10 Best Life Insurance Companies in North Carolina

Life insurance companies in North Carolina can help you find a policy to protect your loved ones.

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10 Best Life Insurance Companies in North Carolina

Key Terms

  • Life Insurance provides peace of mind for you and your family.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • North Carolina life insurance companies can help you find a policy to suit your needs and budget.

North Carolina is known as the Old North State and is located in the south-eastern region of the United States. It’s bordered by Virginia to the north, South Carolina to the south, and Tennessee to the west. With a population of 10.38 million people, it’s the 9th-most populous state. The largest city in North Carolina is Charlotte which has a population of 882,367 residents. The state capital is Raleigh which has a population of 478,956.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in North Carolina is approximately 76.1 years which is lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in North Carolina have been heart disease, cancer, and Covid-19. The homicide rate in North Carolina is around 8.6 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in North Carolina, the 90th percentile income is currently $99,300. The median income in the state is approximately $38,370. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In North Carolina, this works out to around $993,000 – $1,986,000 dollars for most people.

An independent insurance agency can help you determine how much life insurance coverage you need. They can help you find life insurance products like annuities based on life insurance quotes that fit your life insurance premiums budget and provide you the cash value required.

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How life insurance works in North Carolina

Some people think that life insurance is complicated, but it’s actually quite easy to understand. Life insurance is a contract between the policyholder and an insurance company. The insurance company agrees to pay a certain sum of money to the policyholder’s designated beneficiaries in exchange for a premium that is paid monthly, or in some cases, annually.

Life insurance policies come in two basic types: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period of time, usually 10, 20, or 30 years. Whole life insurance (also called universal life insurance or permanent life insurance) on the other hand, tends to be a bit more expensive, but it provides coverage for your entire life, and will pay out the death benefit whenever you happen to pass away.

Most people purchase life insurance to provide financial security for their loved ones in the event of their death. The death benefit from a life insurance policy can be used to pay for final expenses, such as funeral costs and outstanding medical bills, or day-to-day expenses, like mortgage payments. Life insurance is important for anyone who relies on your income.

Regardless of whether you choose a term policy or a whole life policy, either way, you’re making a smart decision by purchasing life insurance. You can look online and find various quotes from different companies, but before you sign any contracts you should consult with a licensed insurance agent. An insurance agent can answer any questions you may have, and they can help you find a policy that suits your unique needs and financial situation.Life insurance and long term care policies often involve a thorough underwriting process to determine the coverage and premiums.

In the state of north Carolina, the north carolina department of insurance (NCDOI) can help answer your faqs about different types of life insurance.

10 Biggest life insurance companies in North Carolina

North Carolina life insurance companies ranked by premiums written in the state.

RankCompany NameNorth Carolina
Premiums Written
North Carolina
Market Share
1Dai‐Ichi Life Holdings Inc$547,626,5768.66%
3Lincoln National$406,087,6676.42%
4Northwestern Mutual$388,801,1386.15%
5New York Life$284,060,5394.49%
7Nationwide Corp$232,682,6833.68%
8Mass Mutual Life Ins$197,613,8323.13%
9Southern Farm Bureau Life Ins$194,073,1853.07%
10Aegon Us Holding$149,751,1292.37%

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How much life insurance do you need in North Carolina?

The 90th percentile salary in North Carolina is approximately $99,300. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In North Carolina that works out to around $993,000 – $1,986,000. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

North Carolina life insurance laws

There are a few unique features with respect to North Carolina Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • The Free Look Period: This period gives you a chance to better understand the terms of your policy and decide if it is right for you. During this period, you can return your policy and receive a full refund. The free look period in North Carolina is 10 days for a new policy and 20 days to replace your policy.
  • Grace Period: According to state regulations in North Carolina, customers get a grace period of 30 days during which they can complete missed payments and prevent lapsed policies. The provider has to honor the policy during this period and may not cancel the policy.
  • Allowable Time for Claim Settlement: After the insurance provider receives satisfactory proof of death in North Carolina, it has 30 days to pay the claim according to the policy terms. After this time, the payment amount starts to accrue interest.
  • Contestable Period: Life insurance policies in North Carolina become incontestable after two years, except for nonpayment of premiums. If a death occurs within two years of taking out the policy, insurance companies can assesss the validity of a claim to find inconsistencies and inaccuracies.
  • Guaranteed Death Benefit: If an insurance company goes out of business or bankrupt, policyholders and beneficiaries are protected by the North Carolina Life and Health Insurance Guaranty Association.

While no one likes to think about their own death, it’s important to have a life insurance policy in place in case the unthinkable happens. A life insurance policy can give you and your loved one’s peace of mind, knowing that the finances will be taken care of in the event of your death. If you’re not sure how much life insurance you need, a good rule of thumb is to purchase a policy that is worth 10 – 20 times your annual salary. This will ensure that your loved ones have the financial means to pay for your end-of-life costs and manage their own expenses moving forward.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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