choice for smokers because of its excellent customer service, easy access to agents and local offices, and competitive rates.

Benefits & Drawbacks

Benefits
  • Has numerous offices located throughout North Carolina
  • An extensive network of trained agents sells and service Nationwide policies
  • Offers a full range of life insurance products
Drawbacks
  • No online applications for life insurance product
  • Can only buy through a Nationwide agent

Best Life Insurance Companies In North Carolina For Smokers

Company Average Monthly Cost
MassMutual $110.97
State Farm $112.29
Nationwide $118.62
Transamerica $124.23
Mutual of Omaha $173.34

*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:

Company Market Share
New York Life 9.78%
State Farm 7.59%
Northwestern Mutual 6.82%
Primerica 3.88%
Southern Farm Bureau Life Insurance 3.69%

Average Cost Of Life Insurance In North Carolina

Average Cost Of Life Insurance In North Carolina For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12.02 $13.01
Mass Mutual $13.01 $16.02
Nationwide $14.03 $23.03
Transamerica $16.01 $28.02
State Farm $21.02 $33.04

*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

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10.02 $18.02
Nationwide $12.04 $19.02
Mutual of Omaha $13.01 $21.02
Transamerica $16.01 $31.03
State Farm $19.02 $34.01

**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.

FAQs

Is life insurance more expensive in North Carolina?

No, it’s much the same as rates in other states across the nation. Companies who charge higher rates may do this because they’ve paid out more claims than were initially expected.

How much per month is a million-dollar life insurance policy in North Carolina?

Based on my research, MassMutual offers the best rates for a ten year term life policy of $1 million in North Carolina, with a monthly premium of around $25.

What is the average monthly cost of life insurance in North Carolina?

Life insurance premiums for the average thirty year old man in North Carolina are about $9.99 monthly for $250,000 of coverage. The same coverage amount for a thirty year old female in North Carolina will cost about $9.50 monthly.

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