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
Policyholder s 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 |
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Transamerica | $8.17 |
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Protective Life | $8.28 |
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Pacific Life | $8.58 |
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SBLI | $8.67 |
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Assurity Life | $8.70 |
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Haven Life | $9.34 |
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Lincoln National | $9.37 |
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American General | $10.81 |
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Mutual of Omaha | $11.14 |
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United of Omaha | $11.14 |
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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 |
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Bestow | $8.54 |
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Protective Life | $8.59 |
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Sagicor Life | $8.83 |
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Legal & General America | $8.96 |
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American Family | $9.97 |
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Vantis Life | $10.36 |
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American General | $11.15 |
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Assurity Life | $11.37 |
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Haven Life | $13.37 |
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American National | $14.17 |
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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 |
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United of Omaha | $22.06 |
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American Family | $22.34 |
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Bestow | $23.75 |
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Sagicor Life | $24.65 |
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American National | $25.63 |
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American General | $26.33 |
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Vantis Life | $27.38 |
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Banner Life | $27.46 |
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Lincoln National | $27.87 |
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Protective Life | $29.19 |
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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 |
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Bestow | $16.25 |
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Lincoln National | $17.91 |
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American General | $20.18 |
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SBLI | $21.81 |
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Sagicor Life | $22.25 |
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Prudential | $23.25 |
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Mutual of Omaha | $23.41 |
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United of Omaha | $24.10 |
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Vantis Life | $24.52 |
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Assurity Life | $25.07 |
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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 |
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Minnesota Life | $67.14 |
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American Family | $67.53 |
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Legal & General America | $69.98 |
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SBLI | $72.07 |
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Banner Life | $72.63 |
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American General | $73.07 |
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Haven Life | $73.87 |
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Pacific Life | $74.06 |
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Lincoln National | $76.84 |
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North American | $77.18 |
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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 |
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SBLI | $50.52 |
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Lincoln National | $69.17 |
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Vantis Life | $97.39 |
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Sagicor Life | $108.98 |
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Prudential | $125.84 |
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Haven Life | $128.98 |
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Legal & General America | $136.10 |
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Banner Life | $136.64 |
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American General | $140.12 |
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American National | $143.94 |
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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 |
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Transamerica | $183.03 |
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Banner Life | $188.81 |
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Legal & General America | $195.89 |
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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.