10 Best Life Insurance Companies in West Virginia

Life insurance companies in West Virginia can help your family when they need it most.

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10 Best Life Insurance Companies in West Virginia

Key Terms

  • Life Insurance covers 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.
  • West Virginia life insurance companies can help you find a policy to suit your needs and budget.

West Virginia is known as the Mountain State and is located in the eastern United States. It’s bordered by Maryland and Pennsylvania to the north, Virginia and Kentucky to the south, and Ohio to the northeast. With a population of 1.08 million people, it’s the 40th-most populous state. The largest city in the state of West Virginia is Charleston which has a population of 47,215 residents. Charleston is also the state capital.

According to the Centers for Disease Control and Prevention (CDC), the average life expectancy in West Virginia is approximately 72.8 years which is much 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 West Virginia have been heart disease, cancer, and accidents. The homicide rate in West Virginia is around 7.0 homicides per 100,000 residents, which is close to the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in West Virginia, the 90th percentile income is currently $78,640. The median income in the state is approximately $36,860. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In West Virginia, this works out to around $786,400 – $1,572,800 dollars for most people who earn high incomes in the state.

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How life insurance works in West Virginia

Life insurance coverage is not as complicated as many people think. In fact, it’s really quite easy to understand. The way it works is that you pay a premium to the insurance company like you do with health insurance or auto insurance, and the company pays a benefit to your beneficiaries if you die. There are different types of insurance products, but the two most common are term life and whole life.

Term life insurance is the most basic type of life insurance. You pay premiums for a set period of time, usually 10, 20, or 30 years. If you die during that time, your beneficiaries receive a death benefit. If you don’t die during that time, the policy expires, and you’ve hopefully outlived the part of your life where dependents were counting on your income.

Whole life insurance is a more complex type of life insurance. You pay premiums for your entire life, and your beneficiaries receive a death benefit when you die. Whole life insurance also has a cash value or annuities component, which grows over time. You can use the cash value to pay premiums, or you can take it out as a loan.

In terms of purchasing life insurance, you have a few options. You can shop around online for quotes, or you can contact an insurance company. In almost all cases, it’s best to consult with a licensed independent insurance agent before signing up for a life insurance policy. An insurance company can help you understand your options and find the right policy for your needs.

10 Biggest life insurance companies in West Virginia

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

RankCompany NameWest Virginia
Premiums Written
West Virginia
Market Share
1Northwestern Mutual$75,822,3569.77%
2Minnesota Mutual$57,197,3267.37%
3Mass Mutual Life Ins$45,328,2695.84%
4New York Life$38,009,0374.90%
5State Farm$36,968,1174.76%
7Globe Life Inc$31,480,4264.06%
9Sammons Enterprises$30,703,2883.96%
10Aegon Us Holding$22,864,1342.95%

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How much life insurance do you need in West Virginia?

The 90th percentile salary in West Virginia is approximately $78,640. 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 West Virginia that works out to around $786,400 – $1,572,800. 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

West Virginia life insurance state laws

There are a few unique features with respect to West 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 – In West Virginia, the Free Look period for life insurance quotes is 10 days. This allows you to try your policy for 10 days without a permanent financial commitment. If you decide to end your policy within 10 days, you will receive a full refund without penalty on enrollment.
  • Grace period – West Virginia gives policyholders a grace period of four weeks or 30 days after missing a premium payment. The four-week grace period prevents the insurance company from canceling your policy.
  • Timely payment of claims – After filing a life insurance claim, the insurance provider is required to pay you the amount promptly. Otherwise, late or unfair payments could lead to interest penalties added to the final total. While the law does not have a specific time guideline for settling a claim, you should understand how your insurer honors this rule by carefully going through the insurance policy.
  • Contestable period – After filing a claim, the policy providers may review the deceased’s existing healthcare records to confirm accuracy and consistency in the application. Life insurance in West Virginia becomes incontestable except for non-payment premiums for two years since the issue date.

Most people purchase insurance policies for peace of mind. Knowing that you and your loved ones are protected financially if something happens to you can be a great source of comfort. There are many other benefits to having an insurance policy as well. For example, life insurance can be used to help pay off debt, cover funeral costs, and provide financial security for your family. In short, having an insurance policy is one of the best ways to protect yourself and your loved ones. If you don’t have a policy, now is the time to get one.

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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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