Best Life Insurance Companies in Irvine, CA, for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.