Updated: May 22, 2024
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Reasons for purchasing life insurance may vary based on the consumer’s needs and goals. In addition to helping with debt repayment, living expenses and any final or medical fees, it offers financial security to beneficiaries.
By comparing quotes, you may find the best life insurance company in Fremont. MoneyGeek's research can help you find the best insurance for your unique profile.
BestLife InsuranceFremont, CABest Life Insurance Companies in Fremont, CA, for 2023
Transamerica has the most affordable $250K coverage in Fremont, with average monthly premiums of $16 for men and $11 for women. Even though it is less expensive, a policy with $250K in coverage might not be adequate.
The average recommended amount of life insurance in California is $1,130,000, which is based on state-specific factors. Transamerica offers the cheapest life insurance in Fremont for both men and women for $1,130,000 in coverage, costing about $36 and $24 per month, respectively.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
Depending on your gender, life insurance costs differ. Men pay 70% more than the state average in Fremont, while women pay 39% more.
For coverage up to $250K, men in Fremont pay an average of $29 monthly, as opposed to $21 for women.
If you opt for California's recommended coverage level, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, personal debt and age, you’ll pay around $63 if you are a woman in Fremont and approximately $74 if you are a man.
The average monthly cost of 10-year term insurance, regardless of the amount of coverage, is $43 for men and $36 for women.
| Transamerica | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $36 |
| Nationwide | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $39 |
| MassMutual | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $44 |
| Mutual of Omaha | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $46 |
| AAA | Rates for $250K Coverage$23 | Rates for $926K Coverage (Recommended) $51 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $24 |
| Nationwide | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $25 |
| Mutual of Omaha | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $27 |
| MassMutual | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $28 |
| Progressive Life | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $67 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Fremont 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 costs in Fremont are significantly influenced by gender. Women frequently live longer than men, which results in lower costs. Meanwhile, men are generally more prone to work in hazardous environments and engage in dangerous activities that’s why insurers charge them greater premiums.
Moreover, males are more likely than females to purchase life insurance. No matter who the family's main provider is, every woman should consider getting life insurance to protect her family in the event of death or disability.
On average, the top three life insurance providers in California are New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%), according to their market shares.
The major life insurance companies in California are included on the MoneyGeek chart below, along with their respective market shares. The top seven companies collectively hold approximately 39% of the market share.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
To determine how strong a company is in the market, market share, which is the proportion of sales compared to competitors in its industry, is widely used. A business with a sizable life insurance market share has sold more policies than its counterparts.
MoneyGeek's market share statistics are derived from the total premiums paid by each company as listed in the S&P Global 2020 state reports.
In Fremont, life insurance premiums for younger people can range from $29 to $46 per month. For the average young person in Fremont, the two most affordable life insurance companies are:
The MoneyGeek table below allows you to examine more life insurance quotes for young individuals in Fremont.
| Transamerica | Monthly Cost$29 |
| Mutual of Omaha | Monthly Cost$32 |
| MassMutual | Monthly Cost$32 |
| AAA | Monthly Cost$36 |
| State Farm | Monthly Cost$39 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Fremont 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 costs are lower for those under 25. As you get older and are more likely to contract certain diseases, your insurance expenses will rise. When you are young, buying life insurance can help you secure lower rates and is one of the best ways to save money.
The monthly premiums for senior life insurance in Fremont normally range from $65 to $148. On average, the following are the top two senior-friendly life insurance providers in Fremont:
More information about the top senior life insurance companies in Fremont is available in the MoneyGeek table below.
| Transamerica | Monthly Cost$65 |
| MassMutual | Monthly Cost$69 |
| State Farm | Monthly Cost$75 |
| Nationwide | Monthly Cost$75 |
| AAA | Monthly Cost$77 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Fremont who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.
Prices for senior life insurance are pricier because as you get older, it's more likely that your policy will outlast you. Because their beneficiaries are more likely to be mature adults with their own finances, seniors often do not need as much insurance.
Plans for life insurance for seniors typically cover things like funeral costs, inheritance taxes and other associated charges. As a result, MoneyGeek's sample of senior insurance coverage is less extensive than the coverage chosen for other profiles.
Smokers in Fremont can expect to pay an average of $247 to $368 per month for life insurance. For smokers in Fremont, the following life insurance companies provide the cheapest average rates:
For more information on the cheapest life insurance companies in Fremont for smokers, see the MoneyGeek table below.
| Transamerica | Monthly Cost$247 |
| Nationwide | Monthly Cost$270 |
| State Farm | Monthly Cost$292 |
| Mutual of Omaha | Monthly Cost$299 |
| MassMutual | Monthly Cost$300 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Fremont 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.
Average monthly premiums for life insurance for smokers are higher than for non-smokers. Due to the long-term negative effects of smoking on one's health, smokers are susceptible to higher premiums from insurers that view them as high-risk individuals. Smokers can still afford life insurance in spite of this. Since smoking increases your premiums as you age, MoneyGeek suggests purchasing insurance for a longer period of time (20 years).
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.
