Updated: November 21, 2024
Advertising & Editorial Disclosure
Protective is the best life insurance company in Richmond, Virginia, for both men and women. The MoneyGeek score for men is 92, with a monthly premium cost of $21. Similarly, the score for women is also 92, with the same monthly premium cost of $21.
These scores and premium costs are based on a 20-year term policy with $500,000 coverage. Different factors should be considered when choosing life insurance, as individual needs may vary.
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies in Richmond, Virginia.
Coverage costs and company information for life insurance providers were updated in August 2024.
BestLife InsuranceRichmond, VABest Life Insurance Companies in Richmond
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the overall best life insurance companies:
This was done using the average profile with a 20-year term policy and $500K coverage.
Protective offers the best life insurance in Richmond for men and women, with a MoneyGeek score of 92 out of 100 and a monthly premium of $21.
The top providers for men are:
The top providers for women are:
Protective stands out for its high customer satisfaction, financial stability and product diversity. For the average person in Richmond, this company offers a balanced combination of affordability and reliability, making it a top choice for life insurance.
Protective is the premier choice for life insurance in Richmond for men and women. With MoneyGeek score of 92, Protective offers a monthly premium of $21 for both, reflecting its commitment to affordability and customer satisfaction.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies:
Quotes gathered were for a $250K life insurance policy with a 10-year term.
Protective company stands out as the provider of the best term life insurance in Richmond, with a MoneyGeek score of 92 for men and 92 for women. The monthly premiums are approximately $10 for men and $11 for women.
Protective offers the best value for people seeking term life insurance, providing a high level of customer satisfaction and financial stability at an affordable cost.
The top providers for men are:
The top providers for women are:
Term life insurance is a policy that provides coverage for a specific period, making it a suitable option for those who need temporary protection. For instance, a person with young children might choose term life insurance to ensure financial security for their family during their formative years.
Mutual of Omaha stands out with a MoneyGeek score of 91 for men in Richmond seeking reliable term life insurance. The company offers policies at an affordable average monthly rate of $18, making it a wise choice for financial protection.
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Protective is the premier choice for women seeking term life insurance in Richmond. With a MoneyGeek score of 92, it offers a monthly premium of $11, presenting a balance of value and reliability.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best whole life insurance companies:
We did not weigh affordability as we did not collect whole life insurance quotes. The company below has the highest score among the companies that offer whole life insurance policies based on a 20-year term at $500K coverage.
Protective is the best whole life insurance in Richmond for men and women, with a MoneyGeek score of 92. This score suggests that for the average person looking to purchase whole life insurance, Protective offers a balance of cost, customer service and financial stability that is unmatched in the local market.
The top providers for men are:
The top providers for women are:
Whole life insurance is a permanent policy that provides coverage for the policyholder's entire lifetime. One reason someone might choose this over other types is the potential for cash value accumulation, which can serve as a financial resource during their lifetime.
In Richmond, Protective is the premier choice for whole life insurance, catering to men and women with a MoneyGeek score of 92. This score reflects the company's commitment to excellence in service and value for its customers.
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Ensure you're getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best universal life insurance companies:
We did not weigh affordability as we did not collect universal life insurance quotes. The company below has the highest score among the companies that offer universal life insurance policies, over a 10-year term for $250K coverage.
In Richmond, Protective stands out with the best universal life insurance for men and women, with a MoneyGeek score of 91. This score reflects the company's commitment to affordability, customer satisfaction and financial stability.
The top providers for men are:
The top providers for women are:
Universal life insurance is a type of permanent life insurance that offers both a death benefit and a cash value component, which can grow over time. For example, someone interested in flexible premium payments and the potential to accumulate savings might choose universal life insurance over term life insurance, which only provides coverage for a set period.
Protective is as the best universal life insurance provider in Richmond for men and women. With a MoneyGeek score of 91 for each group, Protective demonstrates a strong commitment to customer satisfaction and financial stability.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies that don't require a medical exam:
We did not weigh affordability as we did not collect any insurance quotes for this category. The company below has the highest score among the companies that offer life insurance policies without mandatory medical exams, for a 10-year term with $250K coverage if the insuree was in poor health.
Protective is the premier provider of the best life insurance with no mandatory medical exam in Richmond, boasting a MoneyGeek score of 91 for men and women. This high score indicates that Protective offers a combination of affordability, customer satisfaction and financial stability that is unmatched in the market.
The top providers for men are:
The top providers for women are:
No-medical-exam life insurance is a policy that grants coverage without requiring the applicant to undergo a physical examination. This can be particularly advantageous for those who have health concerns or a fear of medical procedures. For instance, a person with a chronic condition might opt for no-medical-exam insurance to obtain coverage more quickly and with less stress.
Protective is the premier choice for no-medical-exam life insurance in Richmond, with an impressive MoneyGeek score of 91 for men and women. The company's commitment to customer satisfaction and affordability places it at the forefront for those seeking reliable coverage without the hassle of a medical exam.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for seniors:
We derived quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer's age to 70.
For those in search of the best term life insurance for seniors in Richmond, Protective stands out with the highest MoneyGeek score of 92 for men and 91 for women. The monthly premium rounds to $46 for men and $50 for women.
Age is a determining factor in life insurance premiums; as age increases, so does the cost. Protective's top ranking is due to its strong performance across affordability, customer satisfaction, buying process, financial stability and product diversity.
| 1 | Protective | $46 | 92 |
| 2 | Mutual of Omaha | $52 | 91 |
| 3 | Nationwide | $47 | 90 |
| 4 | Allstate | $50 | 88 |
| 5 | AAA | $60 | 88 |
| 6 | Prudential | $45 | 88 |
| 7 | Transamerica | $57 | 87 |
| 8 | State Farm | $90 | 84 |
| 9 | Haven | $89 | 82 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for people who smoke:
We collected quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer to reflect an active smoker.
For smokers in Richmond seeking the best term life insurance, Mutual of Omaha leads with a MoneyGeek score of 90 for men and 88 for women. Men can expect a monthly premium of $51, while women are quoted at $59.
Smoking is a key factor in determining life insurance premiums due to the associated health risks, which often result in higher costs for smokers. Mutual of Omaha's high scores indicate a strong balance of affordability, customer satisfaction, and financial stability, making it a compelling choice if you're prioritizing comprehensive coverage and value.
| 1 | Mutual of Omaha | $51 | 90 |
| 2 | Nationwide | $53 | 89 |
| 3 | AAA | $55 | 88 |
| 4 | Protective | $70 | 88 |
| 5 | Prudential | $40 | 88 |
| 6 | Transamerica | $49 | 87 |
| 7 | State Farm | $66 | 85 |
| 8 | Allstate | $81 | 84 |
| 9 | Haven | $83 | 82 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for young adults:
We collected quotes using a $250K life insurance policy with a 10-year term for a 20-year-old buyer.
For those seeking the best term life insurance for young adults in Richmond, Protective stands out with a MoneyGeek score of 92 and a monthly premium of $7 for men and women.
Age plays a significant role in the cost of life insurance premiums. Younger adults typically benefit from lower rates due to their lower risk profiles. Protective's high MoneyGeek score reflects its strong performance in key areas such as affordability, customer satisfaction and financial stability.
| 1 | Protective | $6 | 92 |
| 2 | Mutual of Omaha | $8 | 91 |
| 3 | Nationwide | $8 | 89 |
| 4 | AAA | $9 | 88 |
| 5 | Allstate | $8 | 88 |
| 6 | Transamerica | $8 | 87 |
| 7 | Prudential | $9 | 86 |
| 8 | Haven | $9 | 85 |
| 9 | State Farm | $15 | 84 |
| 10 | Bestow | $13 | 84 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best cheap term life insurance companies:
We adjusted the weighting to favor affordability for a $250K life insurance policy with a 10-year term.
Protective offers the best cheap term life insurance in Richmond for both men and women, with a MoneyGeek score of 92 and monthly premiums of $11 and $10, respectively.
Several factors influence life insurance premiums, including age, health, coverage amount and term length. To get the lowest premiums, maintain good health, avoid tobacco, and choose a policy with a shorter term and lower coverage amount.
Protective earned the highest MoneyGeek score due to its balance of affordability, customer satisfaction, and financial stability.
| 1 | Protective | $10 | 92 |
| 2 | Nationwide | $12 | 91 |
| 3 | Mutual of Omaha | $12 | 90 |
| 4 | Allstate | $12 | 89 |
| 5 | AAA | $14 | 88 |
| 6 | Transamerica | $13 | 88 |
| 7 | Prudential | $13 | 87 |
| 8 | Haven | $17 | 84 |
| 9 | State Farm | $23 | 82 |
The average monthly premium for term life insurance in Richmond is $20 for women and $21 for men. Many factors affect the cost of life insurance premiums. These include age, health, lifestyle, the type of policy and the coverage amount.
In Richmond, specific local conditions might influence these costs. For example, local health statistics, economic factors and even crime rates could play a role. Additionally, environmental risks unique to Richmond may impact insurance premiums. Understanding these factors can help consumers make informed decisions about their life insurance options.
Protective has the best life insurance in Richmond for men, with a MoneyGeek score of 92. Protective offers competitive rates and excellent customer satisfaction.
The monthly premium cost for the best life insurance for men in Richmond is $21. Protective offers this rate, making it an affordable option with a high MoneyGeek score.
Protective has the best life insurance in Richmond for women. With a MoneyGeek score of 92, Protective stands out for its customer satisfaction and competitive pricing.
The monthly premium cost for the best life insurance for women in Richmond is $21. Protective offers this rate, ensuring affordability.
Life insurance in Richmond may have unique aspects compared with the rest of Virginia. For example, the cost of premiums and the availability of certain policies might differ. It's important to compare options within Richmond to ensure the best coverage.
If a life insurance company goes bankrupt in Richmond, state guaranty associations may step in to protect policyholders. These associations provide a safety net, ensuring that policyholders receive their benefits up to certain limits.
Richmond residents might need life insurance for financial security and peace of mind. Life insurance can help cover funeral costs, pay off debts and provide for dependents in case of unexpected death.
To find a lost life insurance policy in Richmond, check with the state insurance department or use online search tools. These resources can help locate unclaimed policies and ensure beneficiaries receive their entitled benefits.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
