When you need life insurance in Charlotte, shopping around for the right company can help you find a policy that meets your needs while saving money by securing the lowest rate. Here are the best life insurance companies available in Charlotte, along with how much you can expect to pay for coverage and the state laws that you need to know about.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Charlotte
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology: How we chose the best life insurance companies in each state
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Banner Life is our number one pick for the best life insurance company in Charlotte. It offers low rates, a variety of term length options for term life insurance, and affordable policies for a variety of applicants. Banner Life also separates itself from the pack with strong financial security ratings and a low NAIC complaint rating of 0.35, compared to the national average of 1.00.
Cheapest life insurance
Banner Life
Banner Life offers competitive life insurance rates for many people with a variety of age ranges, health conditions, and lifestyles.
Best term life insurance
Banner Life
Term life insurance is the most common form of life insurance policy, with affordable policies that cover the policyholder for a predefined number of years. Banner Life offers affordable rates with a range of term length options that can cover the policyholder for up to 40 years.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Charlotte residents can get life insurance without having to take the medical exam by purchasing no-medical-exam life insurance, which uses your medical history to calculate how much the policy will cost. Brighthouse Financial offers competitive rates for no-medical-exam policies with application decisions as fast as 24 hours.
Best whole life insurance
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
Whole life insurance is a type of permanent policy that covers the policyholder for their entire life, but costs five to 15 times as much as term life. It also has a cash value component that earns interest, and it may even pay dividends based on the life insurance company’s financial performance. MassMutual is our pick for best whole life insurance because it pays larger dividends than other insurers.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Charlotte seniors age 60 or above will pay more for life insurance than younger customers. But Prudential offers competitive rates to older applicants, even when they have specific pre-existing conditions that tend to go along with old age.
Best for young adults
Brighthouse Financial
Young adults in Charlotte can find cheap life insurance with most life insurance companies because of their age. But Brighthouse Financial stands out with some of the best rates for young people, fast application decisions, and lower income requirements for students.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Charlotte residents with pre-existing conditions ranging from HIV and diabetes to anxiety and sleep apnea will pay more for life insurance than applicants with a clean medical history. But Lincoln Financial provides the most competitive rates to applicants with many kinds of pre-existing conditions.
Best for marijuana users
Lincoln Financial
Most marijuana users can’t get the best life insurance rates because the life insurance companies will automatically assign them more expensive smoker rates. But Lincoln Financial offers some of the most affordable rates, even to daily users.
Best for smokers
Banner Life
Charlotte residents who use tobacco will pay much more for life insurance, with smoker rates at double or triple the rate a non-smoker would pay. Banner Life is no exception, but offers better rates to smokers than competing carriers. And smokers who quit can ask to reduce their rates after being tobacco-free for a year.
Ready to shop for life insurance in Charlotte?
Comparing the best life insurance companies in Charlotte
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Banner Life | 4.9 / 5 | Overall, cheapest, term life, smokers | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Charlotte?
Based on the latest Policygenius data from June 2023, the average monthly rate for a healthy 35-year old in Charlotte buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in Charlotte?
When a Charlotte resident’s life insurance company goes bankrupt, the North Carolina Life & Health Insurance Guaranty Association will take over coverage as long as the policyholder keeps paying their premiums.
When a life insurance company is ordered to be liquidated, affected Charlotte policyholders will be notified by the receiver or the guaranty association. The guaranty association covers up to $300,000 in death benefits for impacted policyholders.
If a policyholder moves out of North Carolina and their life insurance company subsequently goes bankrupt, they will receive coverage from the state in which they currently reside.
How to find a lost life insurance policy in Charlotte
Anyone who believes they are the beneficiary of a life insurance policy, as well as the executors and legal representatives of the decedent, can submit an inquiry form with the North Carolina Department of Insurance to search for a life insurance policy in the decedent’s name.
North Carolina life insurance laws
Life insurance companies in Charlotte have to adhere to North Carolina laws that protect consumers and direct how policies must operate in the state.
Free look period
In North Carolina, new policyholders have a minimum of 10 days after receiving the policy (the “free look” period) during which they can return their life insurance policy and receive a full refund of the premium they paid.
Guaranty Fund protection
The North Carolina Life & Health Insurance Guaranty Association covers North Carolina residents for up to $300,000 in death benefits when a life insurance company is found to be insolvent and ordered liquidated.
Contestable period
During the first two years of a life insurance policy, the insurer can void the contract and deny a claim if they find lies or misrepresentations were made during the application process. This time frame is known as the contestability period.
Time allowable to settle a claim
Life insurance companies have to pay claims in North Carolina within 30 days of receiving the claim. If the death benefit is not paid within 30 days after the company receives proof of death, the proceeds begin to accrue interest paid by the company.
Grace period for missed payments
Life insurance companies must provide North Carolina policyholders a 31-day grace period to make up for a missed premium payment. During that time, the policyholder can settle up unpaid premiums before they lose coverage.
Frequently asked questions
What is the number one life insurance company in Charlotte?
Banner Life is the number one choice for life insurance in Charlotte. With a variety of term length options and competitive rates for the widest range of applicants, Banner Life is the best choice for most Charlotte life insurance shoppers.
What is the life insurance free look period and grace period in Charlotte?
Charlotte residents can return a new life insurance policy within 10 days of receiving it to get a full refund. The grace period to make up for an unpaid premium payment and avoid losing coverage is 31 days.
What types of life insurance are available in Charlotte?
Term life insurance and whole life insurance, the most common types of life insurance policies, can be purchased in Charlotte. City residents can also buy the other main types of life insurance, including no-medical-exam insurance and final expense insurance policies.
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