North Carolina is a state of mystery and beauty, with the highest peak in the Blue Ridge Mountains and famous coastline, which includes Kitty Hawk and the Outer Banks. It has residents who breathe life into their beach communities and the biosphere. Life insurance in North Carolina isn’t as inexplicable as Roanoke Island, and the diversity of residents can appreciate affordable prices. 

Find the most affordable price with the right insurance company by using Insurify’s comparison tool. Answer a few basic questions and the type of policy and coverage you need, and Insurify will deliver a list of quotes from leading life insurance companies for you to compare and choose.

How Much Does Life Insurance Cost in North Carolina?

Life insurance rates are regulated and approved by the state. The North Carolina Department of Insurance (NCDOI) regulates the insurance market, licenses life insurance agents and adjusters, and helps educate consumers and answer questions on insurance. It moderates the scope of insurance, including health insurance, annuities, homeowners insurance, Medicare, and Medicare supplements.

Although life insurance policies are regulated differently in North Carolina than in any other state, the factors in determining life insurance premiums are consistent. Life insurance is a form of risk management that protects your loved ones from hardship if your income is lost. Life insurance covers perils such as death, disability, and illness.

Any hazard that increases the likelihood of illness or death, such as cigarette smoking, a poor diet, or a dangerous occupation, will add dollars to your premiums. The lower chance you have of passing away or losing income due to illness or disability, the less you will pay in premiums.  

Who Has the Cheapest Life Insurance in North Carolina?

After you submit your application for life insurance, underwriters calculate your risk based on the information on your application and other data, such as your medical and driving history. Some insurers may also require a medical exam. Besides your individual information, actuaries base premium rates on mortality, interest, and expenses.

Actuaries at life insurance companies do not determine an individual’s premiums; they set tables based on factors like age and where you live for underwriters to use when determining individual premiums. Actuaries usually base mortality on information compiled by the National Association of Insurance Commissioners (NAIC) on the Commissioners Standard Ordinary Table (CSO Table).

Mortality reflects the insured’s risk of passing away at the time of their application. The 2017 CSO table expresses the average mortality for the U.S. and for varying demographics, including for the state of North Carolina. The average life expectancy in North Carolina is usually the only factor in your premium specific to your state.

Because interest is gained on the premiums you pay, it is deducted from your premium rate. Expenses insurers expect to have, like operating costs and adding to the company’s surplus, are added to the premium. The rest is typically up to you. The more life insurance you want to purchase, the more your premiums will be, and the type of policy, whole life or term life, will affect your premium rate.

Whole Life Insurance

Whole life insurance, also called permanent life insurance, is a type of life insurance that lasts the policyholder‘s entire life and grows cash value. Traditional whole life policies grow guaranteed cash value. Whole life insurance includes variable and universal life insurance, where cash value is not guaranteed and fluctuates with the market. Whole life insurance is more expensive than term life insurance.

Term Life Insurance

Term life insurance costs less than whole life insurance. It lasts for the term length, and it does not grow cash value. Term life insurance usually can be converted into a whole life policy, up to a certain amount of time. They are also typically renewable. Term life insurance also comes in the form of riders to add additional benefits, such as long-term care or extra benefits for accidental death.

The amount you pay in premiums relies on several factors. At the base, it’s geographical mortality, expenses of the insurer, and interest gained on your account. Individual factors, like medical conditions, your driving record, and your choice in the type of policy, contribute to the amount you pay in premiums. The table below shows the average premiums for a 20-year term $100,000 policy for different age groups. 

Age Group Average Cost
Teens $10.02
20–29 $14.62
30–39 $33.21
40–49 $62.62
50–59 $91.56
60–69 $162.91
70–79 $187.59

Will I Have to Go through an Agent to Buy Life Insurance?

Buying life insurance online is convenient and can be accomplished without going through a life insurance agent. No-exam term life insurance policies are available online, usually for a small to moderate rate increase. Some insurers that offer life insurance on the web may require that you speak with an agent or representative before your application can be completed.

Life insurance agents are licensed by the state to sell insurance. Agent services for applicants and policyholders include acting in the best interest of the applicant or insured, relating all important information about the policy, and avoiding making any misrepresentations about the terms of the policy. Life insurance agents must pass state educational requirements before getting their licenses.

Life insurance agents are required to take a state-approved pre-licensing course, such as Pearson Vue, before taking the state licensing exam. They must pass the exam before getting a license application. Once agents obtain their insurance license, they do not have to go through pre-licensing education again. But in North Carolina, they must take continuing education every two years.

North Carolina life insurance agents must be competent in their knowledge of life insurance policies and follow state regulations. They can achieve their pre-licensing education online and apply for their license online through the National Insurance Producer Registry (NIPR) or the NC Department of Insurance (ncdoi.gov). If you choose to buy life insurance online, you may request to speak to an agent for additional information

What Are the Best and Cheapest Life Insurance Companies in North Carolina?

The best policy and the cheapest policy go hand in hand for some, but if you have important responsibilities, such as a family or a business, your life insurance needs may be more intricate. Even so, finding the best policy at an affordable price in North Carolina is possible. If you need the policy to protect your family and you’d like to protect your mortgage, too, you can add a term rider at a moderate extra cost.

Life insurance companies must have enough financial strength to pay claims when the time comes. Rating services like S&P and A.M. Best analyze and report on insurance companies’ financial strength. Ratings are usually graded from A to D. An A is the highest claims-paying rating, and D means the company is in danger of becoming insolvent.

If you have a life insurance policy with a company that is bankrupt and insolvent, the North Carolina Life and Health Guaranty Association helps protect policyholders. The guaranty association will help pay claims of insolvent life insurance companies up to certain limits. 

A whole life policy with a benefit amount of $100,000 is typically more expensive than a $100,000 term life policy because whole life grows cash value. Term life insurance is usually renewable and can be converted if and when you feel the time is right. A 20-year term life insurance policy could lock down rates for the duration of the term, or it may increase in increments.

Best and Cheapest Life Insurance for Teens

When it comes to life insurance products, for the most part, the younger and healthier you are, the less your premiums will be. Sorry to the frugal customer whose family didn’t invest in their teen years, because a teen life insurance policy’s policyholder must be an adult, usually a parent or a grandparent. Once the teen becomes an adult, the policy can be transferred, along with the bill and benefits.

Protective Life

Policyholders of Protective Life’s term life insurance products can customize their policies with a death benefit from $100,000 to $50 million. Term lengths are between 10 and 40 years, and you can attach a terminal illness rider for accelerated death benefits. Protective Life has A ratings with S&P, Fitch, Moody’s, and A.M. Best.

Haven Life

Haven Life offers an online application process, which depending on the policy you choose, may or may not require a medical exam. An subsidiary of MassMutual, Haven Life has strong financial backing and offers benefit amounts from $25,000 to $3 million.

The table below shows the average quote for a 20-year term, $100,000 term life policy for teens.

Company name Avg Cost
Transamerica $8.17
Protective Life $8.28
Pacific Life $8.58
SBLI $8.67
Assurity Life $8.70
Haven Life $9.34
Lincoln National $9.37
American General $10.81
Mutual of Omaha $11.14
United of Omaha $11.14

Best and Cheapest Life Insurance for People 20 to 29 Years Old

Policyholders in their 20s have a long life ahead of them and are planning and building for the future. With a life insurance policy, the future is a bit more secure, no matter how far it may lead. Buying a life insurance policy in your 20s helps protect the foundation that your setting and comes at an affordable price.

Assurity Life

Assurity Life offers a range of products to cover people in the event of death, disability, and critical illness. Assurity’s life insurance products may cover important expenses and provide income protection. Its term life policies have level premiums and a guaranteed death benefit.

American National

American National offers term life policies to cover short-term needs, with annual renewable term lengths. Its coverage is affordable and offers an accelerated death benefit. American National is a publicly traded group and has A ratings with A.M. Best and S&P.

The table expresses the average quote for a 20-year term, $100,000 policy for people in their 20s.

Company name Avg Cost
Bestow $8.54
Protective Life $8.59
Sagicor Life $8.83
Legal & General America $8.96
American Family $9.97
Vantis Life $10.36
American General $11.15
Assurity Life $11.37
Haven Life $13.37
American National $14.17

Best and Cheapest Life Insurance for People 30 to 39 Years Old

Life insurance in our 30s protects the steps we have taken and the steps we continue to take. By our 30s, many people have started a family, have a mortgage, and have more responsibilities than ever before. A life insurance policy helps protect the stability we’ve created.

Bestow

Bestow’s life insurance policies are fast, affordable, and convenient. With an online application process, you can be approved in minutes. It offers term life insurance policies to people between the ages of 18 and 60. Its coverage amounts are between $50,000 and $1.5 million. Bestow works with North American and Munich Re for life insurance, and combined, they have strong financial backing.

Sagicor Life

Founded in 1954, Sagicor Life offers affordable online term life insurance policies. Its premiums are level for the length of the term, and the death benefit is guaranteed to age 95. Its policies are convertible, and electronic delivery is available.

The following table gives the average quote for a 20-year term, $100,000 policy for people in their 30s.

Company name Avg Cost
United of Omaha $22.06
American Family $22.34
Bestow $23.75
Sagicor Life $24.65
American National $25.63
American General $26.33
Vantis Life $27.38
Banner Life $27.46
Lincoln National $27.87
Protective Life $29.19

Best and Cheapest Life Insurance for People 40 to 49 Years Old

For some, our 40s are a time of securing our foundations. We’ve worked hard and don’t want our estate, whatever the size may be, to go toward end-of-life expenses. A life insurance policy ensures our loved ones will be able to continue to stand upon the foundations that we’ve laid without faltering.  

Lincoln National

Established in 1905, Lincoln National has A ratings with A.M. Best, S&P, Fitch, and Moody’s. It waives a medical exam if you meet the requirements. It offers an online or phone interview for the application process and high benefit levels. Riders that may be attached to your policy include accelerated benefits, waiver of premium, and children’s term rider.

Prudential

Prudential offers a variety of term life insurance policies, which depending on the policy you choose, may provide an online application process and be annually renewable. And you may add riders to personalize your coverage.

The table below shows the average quote for a 20-year term, $100,000 policy for people in their 40s.

Company name Avg Cost
Bestow $16.25
Lincoln National $17.91
American General $20.18
SBLI $21.81
Sagicor Life $22.25
Prudential $23.25
Mutual of Omaha $23.41
United of Omaha $24.10
Vantis Life $24.52
Assurity Life $25.07

Best and Cheapest Life Insurance for People 50 to 59 Years Old

In our 50s, we may have just started to pick up speed doing the very things we love, or we may be winding toward retirement. Whichever the case, a life insurance policy will give us the security that those closest to us won’t be burdened by losing our income and that our days in retirement can be lived without worry about what we are able to leave behind.

Pacific Life

Pacific Life offers a variety of life insurance products to protect your loved ones, your business, and your important responsibilities. Its policies are convertible and term lengths may be available in 5- or 10-year increments, depending on the policy you choose.

North American

North American’s term life insurance products are clear-cut and affordable. It offers an accelerated death benefit and level premiums for the length of the term. North American has A ratings with A.M. Best, S&P, Fitch, and the Better Business Bureau.

The table below exhibits the average life insurance quotes for a 20-year term, $100,000 policy for people in their 50s.

Company name Avg Cost
Minnesota Life $67.14
American Family $67.53
Legal & General America $69.98
SBLI $72.07
Banner Life $72.63
American General $73.07
Haven Life $73.87
Pacific Life $74.06
Lincoln National $76.84
North American $77.18

Best and Cheapest Life Insurance for People 60 to 69 Years Old

By our 60s, most people want to be able to enjoy the best that life has to offer with those we love the most. A life insurance policy in our 60s helps secure a legacy for our loved ones and ensures final expenses will be covered and won’t leave a strain on our loved ones.

SBLI

Founded in 1907, SBLI sports great customer reviews on Trustpilot and has pride in its excellent customer service. It has A ratings with S&P, A.M. Best, and the Better Business Bureau. It offers affordable term life insurance with level premiums for the term of the policy. 

Vantis Life

Vantis Life offers a variety of products to protect families and their assets. It has an A rating with A.M. Best and an excellent rating on Trustpilot. Its term life insurance policies are affordable and may provide long-term care.

The table below displays the average quote for a 20-year term, $100,000 policy for people in their 60s.

Company name Avg Cost
SBLI $50.52
Lincoln National $69.17
Vantis Life $97.39
Sagicor Life $108.98
Prudential $125.84
Haven Life $128.98
Legal & General America $136.10
Banner Life $136.64
American General $140.12
American National $143.94

Best and Cheapest Life Insurance for People 70 to 79 Years Old

If you don’t have a life insurance policy in your 70s, choices of life insurance companies won’t be as abundant as they are for younger generations. However, the right policy to leave something behind for our younger and future generations is still available from strong life insurance companies. 

Transamerica

Created in 1904, Transamerica has built its name on the foundation that everyone deserves financial security. In 2020, it paid out $49 billion in insurance claims, annuities, and retirement benefits. It offers high benefit levels from $25,000 to $10 million. It has high ratings with A.M. Best, S&P, and Moody’s.

Legal & General America

Legal & General’s term life insurance policies are designed to cover essential expenses, like your mortgage and your child’s college education, and to be income replacement. Its affordable policies allow you to buy more coverage for less, and they can be customized with riders.

The following table gives examples of a 20-year term, $100,000 policy for people in their 70s.

Company name Avg Cost
Transamerica $183.03
Banner Life $188.81
Legal & General America $195.89

Insurify will help you meet your financial goals with the right life insurance policy, no matter what your age. Save time and money by comparing quotes from the best life insurance companies in just a manner of minutes. Let Insurify help you find the best policy at the right price.

FAQ: North Carolina Life Insurance

If I buy a policy online, will I have to talk to an agent? 

Some life insurance companies offer a completely online application process. Other online applications may require you to speak with an agent before your application can be completed. If you would like an agent to explain their policies, you can always call the company’s toll-free number to speak with one.

Who regulates North Carolina life insurance?

The North Carolina Department of Insurance makes guidelines and approves life insurance rates in North Carolina. It also helps educate residents on insurance products. You can contact them online (ncdoi.gov), through the mail (at 1201 Mail Service Center, Raleigh, NC 27699), or by visiting them in Raleigh (at 325 N. Salisbury Street).

Is life insurance expensive in North Carolina?

Life insurance rates are based on average mortality for your age group, expenses of the insurer, and interest that grows on your policy’s account. Underwriters use the base rate to determine an individual’s premiums, with the information provided on your application. The younger you are with less medical history, the lower your premiums will be.

Conclusion

Whether you’re a member of the Wolfpack in Raleigh, prefer the Tar Heels in Chapel Hill, or see red by the mention of either as a Durham Blue Devil, life insurance policies in North Carolina won’t discriminate. You can find affordable coverage in the mountains or by the shore that will allow you to enjoy the scenery or the game just a bit more.

Use Insurify to help you protect the ones you love and all you’ve worked for. Using Insurify’s comparison tool will have you covered in almost no time at all. Compare quotes and discounts, and purchase online or by phone.  

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Updated July 28, 2021

Aissa Martell is a licensed insurance producer in the State of New York. She is a creative writer and has been freelance writing for five years. She’s happy to share her knowledge of the insurance industry and its products.