We picked the best life insurance companies offering the most affordable rates for Virginia residents.
By
Brian ActonBrian 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
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
Hundreds of life insurance companies are available in Virginia, but finding the policy you need at the lowest possible rate possible can be challenging. It also helps to know about Virginia's state laws governing life insurance, so you know your rights when you’re shopping for a policy.
Here are the best life insurance companies available to Virginians, how to find an affordable policy that works for you, and all the state laws you need to know.
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
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.
4.9
AM Best rating
A.M. 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 ($$$$$).
$
$
$
$
$
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
Most Virginians should be able to find the best rates and policies with Banner Life. With low rates for applicants across a wide range of categories, shoppers can feel confident that they can find affordable coverage.
Banner Life is also well positioned against its industry peers, with strong financial security ratings and a NAIC complaint rating of 0.35, which is well below the average nationwide rating of 1.00.
Cheapest life insurance
Banner Life
Banner Life also offers some of the lowest life insurance rates in Virginia to many types of applicants. Even shoppers with pre-existing health conditions aren’t necessarily out of luck when it comes to getting affordable coverage.
Best term life insurance
Banner Life
Term life insurance covers policyholders for a set number of years, with coverage expiring when the term of the policy ends. It’s the most affordable and suitable life insurance option for the majority of Virginia residents. Banner Life offers policies with terms as long as 40 years at competitive rates.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
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.
5.0
AM Best rating
A.M. 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 ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
No-medical-exam life insurance lets applicants avoid the life insurance medical exam and uses their medical history to determine rates. It’s a more expensive option, but it can offer quick approvals, and it may cover applicants who can’t otherwise get coverage. Brighthouse Financial offers affordable rates for no-medical-exam policies with a quick application process and up to $2 million in death benefits.
Best whole life insurance
2023 Policygenius award winner
MassMutual
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A++
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Like its name implies, whole life insurance covers the policyholder for the rest of their life, but because of that, it's five to 15 times more expensive than term life insurance. Whole life insurance also has a cash value component that lets policyholders invest and save, and some policies pay dividends in the form of an annual bonus if the insurance company performs well financially. Our pick for whole life is MassMutual, which pays higher dividends than competing insurers.
Best for seniors
2023 Policygenius award winner
Prudential
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.1
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Virginia seniors age 60 and over can find some of the lowest available rates with Prudential, even if they have certain types of pre-existing medical conditions that are common in older people.
Best for young adults
Brighthouse Financial
Young people qualify for cheaper life insurance because they tend to pose the lowest risk to insurers. Brighthouse Financial has some of the most competitive rates for young adults and offers a quick approval process, no-medical-exam policies, and less stringent income requirements for college students.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
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
Virginians with certain pre-existing conditions will likely have to pay higher insurance premiums than policyholders without any health concerns, but Lincoln Financial offers applicants with certain pre-existing conditions some of the lowest rates in the country.
Best for marijuana users
Lincoln Financial
Life insurance companies often lump marijuana users in with smokers and automatically charge them higher rates for life insurance, no matter how often the applicant actually partakes. But Lincoln Financial offers non-smoker rates to marijuana users that are 200% to 300% cheaper than the smoker rates available with other insurers.
Best for smokers
Banner Life
Smokers have to pay two or three times more for life insurance simply because their health is at greater risk than non-smokers. But Banner Life offers better rates to Virginia smokers than its competition, and policyholders who quit smoking for an entire year can apply to have their rates reduced.
Comparing the best life insurance companies in Virginia
Company
Policygenius rating
Best for
Types of policies
Banner Life
5.0 / 5
Overall, cheapest, term life, smokers
Term life, no-medical-exam life, universal life
Brighthouse Financial
5.0 / 5
No-medical-exam life, young adults
Term life, no-medical-exam life, whole life, short-term 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 Virginia?
There are many factors that affect how much life insurance costs, from the policyholder’s age and medical history to the length of the policy term and the amount of coverage. Based on Policygenius data from April 2023, the average monthly premium for a healthy 35-year old in Virginia buying a $500,000, 20-year term life insurance policy is $30.81 for men and $25.78 for women.
What happens if a life insurance company goes bankrupt in Virginia?
Policyholders don’t usually need to worry about their life insurance company’s ability to pay out claims. But if a life insurance company does go under, the Virginia Life, Accident & SIckness Insurance Guaranty Association will extend coverage to impacted residents as long as they continue to pay for their policy.
When an insurance company is ordered to be liquidated, policyholders will receive notice from the receiver. The guaranty association provides up to $300,000 in death benefits and $100,000 in cash surrender value to all affected Virginians.
When a Virginia policyholder moves out-of-state and their life insurance company goes bankrupt, they will need to receive coverage from the guaranty association with the state in which they currently reside.
How to find a lost life insurance policy in Virginia
Whenever a person dies, family members or the estate executor or administrator can search the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service to locate life insurance policies and annuity contracts in the decedent’s name.
Virginia life insurance laws
Virginia state laws dictate how life insurance policies must be managed in the state. It’s important to know these laws because they affect your rights as a consumer.
Free look period
In Virginia, life insurance companies must provide new policyholders at least 10 days to examine their life insurance policy and, if they wish, return it for a full refund of the premium that was already paid.
Guaranty Fund protection
The Virginia Life, Accident & SIckness Insurance Guaranty Association will cover up to $300,000 in death benefits and $100,000 in cash surrender value for Virginia residents whose coverage is affected by the insolvency and liquidation of their life insurance carrier.
Contestable period
Life insurance policies in Virginia are contestable for a period of two years from the date that the policy took effect. During this time, the insurance company can investigate and deny a claim if it can show that the applicant made fraudulent statements or misrepresentations on a life insurance application. After the two years are up, the policy becomes incontestable.
Time allowable to settle a claim
Life insurance companies are motivated to settle claims quickly in Virginia because interest starts accruing on unpaid death benefits from the date of death at an annual rate of 2.5%.
Grace period for missed payments
Virginia residents get 31 days to make up for a missed payment and pay an overdue premium without getting penalized or having their coverage canceled. The policy remains active during this grace period, and as long as the payment is made within that timeframe, the life insurance company will accept it as being paid on time.
Frequently asked questions
What is the number one life insurance company in Virginia?
We chose Banner Life as the best life insurance company in Virginia because it provides affordable coverage to a variety of Virginians, with many term length options for term life policies.
What are the life insurance free look period and grace period in Virginia?
Virginians have at least 10 days from the date their new life insurance policy goes into effect to review and cancel their policy to receive a full refund of their premium. They also get 31 days to pay overdue premiums before their coverage can be terminated.
What types of life insurance are available in Virginia?
The most common types of life insurance, term life and whole life, are available in Virginia. State residents can also purchase no-medical-exam policies and final expense insurance, as well as other types of life insurance.
Find the best life insurance companies in your state
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.
Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
