Families in Memphis earn a median $52,679 a year, and the typical owned home is worth $209,800. A simple rule puts the need for a typical family here at about $650,000. Term life is usually the lowest cost way to get there.
Memphis by the numbers
- Median household income
- $52,679Lower than the Tennessee median of $71,997
- Typical home value
- $209,800Lower than the Tennessee median of $332,600
- Homes owned
- 45%58% of owned homes have a mortgage
- Households with kids
- 27%250,830 households in all
- Age 65 and older
- 16%Median age 34.8
- Veterans
- 21,8454.8% of adults
Living in Memphis
Memphis is the 2nd largest city in Tennessee, with 610,936 residents and a median age of 34.8. That is younger than the state as a whole, so more families here are in the years when term life matters most.
The median household here earns $52,679, below the US median of $81,604. The typical home costs about 4 times that income.
Compared with nearby Clarksville (178 miles away), homes in Memphis are worth less ($209,800 vs $307,300), and fewer households have kids at home.
The biggest hands on job group here is driving and moving goods, at 14.8% of workers. Drivers who switch carriers often lose their work coverage, so a policy they own matters.
Who works in Memphis
The biggest groups of hands on and front line jobs here, as a share of all workers. Some of these jobs can change your price, and some companies treat them better than others.
What fits families in Memphis
58% of owned homes in Memphis still have a mortgage. If your family would struggle to make that payment without you, size a policy to the loan. More on mortgage protection
27% of households here have kids under 18. Term life covers the years they depend on you for the lowest price. More on term life
16% of people in Memphis are 65 or older, lower than the Tennessee rate. A small policy keeps funeral costs off the family. More on final expense
About 21,845 veterans live in Memphis. VGLI is not your only choice. More on veterans
Final expense and burial insurance in Memphis
About 95,400 people in Memphis are 65 or older. A small final expense policy, also called burial insurance, pays for the funeral so the family does not have to.
| Age | Women, $10,000 | Men, $10,000 |
|---|---|---|
| 60 | $33 | $43 |
| 70 | $53 | $70 |
| 80 | $98 | $134 |
National sample rates, Choice Mutual, Rates valid as of March 9, 2026. Not a quote. Funeral costs and help in Tennessee
Tennessee rules that protect you
- Free look: set by policy
- Grace period: one month if you miss a payment
- Guaranty protection: up to $300,000 in death benefits
- Help line: Tennessee Department of Commerce and Insurance, 1-800-342-4029
Common questions in Memphis
How much life insurance do I need in Memphis?
A quick rule of thumb: 10 years of income plus what you owe on your home. With Memphis's median household income of $52,679 and a typical home value of $209,800, that lands near $650,000 for a typical family. Your number depends on your debts, kids and savings. Our calculator does the math.
Can I get life insurance in Memphis without a medical exam?
Often, yes. Many companies approve healthy people with health questions and records instead of an exam. Older buyers can also look at simplified issue or guaranteed issue final expense plans.
Do I need an agent licensed in Tennessee?
Yes. An agent must hold a Tennessee license to sell you a policy. You can check a license with the Tennessee Department of Commerce and Insurance at 1-800-342-4029.
What does a funeral cost near Memphis?
Local prices vary by funeral home. Nationally, the median funeral with viewing and burial was $8,300 in 2023, and $6,280 with cremation (NFDA). Under the FTC Funeral Rule, any funeral home in Memphis must give you an itemized price list.
Source: FTC Funeral Rule · NFDA price study
What happens if my insurance company fails in Tennessee?
The Tennessee Life & Health Insurance Guaranty Association protects Tennessee policyholders up to $300,000 in death benefits, per insured person.
Source: Tennessee Life & Health Insurance Guaranty Association · NOLHGA: how you are protected
Near Memphis
Clarksville (178 mi), Nashville (193 mi), Murfreesboro (206 mi), Chattanooga (267 mi), Knoxville (344 mi)
Sources
Local numbers are Census American Community Survey 2024 one year estimates for Memphis, TN. The coverage figure is a rule of thumb, not advice.
