BestLife InsuranceCorona, CABest Life Insurance Companies in Corona, CA for 2023
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Life insurance is important because it provides financial support to your beneficiaries after your death. Since the cost of life insurance is determined by factors like your age and lifestyle, it is wise to get quotes from many different companies to find the ideal coverage for you.
MoneyGeek researched several Corona, California, life insurance carriers, their quotes and the type of consumer they are most suited for in this guide.
BestLife InsuranceCorona, CABest Life Insurance Companies in Corona, CA, for 2023
Best Cheap Life Insurance - Transamerica
Most Popular in California - New York Life
Best for Young People - Transamerica
Best for Seniors - Transamerica
Best for Smokers - Transamerica
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Best Cheap Life Insurance in Corona
Life insurance premiums in Corona tend to be higher for males than for women. Men and women can get $250K coverage for as low as around $11 per month and approximately $8 per month from Transamerica, respectively.
$250K in insurance coverage is inexpensive but may not be sufficient. Based on state-specific factors, the recommended coverage amount in California is $1,130,000.
Transamerica is the cheapest option for this coverage level when it comes to life insurance for men (around $23 per month) and women (roughly $16 per month).
Cheapest Life Insurance Companies for Males and Females in Corona
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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Life Insurance Costs in Corona for Men and Women
The average cost of life insurance varies based on the policyholder’s gender. Women in Corona pay around 5% less than the state average in California, while men pay approximately 10% more.
Women pay $14 per month on average for coverage worth $250K, while men pay approximately $18 per month.
Based on the amount of coverage recommended by the state (determined by per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age), the state of California's recommended coverage level of $1,130,000 costs around $43 for women and approximately $48 for men.
10-year term insurance, regardless of coverage limit, costs an average of $25 per month for women and $28 per month for men.
Average Monthly Life Insurance Rates in Corona: Men
Average Monthly Life Insurance Rates in Corona: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Corona using average buyer profile statistics, including the average age of 30, the average weight of 179 pounds for males and 142 pounds for females, and an average coverage need of $1,130,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Men pay more for life insurance than women. Women often pay less than men because they live longer. According to studies, males are more prone than females to do risky things, work in dangerous occupations, commit suicide and suffer heart disease. In many American cities, including Corona, insurers charge males more for life insurance.
Meanwhile, studies found that males are more likely than women to get life insurance. Women are important to their family’s finances, whether they are the primary source of income or stay-at-home caretakers. Therefore, they should consider getting life insurance.
Most Popular Life Insurance Companies in California
The three most popular life insurance carriers in California in terms of average market share are New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%).
The seven best-known insurers control around 37% of the California life insurance industry. The table below shows how much market share the most popular California life insurance companies hold.
Most Popular Life Insurance Companies in California
MONEYGEEK DICTIONARY
A company's market share is the fraction of a market that it controls based on its sales. MoneyGeek created a list of the most well-known life insurance firms in California using data from S&P Global's market intelligence for the year 2020.
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Cheapest Life Insurance for Young People in Corona
Life insurance for young individuals in Corona generally costs around $19 to $29 per month. On average, the top two cheapest companies for young adults in Corona are:
- Transamerica: $19 per month
- Mutual of Omaha: $21 per month
The table below contains full lists of life insurance carriers in Corona, as well as their monthly premiums.
Best Life Insurance Companies for Young People in Corona, CA
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Corona who is 5 feet 10 inches and 152 pounds that purchases a 20-year term contract at the average coverage need of $360,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Life insurance is less expensive if you are young and healthy. The younger you are, the less likely you are to pass away unexpectedly. As a result, your rates will be cheaper than those of those who smoke or are older. Purchasing life insurance in Corona at a young age is ideal since it becomes more costly as you become older.
Cheapest Life Insurance for Seniors in Corona
The cost of senior life insurance in Corona ranges from around $42 to $96. On average, the two most affordable life insurance providers for seniors are:
- Transamerica: $42 per month
- MassMutual: $45 per month
The table below provides a list of low-cost life insurance companies that serve seniors in Corona.
Best Life Insurance Companies for Seniors in Corona, CA
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Corona who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Life insurance providers view seniors as high-risk consumers and, as a result, their premiums are likely to be higher since their policy is projected to outlive them. There are, however, ways for seniors to get affordable policies.
Considering that their children are typically adults with stable financial conditions, purchasing life insurance may not be worth the cost. Anyone over the age of 65 should look for life insurance to cover any final costs and any outstanding debts. This is why the sample senior insurance policy has a lower premium than other customer profiles.
Cheapest Life Insurance for Smokers in Corona
Depending on the company and applicant's age, monthly premiums for smokers typically range from around $160 and $239. On average, the most affordable Corona insurers for smokers are:
- Transamerica: $160 per month
- Nationwide: $174 per month
Below is a full listing of inexpensive life insurance carriers in Corona, along with their monthly premiums.
Best Life Insurance Companies for Smokers in Corona, CA
Rates were determined by analyzing quotes for a 30-year-old male smoker in Corona who is 5 feet 10 inches and 179 pounds that purchases a 20-year term contract at the average coverage need of $1,130,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase as you age.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Insurance firms charge smokers higher premiums because they are seen as high-risk consumers. This is due to the fact that smoking-related illnesses are more likely to cause a smoker's premature death. However, there are insurers in Corona that provide smokers affordable life insurance. MoneyGeek recommends purchasing 20-year term policies to give coverage for a longer period because the cost of insurance for smokers increases with age.
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Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 11, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 11, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 11, 2022.
- S&P Global. "2020 Annual Report." Accessed July 11, 2022.