Insurance is a big business in North Carolina, and life insurance is one of the most popular types of insurance sold by agents in the state. So, if you’re thinking about buying life insurance, it’s a good idea to talk to an insurance agent. Agents can help you choose the right life insurance policy for your needs and can answer any questions you have about life insurance.
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Popular Life Insurance Coverages in North Carolina
When it comes to insurance, North Carolina is a state that has it all. From auto insurance to life insurance, there are plenty of coverage options. And with so many insurance companies competing for business, you’re sure to find the right policy at the right price.
Some of the popular insurance coverages in the state are:
Term life insurance
- This is the most basic and popular type of life insurance. It provides temporary coverage for a specific period of time, usually 10-30 years. If you die during this term, your beneficiaries will receive a death benefit. If you don’t die during the term, the policy simply expires and you (or your beneficiaries) get nothing.
Whole life insurance
- This type of insurance provides lifetime coverage. As long as you continue to pay your premiums, the policy will remain in force. Whole life insurance also has a savings component, called the cash value, which can be used as an emergency fund or for other purposes.
Universal life insurance
- This type of insurance is similar to whole life insurance, but with more flexibility. You can choose how much coverage you need and how long you need it for. The premiums are also flexible, so you can increase or decrease them as your needs change.
Variable life insurance
- This is also similar to whole life insurance, but with an investment component. The cash value of the policy is invested in stocks, bonds, or other securities. The performance of the investments will determine the death benefit paid out to your beneficiaries.
| Age | Sex | $250,000 coverage amount | $500,000 coverage amount |
|---|---|---|---|
| 25 | Female | $251 | $497 |
| Male | $277 | $550 | |
| 35 | Female | $384 | $763 |
| Male | $423 | $843 | |
| 45 | Female | $653 | $1,301 |
Top Insurance Companies in North Carolina
There are many different life insurance companies located in the state, so finding the right one can be a challenge.
To help you narrow down your choices, we’ve compiled a list of the most popular life insurance companies in North Carolina. These companies are all well-established and have a strong reputation in the state for life insurance.
CompanyMarket Share %
- Northwestern Mutual 8.23%
- Lincoln Financial 6.84%
- Southern Farm Bureau Life Insurance 4.42%
- Prudential Financial Inc. 4.19%
- MassMutual 4.10%
Frequently Asked Question
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Is life insurance expensive in North Carolina?
Rates for life insurance are determined by the average mortality for your age group, insurer costs, and interest accrued on the policy’s account. The data on your application is used by underwriters to calculate an individual’s premiums using the base rate. Your premiums will be lower the younger you are and the less medical history you have.
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Who regulates North Carolina life insurance?
The North Carolina Department of Insurance establishes standards and approves life insurance premiums in the state. It also aids in educating the community about insurance services. You can reach them through email at ncdoi.gov, by mail at 1201 Mail Service Center, Raleigh, NC 27699, or by paying them a visit in person in Raleigh (at 325 N. Salisbury Street).
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At what age is life insurance worth it?
The 20s would be the optimum age, if you follow the advice to purchase a life insurance policy “when you’re young and healthy.” There are a lot of young individuals who believe they don’t need life insurance, and it’s easy to understand why.
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