Best Life Insurance Companies in Elk Grove, CA

MoneyGeek identified Transamerica as the best overall life insurance company in Elk Grove. It is also the best option for young people, seniors and smokers in the city. The most affordable life insurance in Elk Grove averages $12 per month for a $250K coverage policy and $26 per month for California’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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Although optional, life insurance is a great way to financially support your beneficiaries in the event of your death. However, it’s important to compare life insurance companies and their rates before purchasing a policy. In this guide, MoneyGeek evaluated various life insurance companies in Elk Grove, California, to determine the best for different profiles.

iconBestLife InsuranceElk Grove, CA
2023

Best Life Insurance Companies in Elk Grove, CA, for 2023

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Best Cheap Life Insurance in Elk Grove

How much your life insurance policy costs depends on your coverage amount and gender. For life insurance in Elk Grove with $250K in coverage, the cheapest company for men and women is Transamerica, at an average cost of $12 per month and $9 per month, respectively.

Although a $250K policy is more affordable, it may not be enough for most people. For this reason, consider getting California’s recommended coverage amount of $1,130,000, which is based on state-specific factors like cost of living, average income, average personal debt and average age.

At this coverage level, Transamerica again offers the cheapest life insurance for men and women in Elk Grove, at an average cost of $26 per month for men and $19 per month for women.

Cheapest Life Insurance Companies for Males and Females in Elk Grove
  • Cheapest For
    $250K Coverage
    $1,130,000 Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Elk Grove for Men and Women

MoneyGeek found that life insurance in Elk Grove for men is around 24% higher than the average cost in California. Meanwhile, life insurance in this city for women is roughly 12% higher.

Keep in mind that gender plays a significant role in the cost of life insurance. On average, men in Elk Grove pay $21 per month for life insurance with $250K in coverage, whereas women pay $17 per month.

If you choose California’s recommended coverage amount of $1,130,000, the average cost of life insurance in Elk Grove for men is $54 per month and $51 per month for women. The state-recommended coverage amount is based on several factors, such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

Regardless of the coverage limit, a 10-year term policy’s average cost is $31 per month for men and $29 per month for women in Elk Grove.

Average Monthly Life Insurance Rates in Elk Grove: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $12
    $26
  • Nationwide
    $15
    $29
  • MassMutual
    $14
    $33
  • Mutual of Omaha
    $15
    $33
  • AAA
    $17
    $37
  • State Farm
    $22
    $49
  • Prudential
    $35
    $66
  • Progressive Life
    $20
    $77
Average Monthly Life Insurance Rates in Elk Grove: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $19
  • Nationwide
    $12
    $20
  • Mutual of Omaha
    $12
    $22
  • MassMutual
    $11
    $22
  • Progressive Life
    $13
    $54
  • AAA
    $19
    $55
  • State Farm
    $22
    $66
  • Prudential
    $21
    $81

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Elk Grove 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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is a primary factor in determining life insurance costs. Women often pay less for coverage as they have a longer life expectancy. Some reasons why women tend to outlive men include men more often having dangerous occupations and avoiding routine doctor visits. So, the average cost of life insurance is higher for men than women.

But although women live longer, studies show that more men buy life insurance. Whether they’re breadwinners or not, women should consider getting a policy as they provide valuable economic support to their households.

Most Popular Life Insurance Companies in California

Based on market share, New York Life at around 8%, Transamerica at roughly 7% and Northwestern Mutual at around 5% are the three most popular life insurance companies in California. Overall, the seven most popular companies take up around 39% of the state’s insurance market.

In the table below, MoneyGeek provides the complete list of the seven most popular life insurance companies in California.

Most Popular Life Insurance Companies in California

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  • Company
    Market Share
  • New York Life
    8%
  • Transamerica
    7%
  • Lincoln Financial
    5%
  • Northwestern Mutual
    5%
  • Prudential
    4%
  • Pacific Life
    4%
  • MassMutual
    4%
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MONEYGEEK DICTIONARY

A company’s market share refers to the percentage of sales relative to others in the same industry. The higher their market share, the more policies they sold. For this guide, MoneyGeek used market share data from each company’s total premiums written in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Elk Grove

The average cost of life insurance in Elk Grove for young people ranges between $21 and $33 per month. Based on MoneyGeek’s review of average rates, the two cheapest companies in Elk Grove for life insurance at a young age are:

  • Transamerica: $21 per month
  • Mutual of Omaha: $23 per month

Below, we listed all the life insurance companies for young adults in Elk Grove and the average rates they charge.

Best Life Insurance Companies for Young People in Elk Grove, CA

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  • Company
    Monthly Cost
  • Transamerica
    $21
  • Mutual of Omaha
    $23
  • MassMutual
    $23
  • AAA
    $26
  • State Farm
    $29
  • Nationwide
    $29
  • Prudential
    $29
  • Progressive Life
    $33

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Elk Grove who is 5 feet 10 inches and weighs 152 pounds with 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is often cheaper for those 25 years old and younger, but it gets more expensive over time. That’s why buying life insurance at a young age is one of the best strategies for saving money on a policy.

Cheapest Life Insurance for Seniors in Elk Grove

On average, the cost of life insurance in Elk Grove for seniors ranges between $48 and $108 per month. MoneyGeek compared average life insurance rates in Elk Grove and found that the two cheapest companies for older adults are:

  • Transamerica: $48 per month
  • MassMutual: $50 per month

The table below provides the complete list of the insurance companies for seniors in Elk Grove and their average rates.

Best Life Insurance Companies for Seniors in Elk Grove, CA

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  • Company
    Monthly Cost
  • Transamerica
    $48
  • MassMutual
    $50
  • State Farm
    $55
  • Nationwide
    $55
  • AAA
    $56
  • Mutual of Omaha
    $57
  • Progressive Life
    $86
  • Prudential
    $108

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Elk Grove who is 5 feet 10 inches tall and weighs 179 pounds with a 10-year term contract at the average coverage need of $107,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay more for life insurance since their policy may outlive them. But seniors often don’t need as much coverage because their children are more likely to be financially independent. Their coverage amount only needs to cover specific expenses, like funeral arrangements or outstanding debt. For this reason, MoneyGeek’s sample policy coverage for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Elk Grove

For people who smoke, the cost of life insurance in Elk Grove averages from $180 per month to $269 per month. According to MoneyGeek’s analysis of average life insurance rates, the most affordable companies for smokers in Elk Grove are:

  • Transamerica: $180 per month
  • Nationwide: $197 per month

You may check the table below for the complete list of the life insurance companies for smokers in Elk Grove and their average rates.

Best Life Insurance Companies for Smokers in Elk Grove, CA

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  • Company
    Monthly Cost
  • Transamerica
    $180
  • Nationwide
    $197
  • State Farm
    $214
  • Mutual of Omaha
    $219
  • MassMutual
    $219
  • AAA
    $230
  • Prudential
    $251
  • Progressive Life
    $269

Rates were determined by analyzing quotes for a 30-year-old male smoker in Elk Grove who is 5 feet 10 inches tall and weighs 179 pounds with a 20-year term contract at the average coverage need of $1,130,000.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers tend to pay higher life insurance premiums because they are more prone to contracting smoking-related diseases that can shorten their lifespan. But there are companies offering cheap life insurance for smokers.

If you’re a smoker, MoneyGeek suggests buying a longer-term (20-year) policy as rates for smokers increase dramatically 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 the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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