Best Life Insurance Companies In Virginia For 2024

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

min read
Updated: 17 May 2024
Written by
Bob Phillips
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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 In Virginia, 2024

mass-mutual-icon-logo
Best Overall - MassMutual
transamerica-icon-logo
Best For Seniors - Mutual of Omaha
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Best For Young Adults - Transamerica
nationwide-icon-logo
Best For Smokers - Nationwide
Best Life Insurance, Virginia 2024

Compare The Best Life Insurance Companies In Virginia

To help you review the leading life insurance carriers in Virginia, this table shows my preferred companies across several areas.

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

Overall

A++

9.7

780

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

9.7

801

Instant Quote
Transamerica
4.7

Young Adults

A

9.8

740

Instant Quote
State Farm
4.8

Customer Service

A++

9.5

839

Instant Quote
MassMutual
4.8

Cheapest Life Insurance

A++

9.7

780

Instant Quote
Nationwide
4.6

Smokers

A+

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

My approach was to do thorough examinations of top insurers within the state, and then compare them to each other. Multiple factors were taken into consideration, including: cost, product offerings, online user experience, and customer service ratings. With my years of experience as an insurance sales agent, I went into this endeavor with an advantage over the average consumer, because life insurance is familiar to me. My life experience in life insurance products gave me an edge that served me well in the execution of this project. That experience, combined with the years I spent in interaction with agents from different insurance companies, came in handy while compiling these reviews. It gave me invaluable insights into different insurance products and services that are major facets of the insurance industry.

33

Quotes Analyzed

15+

Years Of Experience

17

Brands Reviewed

30+

Research Hours

The Best Life Insurance Companies In Virginia


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 led me to form the opinion that MassMutual was the best qualified to carry the title “Best Overall” due to its many strengths. The company has a variety of high quality insurance products, including term life, universal life, and whole life…all at very competitive rates. MassMutual also has a  sizable array of available riders that you can add to your policy.

MassMutual’s sales agents are thoroughly trained in all aspects of life insurance, and their agents only represent MassMutual’s insurance products, no one else’s. So, they’re specialists in MassMutual insurance, something that is beneficial to policyholders and anyone looking to purchase life insurance. These agents are often referred to as “career agents” due to their expansive knowledge of the insurer’s life insurance products.

MassMutual’s financial strength and stability were among other factors that influenced my ratings. The company has consistently received the highest rating from AM Best (A++ Superior) based on its   financial strength, along with its ability to pay claims.

My ranking of Best Overall is a reflection of MassMutual’s commitment to offering a wide selection of insurance products, in addition to training and maintaining a competent sales and service team. This decision wasn’t just based on price, although its rates are quite competitive.

MassMutual might not have the brand recognition or market share that some of its competition does, but it’s a well respected, established insurance provider in Virginia.

Benefits & Drawbacks

Benefits
  • Superior financial rating
  • Diverse product portfolio with many riders
  • Cheapest rates in Virginia
Drawbacks
  • Cannot buy whole life products online
  • Lower J.D. Power rating than some competitors
  • 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

Since back in 1909, Mutual of Omaha has been addressing the life insurance needs of seniors. America’s older group of consumers place their trust in Mutual of Omaha, not because of its television show “Mutual of Omaha’s Wild Kingdom,” but because of its numerous strengths. Chief among these strengths is the expert training its agents receive on how to best serve the life insurance needs of the senior niche market in the United States.

Mutual of Omaha is known for its wide variety of senior life insurance products, especially two that were designed specifically for older people with health issues. The first of these is a guaranteed-issue policy, meaning no medical examination or providing your medical records. This makes it a popular choice for seniors with serious conditions such as heart disease, stroke or cancer.

The second product is a simplified-issue policy. Although you will be required to furnish your medical history, you won’t have to undergo a medical exam. This policy is ideal for seniors with minor health problems like Type 2 Diabetes or hypertension (high blood pressure).

Benefits & Drawbacks

Benefits
  • Competitive rates available for seniors in Virginia
  • Offers seniors peace of mind with well-trained agents
  • Company exhibits strong financial stability
Drawbacks
  • Higher ratio of complaints compared to some competitors
  • Fewer agents in Virginia in comparison to many other major insurers

Best Life Insurance Companies For Seniors In Virginia

Company Monthly Cost
MassMutual $38.35
Mutual of Omaha $43.50
Nationwide $44.21
State Farm $51.20
Progressive Life $69.21

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


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 long established marketing research firm in the United States. This prestigious firm has consistently recognized State Farm as a life insurance company with a superior level of customer satisfaction.

I feel sure that this high rating is a result of State Farm’s dedication to superior customer service. It’s hardly surprising, because State Farm has more agents in the field for sales and service than any insurance company in the nation.

State Farm is frequently acclaimed for its superlative customer service, an area that most consumers appreciate. The company is also a stand out in the insurance industry due to having numerous local offices where consumers can meet agents face-to-face for the help they need, in a timely manner.

State Farm gets a lot of recognition for its outstanding customer service as well as its fast claims process. Claim processing is a key element in a life insurance company, especially when loved ones are mourning and depending on an insurance company for timely and compassionate assistance.

Benefits & Drawbacks

Benefits
  • Demonstrates significantly fewer customer complaints than the industry average
  • Holds top financial ratings for claims-paying ability
  • Boasts a higher number of agents providing service than any other insurer
Drawbacks
  • Limited to purchasing policies from State Farm agents
  • Offers a restricted number of riders

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 recognizes its own strong points, and one of those is providing low priced life insurance for young adults. This insurance provider is aware, too, that a lot of younger people are cautious with their financial outlays, especially when the purchase is an intangible product like life insurance. So, Transamerica makes an effort to keep rates within the budget guidelines of an age group that wants a lot of bang for their buck.

Transamerica also understands that this younger age group is accustomed to doing business online and it’s what they’re most comfortable with. The company’s website has been designed to meet the expectations of younger adults. It’s quick and easy to navigate, transitioning from one section to another smoothly. Transamerica believes that everyone, no matter their age or finances, is entitled to the security and protection of life insurance.

Life insurance companies may find that marketing to this younger age group is far from easy, which might be because according to studies, a lot of younger people these days don’t feel any urgency to secure life insurance.

This group is postponing getting married and starting a family until later in life, so they often delay buying life insurance until they do. Insurers like Transamerica are focused on marketing life insurance to this younger demographic because it’s a wise business move. Younger policyholders have lower mortality rates, which translates into increased profits for the life insurance company.

Of the insurance carriers I included in my reviews, Transamerica had the lowest rating in customer service. This might be attributed to Transamerica’s practice of only using independent agents for sales and service. Some indie agents, working without supervision, might well have room for considerable improvement in those areas. This would account for the low ratings in customer service.

Benefits & Drawbacks

Benefits
  • Ability to purchase term life insurance online
  • Policy face amounts extend as high as $10 million
  • No medical exam required for up to $2 million for eligible applicants
Drawbacks
  • Minimum term life insurance face amount is $25,000
  • Customer service satisfaction scores are lower compared to competitors

Best Life Insurance Companies For Young Adults In Virginia

Company Monthly Cost
Mutual of Omaha $13.02
MassMutual $14.05
Transamerica $14.08
Nationwide $17.03
Progressive Life $20.01

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


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, a top company in Virginia life insurance, offers the sturdy financial base that consumers want in their insurance company. It has cost-effective rates, also, which is another plus that consumers find appealing. There are other providers that might have low price term life insurance, but MassMutual is the go-to life insurance carrier if you’re looking for low rates as well as excellent coverage.

While it isn’t wise to choose your life insurance on price alone, bear in mind that MassMutual has the most budget friendly rates in Virginia. MassMutual is better known for professionalism than its low prices, but is committed to expanding its market share in Virginia, and is using aggressive pricing strategies to meet this goal.

Benefits & Drawbacks

Benefits
  • Boasts an extensive network of trained agents for selling MassMutual policies
  • Provides a full complement of life insurance products
  • Offers the most affordable rates in our evaluation for life insurance in Virginia
Drawbacks
  • Lacks online applications for life insurance products
  • Restricted to purchasing through a MassMutual agent

Cheapest Life Insurance Companies In Virginia

Company Average Monthly Cost
MassMutual $10.65
Transamerica $10.25
Nationwide $10.61
Mutual of Omaha $10.86
State Farm $18.64

*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 prominent company with numerous local sales and service offices, making its customer service convenient. The company’s famous slogan: “Nationwide is on your side,” holds true for smokers  in Virginia who are hoping to secure life insurance at a price that won’t leave them broke.

Nationwide’s rates for smokers might be more than some of its competition, but I feel that it’s still a viable choice for smokers due to its easy access to agents, competitive rates, great customer service, and local offices.

Benefits & Drawbacks

Benefits
  • Features an extensive network of trained agents dedicated to selling Nationwide policies
  • Provides a full complement of life insurance products
  • Maintains many offices conveniently located throughout Virginia
Drawbacks
  • Lacks online applications for life insurance products
  • Restricted to purchasing through a Nationwide agent

Best Life Insurance Companies In Virginia For Smokers

Company Average Monthly Cost
Transamerica $102.10
MassMutual $139.40
State Farm $143.99
Nationwide $146.40
Mutual of Omaha $155.07

*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:

Company Market Share
New York Life 9.8
State Farm 7.40%
Northwestern Mutual 6.2
Primerica 4.4
Southern Farm Bureau Life Insurance 4.1

Average Cost Of Life Insurance In Virginia

Best Cheap Life Insurance Companies In Virginia For Females

Company Rates For $250,000 Coverage Rates For $632,000

Coverage

Mass Mutual $9.05 $14.02
Mutual of Omaha $10.02 $14.01
Nationwide $11.08 $21.02
Transamerica $13.02 $26.05
State Farm $19.47 $30.02

*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

Company Rates For $250,000 Coverage Rates For $632,000 Coverage
MassMutual $8.99 $16.05
Nationwide $10.05 $16.01
Mutual of Omaha $10.04 $17.08
Transamerica $14.05 $29.16
State Farm $18.07 $32.10

**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.

FAQs

Is life insurance more expensive in Virginia?

No, it isn’t. The price of life insurance in Virginia is about the same as in other states across the U.S.. When companies charge higher rates, it’s sometimes because they’ve paid out more in claims than they anticipated.

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

Based on my research, MassMutual has the best rates for a ten year term life policy of $1 million in Virginia, with a premium of around $25 per month.

What is the average monthly cost of life insurance in Virginia?

Life insurance premiums for the average thirty year old man in Virginia are about $10 per month for $250,000 of coverage. The same coverage amount for a thirty year old female in Virginia is around $9.50 per month.

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