10 Best Life Insurance Companies in Virginia

Life insurance companies in Virginia can help protect you and your family.

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10 Best Life Insurance Companies in Virginia

Key Terms

  • Life Insurance benefits cover the expenses that arise when somebody passes away.
  • 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.
  • Virginia life insurance companies can help you find a policy to suit your needs and budget.

Virginia is known as the Old Dominion State and is located on the eastern seaboard of the United States. It’s bordered by Maryland to the north, North Carolina and Tennessee to the south, and Kentucky and West Virginia to the west. With a population of 8.5 million people, it’s the 12th-most populous state. The largest city in the Commonwealth of Virginia is Virginia Beach which has a population of 450,189 residents. The state capital is Richmond which has a population of 228,783.

According to the Centers for Disease Control and Prevention (CDC), the average life expectancy in Virginia is approximately 77.6 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 Virginia have been heart disease, cancer, and Covid-19. The homicide rate in Virginia is around 6.4 homicides per 100,000 residents, which is slightly lower than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Virginia, the 90th percentile income is currently $125,820. The median income in the state is approximately $47,200. Most financial advisors recommend purchasing life insurance coverage that covers your family members for between 10X and 20X your annual salary. In Virginia, this works out to around $1,258,200 – $2,516,400 dollars for high-income earners.

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How life insurance works in Virginia

There is no such thing as a one-size-fits-all life insurance policy. There are many different types of life insurance options, and which one you should choose depends on your unique situation. That said, the general idea behind life insurance is pretty easy to understand. You pay a monthly premium, like you do with health insurance, in exchange for a death benefit to your loved ones if you die.

While some employers offer basic group life insurance or group term life insurance, you have the ability to purchase life insurance on your own.

There are two main types of life insurance products: term and whole life. Term life insurance is the most basic and straightforward type of policy. It pays out a death benefit if you die while the policy is still in force. Term life insurance is much cheaper than whole life insurance because it only pays out if you die during the policy’s term. It doesn’t build up cash value or provide any other type of investment product.

Whole life insurance programs are more complicated. Whole life policies don’t have any timeframe associated with them. As long as you pay your premiums, a whole life policy will pay out whenever you happen to pass away. They also have a cash value component that offers additional coverage that some people use as part of their retirement fund, though it shouldn’t be used as a primary retirement plan. The cash value grows over time, and you can access it while you’re still alive. You can use it to pay, take out loans, or for other purposes.

You can shop around for quotes online, but the best way to find a life insurance policy is to speak with a independent licensed insurance agent. An insurance agent can help you understand your options and choose a policy that’s right for you. They can also answer any questions that you may have about your coverage.

10 Biggest life insurance companies in Virginia

Virginia life insurance companies ranked by premiums written in the state.

RankCompany NameVirginia
Premiums Written
Market Share
1Minnesota Mutual$417,569,7808.38%
2New York Life$352,224,9027.06%
3Northwestern Mutual$345,937,3096.94%
4Mass Mutual Life Ins$345,524,4736.93%
7Lincoln National$208,423,7714.18%
8State Farm$137,298,1522.75%
9Aegon Us Holding$135,315,5682.71%
10Nationwide Corp$117,562,7122.36%

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How much life insurance do you need in Virginia?

The 90th percentile salary in Virginia is approximately $125,820. 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 Virginia that works out to around $1,258,200 – $2,516,400. 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 and health care bills.

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 dependent children (if you want them to spend time with a therapist after your unexpected or accidental death)
  • Any other expenses that may be unique to your family or lifestyle

Virginia life insurance laws

There are a few unique features with respect to Virginia 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:

  • Free look period: This is the 10-day period in Virginia where you can evaluate the policy and decide if you wish to retain it. You may end the coverage without penalties and receive a full refund from the company if you are dissatisfied.
  • Grace period for missed payments: If you fail to pay a monthly premium, Virginia provides a grace period of 31 days. Your insurance policy will remain effective, and the company will accept that the premium is paid on time if you pay it during the grace period.
  • Time period for claim settlement: In Virginia, the policyholder’s beneficiary can usually get the claim paid soon after submitting the relevant documents to the insurer, however there is no statutory time period for claim settlement.
  • Contestable period and incontestability: In this two-year period, the life insurance company may review the policy and refuse to pay the claim if inaccuracies or misinterpretations are found in the application. If the policyholder withheld facts about their health or lifestyle, which resulted in their death, the insurer might refuse payment. In Virginia, after two years, a policy becomes incontestable.

There are many different types of life insurance plans, but they all work by providing financial security via a death benefit to your beneficiaries if you die while the policy is in force. The death benefit can be used for anything your beneficiaries need, including paying off debts, covering living expenses or funding a child’s education. Virginia life insurance is an important safety net for your family, and it’s worth considering if you have dependents who rely on you financially or are getting close to being a retiree. Be sure to talk with a licensed insurance agent about which policy makes the most sense for you and your family.

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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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