Best Life Insurance Companies in Fresno, CA

According to MoneyGeek's analysis, Transamerica is the best life insurance company in Fresno for most adults, young people, seniors and smokers. In Fresno, California, the cost of the cheapest life insurance ranges from $9 per month for a $250K policy to $18 per month for a policy with the state's recommended coverage amount of $1,130,000.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Life insurance financially protects your loved ones if you pass away. MoneyGeek's research, which accounts for age, gender and smoking history, can help you find the best life insurance company in Fresno that fits your needs.

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2023

Best Life Insurance Companies in Fresno, CA, for 2023

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Best Cheap Life Insurance in Fresno

The cost of life insurance is impacted by gender and coverage amount. In Fresno, Transamerica offers the cheapest policies with $250K coverage limits for both men and women, at $8 and $7 per month, respectively.

Although a policy with a $250K coverage limit costs less, it may not provide sufficient coverage for your dependents. As such, you may want to opt for a policy that includes the recommended state coverage level. California’s recommended coverage level of $1,130,000 takes into account cost of living, average income, average personal debt, average age and other state-specific variables.

Transamerica offers the cheapest life insurance policies that include California’s recommended coverage level to both men and women at $18 and $14 per month, respectively.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Fresno for Men and Women

Life insurance premiums vary depending on your gender. In Fresno, men pay 14% less and women pay 19% less than the state average.

For $250K in coverage, men in Fresno pay an average of $15 per month, while women pay $12 per month. If you opt for a policy with California's recommended coverage level, your rates will significantly differ.

Policies that include California’s recommended coverage level of $1,130,000 cost $38 per month for men and $37 per month for women. Regardless of the coverage limit, 10-year term insurance policy costs approximately $22 per month for men and $21 per month for women.

Average Monthly Life Insurance Rates in Fresno: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $8
    $18
  • Nationwide
    $10
    $20
  • MassMutual
    $10
    $23
  • Mutual of Omaha
    $10
    $23
  • AAA
    $12
    $26
  • State Farm
    $15
    $34
  • Prudential
    $25
    $46
  • Progressive Life
    $14
    $54
Average Monthly Life Insurance Rates in Fresno: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $14
  • Nationwide
    $8
    $14
  • Mutual of Omaha
    $9
    $16
  • MassMutual
    $8
    $16
  • Progressive Life
    $10
    $39
  • AAA
    $14
    $40
  • State Farm
    $16
    $48
  • Prudential
    $15
    $58

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

The cost of life insurance is significantly impacted by gender; typically, men pay more for life insurance than women because women live longer and are less likely to engage in risky activities, develop chronic health conditions or work in hazardous environments.

Although studies show that men are more likely than women to own life insurance, more women should consider purchasing a policy. For a lower cost than men, women can obtain quality health insurance that provides their dependents with financial security.

Most Popular Life Insurance Companies in California

New York Life, Transamerica and Northwestern Mutual are the three most popular life insurance companies in California, with respective market shares of 8%, 7% and 5%. The top seven insurers account for 37% of the market in the state.

In the table below, MoneyGeek included the most popular life insurance companies in California, along with their market shares.

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

The market share of a company refers to the amount of sales a company makes with respect to an industry. A large market share in life insurance suggests that a company has sold more policies than its counterparts. MoneyGeek’s market share data is based on total premiums written in the state from 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Fresno

Life insurance rates for young people in Fresno can range from $15 to $23 per month. The two cheapest life insurance companies in Fresno for young individuals, as per MoneyGeek's analysis, are:

  • Transamerica: $15 per month
  • Mutual of Omaha: $16 per month

In the MoneyGeek table below, you can explore alternative providers and life insurance quotes in Fresno for young people.

Best Life Insurance Companies for Young People in Fresno, CA

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  • Company
    Monthly Cost
  • Transamerica
    $15
  • Mutual of Omaha
    $16
  • MassMutual
    $16
  • AAA
    $18
  • State Farm
    $20
  • Nationwide
    $20
  • Prudential
    $20
  • Progressive Life
    $23

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in California who is 5 feet 10 inches and 152 pounds that purchases a 20-year term contract at the average coverage need of $360K. 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

People under the age of 25 pay less for life insurance, but policies become more expensive as you age. Because of this, MoneyGeek recommends that you get life insurance when you're young to save money on premiums.

Cheapest Life Insurance for Seniors in Fresno

Life insurance premiums for seniors in Fresno range from around $33 to $75 per month. The most affordable life insurance companies in Fresno for seniors are as follows:

  • Transamerica: $33 per month
  • MassMutual: $35 per month

Other affordable life insurance providers for seniors in Fresno can be found in the MoneyGeek table below.

Best Life Insurance Companies for Seniors in Fresno, CA

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  • Company
    Monthly Cost
  • Transamerica
    $33
  • MassMutual
    $35
  • State Farm
    $38
  • Nationwide
    $38
  • AAA
    $39
  • Mutual of Omaha
    $40
  • Progressive Life
    $60
  • Prudential
    $75

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in California who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107K.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay more for life insurance since their coverage is likely to outlive them. However, because their beneficiaries are more likely to be financially independent, seniors require less coverage. MoneyGeek's sample senior policy coverage of $100K is usually sufficient for funeral expenses and arrangements.

Cheapest Life Insurance for Smokers in Fresno

Smokers in Fresno pay an average of $126 to $188 per month for life insurance. According to MoneyGeek’s study, the following are the best life insurance companies in Fresno for smokers:

  • Transamerica: $126 per month
  • Nationwide: $137 per month

Check out the MoneyGeek table below for more information on the most affordable life insurance in Fresno for smokers.

Best Life Insurance Companies for Smokers in Fresno, CA

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  • Company
    Monthly Cost
  • Transamerica
    $126
  • Nationwide
    $137
  • State Farm
    $149
  • Mutual of Omaha
    $153
  • MassMutual
    $153
  • AAA
    $161
  • Prudential
    $175
  • Progressive Life
    $188

Rates were determined by analyzing quotes for a 30-year-old male smoker in California 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 dramatically as you age.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurers regard smokers as risky to insure due to the long-term health effects of smoking. Because of this, the average monthly cost of life insurance for smokers is substantially higher than for non-smokers. However, you can still find providers that offer cheap life insurance for smokers. MoneyGeek also suggests purchasing a longer-term policy as insurance rates for smokers increase exponentially as you 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 Economics, 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


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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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