Updated: May 22, 2024
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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.
BestLife InsuranceIrvine, CABest Life Insurance Companies in Irvine, CA, for 2023
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 For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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.
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $32 |
| Nationwide | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $36 |
| MassMutual | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $40 |
| Mutual of Omaha | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $41 |
| AAA | Rates for $250K Coverage$21 | Rates for $926K Coverage (Recommended) $46 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $22 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $22 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| Progressive Life | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $61 |
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.
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.
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.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
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.
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:
The table below will help you explore other options for the cheapest life insurance in the city.
| Transamerica | Monthly Cost$26 |
| Mutual of Omaha | Monthly Cost$29 |
| MassMutual | Monthly Cost$29 |
| AAA | Monthly Cost$32 |
| State Farm | Monthly Cost$35 |
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.
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.
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:
In the table below, we have listed other companies offering cheap life insurance in the city.
| Transamerica | Monthly Cost$59 |
| MassMutual | Monthly Cost$62 |
| State Farm | Monthly Cost$68 |
| Nationwide | Monthly Cost$68 |
| AAA | Monthly Cost$70 |
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.
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.
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:
The table below shows a comprehensive list of providers that offer the best life insurance for smokers in the city.
| Transamerica | Monthly Cost$223 |
| Nationwide | Monthly Cost$244 |
| State Farm | Monthly Cost$264 |
| Mutual of Omaha | Monthly Cost$271 |
| MassMutual | Monthly Cost$271 |
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.
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.
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.
