Best Life Insurance Companies in Irvine, CA

MoneyGeek’s analysis shows Transamerica is the best life insurance company in Irvine, California. The insurer is also the ideal option for young people, seniors and smokers in the city. We found that the monthly cost of a policy in Irvine can range from $15 for a policy with a coverage limit of $250K to $32 for a policy with California’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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A life insurance policy can help financially support your loved ones after you pass away. Since there are many insurers offering life insurance in Irvine, it might be difficult to find the one that best suits your needs.

In this guide, MoneyGeek analyzed life insurance policies from different companies to help you choose the ideal option based on your age, gender, lifestyle and more.

iconBestLife InsuranceIrvine, CA
2023

Best Life Insurance Companies in Irvine, CA, for 2023

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Best Cheap Life Insurance in Irvine

MoneyGeek found that Transamerica offers the most affordable $250K coverage policy for both men and women in Irvine, charging an average of $15 and $10 per month, respectively.

While a policy with a $250K coverage limit costs less, it might not be sufficient for most people. To ensure your beneficiaries are properly covered, you may want to opt for California’s recommended coverage amount of $1,130,000. The state’s recommended coverage amount is determined based on the cost of living, average income, average personal debt, average age and other state-specific factors.

Our research shows that Transamerica is also the cheapest insurer for a policy with the state’s recommended coverage amount. On average, the insurer charges $32 per month to insure men, while a policy for women costs $22 per month.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Irvine for Men and Women

Gender significantly impacts the cost of life insurance. MoneyGeek’s data shows that men in Irvine pay 54% more and women pay 26% more than the average cost of life insurance in California.

In Irvine, a $250K coverage policy costs an average of $26 per month for men and $19 per month for women.

A policy with California’s recommended coverage amount of $1,130,000 costs an average of $67 per month for men and $57 per month for women. The state-recommended coverage amount is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

On the other hand, women in Irvine pay an average of $32 per month for a 10-year term policy, while men pay an average of $39 per month for the same policy.

Average Monthly Life Insurance Rates in Irvine: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $15
    $32
  • Nationwide
    $18
    $36
  • MassMutual
    $17
    $40
  • Mutual of Omaha
    $18
    $41
  • AAA
    $21
    $46
  • State Farm
    $27
    $61
  • Prudential
    $44
    $82
  • Progressive Life
    $25
    $96
Average Monthly Life Insurance Rates in Irvine: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $22
  • Nationwide
    $13
    $22
  • Mutual of Omaha
    $13
    $25
  • MassMutual
    $12
    $25
  • Progressive Life
    $15
    $61
  • AAA
    $21
    $62
  • State Farm
    $25
    $74
  • Prudential
    $24
    $91

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

Generally, life insurance for women costs less because they have a longer lifespan than men. Many factors cause women to outlive men, including a high suicide rate and a greater chance of developing heart disease.

However, many studies show that men buy more life insurance policies than women. Having a life insurance policy as a female is essential, as it can protect your family from financial hurdles after your death.

Most Popular Life Insurance Companies in California

In California, New York Life, Transamerica and Northwestern Mutual are three most popular companies, with market shares of 8%, 7% and 5%, respectively. MoneyGeek's research shows that the state's seven most popular insurance companies make up 39% of the insurance market.

In the table below, we’ve included the seven most popular 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 represents its percentage of sales relative to other companies in its industry. If an insurer has a high market share, it has sold more policies and is considered a popular choice among customers.

The market share data that MoneyGeek is showing here was obtained from 2020 S&P Global data reports and based on total premiums written in the state.

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Cheapest Life Insurance for Young People in Irvine

Young people pay $26 to $41 per month for life insurance in Irvine. Based on our analysis, the following companies offer young people the cheapest life insurance in the city:

  • Transamerica: $26 per month
  • Mutual of Omaha: $29 per month

The table below will help you explore other options for the cheapest life insurance in the city.

Best Life Insurance Companies for Young People in Irvine, CA

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  • Company
    Monthly Cost
  • Transamerica
    $26
  • Mutual of Omaha
    $29
  • MassMutual
    $29
  • AAA
    $32
  • State Farm
    $35
  • Nationwide
    $36
  • Prudential
    $36
  • Progressive Life
    $41

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Irvine 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Insurers will charge you lower rates if you’re 25 years old or younger. Since life insurance premiums increase as you age, MoneyGeek recommends buying a policy at a younger age, as a way to save on policy costs.

Cheapest Life Insurance for Seniors in Irvine

In Irvine, the cost of life insurance for seniors can range from $59 to $134 per month, on average. MoneyGeek’s analysis shows that the following insurers provide the most affordable policies for seniors:

  • Transamerica: $59 per month
  • MassMutual: $62 per month

In the table below, we have listed other companies offering cheap life insurance in the city.

Best Life Insurance Companies for Seniors in Irvine, CA

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  • Company
    Monthly Cost
  • Transamerica
    $59
  • MassMutual
    $62
  • State Farm
    $68
  • Nationwide
    $68
  • AAA
    $70
  • Mutual of Omaha
    $71
  • Progressive Life
    $106
  • Prudential
    $134

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurers charge seniors higher rates since their policy will likely outlive them. If you’re older, you can still save money by getting less coverage. Low coverage policies are typically sufficient, since your beneficiaries typically aren’t financially dependent on you. Most of your insurance amount will be used by your family to cover funeral expenses, estate taxes or other financial obligations. That’s why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Irvine

MoneyGeek’s data shows that smokers in Irvine pay between $223 and $333 per month, on average, for life insurance. The following companies in the city provide the most affordable policies for smokers:

  • Transamerica: $223 per month
  • Nationwide: $244 per month

The table below shows a comprehensive list of providers that offer the best life insurance for smokers in the city.

Best Life Insurance Companies for Smokers in Irvine, CA

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  • Company
    Monthly Cost
  • Transamerica
    $223
  • Nationwide
    $244
  • State Farm
    $264
  • Mutual of Omaha
    $271
  • MassMutual
    $271
  • AAA
    $285
  • Prudential
    $311
  • Progressive Life
    $333

Rates were determined by analyzing quotes for a 30-year-old male smoker in Irvine 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 consider smokers riskier to insurance because they’re more prone to life-threatening health conditions, like lung disease. As such, smokers typically pay a higher premium for life insurance. However, finding a cheap life insurance policy as a smoker is still possible. MoneyGeek recommends buying a 20-year term policy to have extended coverage, as rates for smokers increase significantly 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 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


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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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