Best Life Insurance Companies In Virginia For 2024

If you’re living in Virginia and thinking about buying life insurance, you’re probably hoping that it won’t be a hassle finding and securing coverage. My goal is to help you accomplish this process by doing the research that will be a time and money saver for you.

During my research into life insurance companies in Virginia, I formed the opinion that the best life insurance within the state is MassMutual. This conclusion wasn’t made on either cost or market share alone, but was also affected by MassMutual’s other strong points.

Factors such as excellent coverage, superb customer service, and low rates combined to earn MassMutual the title of Best Overall. I believe that all of those attributes make the company a smart choice for anyone who wants the best life insurance at a budget friendly price.

Other companies that ranked at the top in my ratings were: Nationwide as the top choice for smokers, Mutual Of Omaha as the best option for seniors, State Farm excel for their level of customer service and finally, Transamerica as the premier option for young adults.

Best Life Insurance Companies For Seniors In Virginia

*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 Virginia

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

Cheapest Life Insurance Companies In Virginia

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

Best Life Insurance Companies In Virginia For Smokers

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

If you’re a smoker who is contemplating getting life insurance, you will soon find that your rates are going to be much higher than nonsmokers. You may be able to save money by comparing rates of different life insurance carriers provided that you haven’t smoked for 1-2 years or longer.

This is entirely up to the insurance provider, of course, but please note that some insurance providers will charge higher rates if you have a history of smoking, even if you have long since quit. By looking into various insurers in your state, and comparing their rates along with their coverage, you can at the very least get the best rate available. You’ll probably have to undergo a paramedical examination and a blood test to show there’s no nicotine in your bloodstream.

How To Find The Best Life Insurance Company For You

If you reside in Virginia and want to buy life insurance, you should be aware that when it comes to life insurance, there is no such thing as a one-size-fits-all policy. Insuranceopedia realizes that every individual’s situation is unique to that person and no one else.

I was careful to bear this in mind while reviewing insurance companies and assigning ratings for the different categories. The ideal coverage for one person might be less than ideal for another person. So, it  makes perfect sense to shop around before purchasing life insurance. To make sure that you’re getting the best life insurance for your particular needs, I advise you to follow these 3 simple steps:

1. First, decide the amount of life insurance coverage you need. Most life insurance companies have handy “life insurance calculators” available on their websites that will help you figure out how much coverage is right for your situation.
2. Select 3 companies that seem suitable for your circumstances, and then make comparisons between the three. Comparing life insurance before buying is always a good move, just be careful not to make the mistake of comparing price and price alone. You should compare customer reviews, financial strength, coverage, and other important areas. Low premiums are great, but they won’t help your family if your life insurance company is unable to pay a claim.

When you’ve drilled down and narrowed your choices to just one company, it’s time to submit an application for coverage. Most companies accept online applications, but not all of them. If you run across one that doesn’t, you’ll have to meet with an agent. Too many life insurance shoppers don’t go forward to become life insurance buyers, telling themselves they’ll get it later, at some vague, unspecified date. But, the thing about life insurance is that by the time it’s needed, it’s too late to get it. Your family’s financial security is up to you, so don’t postpone something as important as securing life insurance.

Largest Life Insurance Companies In Virginia

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

Average Cost Of Life Insurance In Virginia

Best Cheap Life Insurance Companies In Virginia For Females

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

Best Cheap Life Insurance Companies In Virginia 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 Virginia

The price of life insurance in Virginia is affected by a number of factors, including:

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

According to statistics, males have higher rates for life insurance than females because males tend to have shorter life spans. It’s much the same with life insurance rates for people who smoke. Male and female smokers pay more for life insurance because they have a tendency toward shorter life spans than nonsmokers.

Insurance carriers in Virginia will look at other areas, too, like health status or credit score, when they’re calculating your rates. If you add riders to your policy, for example a child rider or disability waiver of premium, this will increase your premium.

How Much Life Insurance Do You Need In Virginia?

How much life insurance you need depends on your individual situation. For example, people who own their homes usually need more life insurance coverage than renters. People with dependents will ordinarily need more coverage, too.

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

Virginia Life Insurance Laws To Know

Anyone who lives in Virginia and is considering getting life insurance may find it helpful to have some basic knowledge of the state’s guidelines put into place to protect policyholders. These laws include:

Contestable Period

During the first 2 years of the policy’s effective date, life insurance companies in Virginia can deny paying claims if they learn that the policyholder gave false or misleading information on the application. But, once those 2 years have passed, the insurance provider can’t contest the application because of any errors or discrepancies.

 Free Look Period

When you receive your life insurance policy, you’ll have a ten day window to review it. Should you decide that you don’t want it within this ten day timeframe, you can return it with no penalty, and get a full refund of any premiums you paid.

Grace Period For Missed Payments

If you miss a payment, under Virginia law you have a 30 day grace period. During this time, you can still pay the late  payment and will not lose your insurance.

Time Allowable To Settle A Claim

Beneficiaries must file a claim with the insurance company to receive benefits from a policy. Once the claim has been filed, life insurance companies in Virginia are required to pay it within 30 days.