Best Life Insurance Companies in Elk Grove, CA for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.