Updated: May 22, 2024
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If you are the main provider in your family, life insurance gives you peace of mind that your family can get by financially if you pass away. Life insurance quotes in Hayward city differ depending on your buyer profile. It can be hard to choose the right insurers without comparing offers from several providers.
Compare rates from the best life insurance companies in Hayward, California, using MoneyGeek’s guide.
BestLife InsuranceHayward, CABest Life Insurance Companies in Hayward, CA, for 2023
The cheapest life insurance company in Hayward is Transamerica, which sells policies at around $11 per month for men and approximately $9 per month for women.
Although a $250K coverage limit is the cheapest option in the city, you may want to increase your coverage to meet the state’s recommended amount. The recommended amount of coverage in California is $1,130,000 and is based on state-specific factors.
Transamerica offers the cheapest policy for this coverage limit at around $23 per month for men and approximately $18 per month for women.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
Between men and women, life insurance quotes in Hayward are typically more expensive for men than women. Likewise, life insurance in Hayward for men and women is typically higher than the state average. Men pay approximately 9% more than the average, while women pay roughly 5% more.
A $250K coverage-limit policy in Hayward costs around $18 per month for men and roughly $16 per month for women.
To meet California’s recommended coverage of $1,130,000, which is based on factors like per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age, the cost of monthly premiums is around $47 for men and $48 for women.
Additionally, a 10-year term policy costs $27 per month for men and $27 per month for women, regardless of the coverage amount.
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $28 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $29 |
| AAA | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $32 |
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $21 |
| Progressive Life | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $50 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Hayward 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 quotes for males in Hayward are typically (but not always) more expensive compared to their female counterparts. This is caused by a difference in their life expectancy. Women are likely to live longer than men since men are inclined to participate in dangerous jobs and activities. They are less socially connected, which is correlated to one’s overall health.
When it comes to buying life insurance, men are more likely to buy life insurance than women. Women need life insurance just as likely as men do. As a contributor to their household, it’s a good idea for women to get life insurance.
New York Life (roughly 8%), Transamerica (approximately 7%) and Northwestern Mutual (around 5%) are the three top companies in Hayward that take up the most market share. Based on MoneyGeek’s analysis, the seven most popular companies in the city make up an average of 37% of the total market share.
MoneyGeek listed down the most popular life insurance companies in Hayward according to their market shares in the table below.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
A company’s market share records the number of policies a life insurance provider sells in relation to other companies in the same industry. The insurers with the highest market share dominate the market. In this MoneyGeek guide, the market share data is derived from S&P Global’s 2020 market intelligence reports.
For young people in Hayward, the average life insurance premiums can range from $19 to $29 per month. Based on MoneyGeek’s rankings, the top two most affordable insurers for young people in Hayward are, on average:
You can see life insurance quotes in Hayward for young people in the table below.
| Transamerica | Monthly Cost$19 |
| Mutual of Omaha | Monthly Cost$20 |
| MassMutual | Monthly Cost$20 |
| AAA | Monthly Cost$23 |
| State Farm | Monthly Cost$25 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Hayward 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 increase as you age. Young people typically get the cheapest life insurance quotes since they are less prone to certain illnesses compared to buyers who are much older. Therefore, it might be a wise financial decision to buy life insurance while you’re young since you will be able to get cheaper rates.
If you’re a senior in Hayward, life insurance quotes can range from around $42 to $95 per month. On average, the top life insurance companies with the cheapest rates for seniors are:
Compare the best and the cheapest life insurance in Hayward for seniors in the table below.
| Transamerica | Monthly Cost$42 |
| MassMutual | Monthly Cost$44 |
| State Farm | Monthly Cost$48 |
| Nationwide | Monthly Cost$48 |
| AAA | Monthly Cost$49 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Hayward who is 5 feet 10 inches and 179 pounds that purchases a 10-year term at the average coverage need of $107,000.
Since seniors are more prone to illnesses, life insurance premiums are often more expensive. However, most seniors may not need as much coverage. Often, their beneficiaries may already be financially independent adults. Thus, MoneyGeek adjusted the coverage amount to pay for at least the funeral and burial expenses, estate taxes and debts. As a result, premiums quoted for seniors in this study are lower than for other groups.
Smokers in Hayward pay life insurance premiums ranging between $158 and $236 per month. On average, the top two most affordable companies in Hayward for smokers are:
MoneyGeek listed the best and cheapest life insurance companies in Hayward for smokers in the table below.
| Transamerica | Monthly Cost$158 |
| Nationwide | Monthly Cost$172 |
| State Farm | Monthly Cost$187 |
| Mutual of Omaha | Monthly Cost$191 |
| MassMutual | Monthly Cost$192 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Hayward 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.
Smoking comes with many smoking-related illnesses, such as heart attack, stroke and coronary heart disease. These reduce life expectancy. As a result, life insurance quotes for people with a smoking history are often the most expensive. You might be able to find cheap policies by comparing affordable life insurance for smokers. We recommend buying a longer-term policy (at least 20 years) since premiums skyrockets if you have a history of smoking.
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.
