Best life insurance companies in Charlotte, NC (2024)

Our research on cost, customer satisfaction, transparency, and financial strength determined the best life insurance companies available to Charlotte residents.

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By

Brian ActonContributing WriterBrian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Ian Bloom, CFP®, RLP®Ian Bloom, CFP®, RLP®Certified Financial PlannerIan Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

Updated|5 min read

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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 AM 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

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance

Legal & General America, which also does business as Banner Life and William Penn, 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. Legal & General America 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

Legal & General America offers competitive life insurance rates for many people with a variety of age ranges, health conditions, and lifestyles. 

Best term life insurance

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. Legal & General America 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

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2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

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5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam 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

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction 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

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2024 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

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

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2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

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

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. Legal & General America 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. 

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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

Legal & General America

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 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?

Legal & General America 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, Legal & General America 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.

Author

Brian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Ian Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

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