Updated: May 22, 2024
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If you have dependents, a life insurance policy can help support them financially after you pass away. Life insurance quotes in Lancaster can vary depending on your profile, so it is best to compare providers to get the best rates.
MoneyGeek ranked the best life insurance companies in Lancaster, California, to help you find the best provider for your needs and background.
BestLife InsuranceLancaster, CABest Life Insurance Companies in Lancaster, CA, for 2023
Transamerica offers the cheapest life insurance for men and women in Lancaster at an average cost of $10 and $8 per month for $250K coverage, respectively.
A life insurance policy with $250,000 coverage is cheaper but may not be sufficient. The recommended life insurance coverage for California is $1,130,000 based on state-specific factors. For men and women, Transamerica offers the cheapest coverage for the state-recommended coverage, at around $21 and $16 monthly, respectively.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
On average, men in Lancaster pay higher rates for life insurance than women. Life insurance rates for men in Lancaster are almost equal to the average rate for the state of California, while women pay around 5% less compared to the state average.
Men in Lancaster pay an average of $17 monthly for a $250K life insurance policy, while women pay roughly $14 monthly.
For life insurance with the recommended state coverage, which is based on factors such as per capita income from the U.S. Bureau of Economic Analysis, average personal debt and the average age in the state, men and women pay an average of $43 per month for the recommended coverage of $1,130,000.
Regardless of the coverage amount, a 10-year policy costs an average of $25 per month for men and $24 per month for women.
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $21 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $26 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $27 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $30 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $19 |
| Progressive Life | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $45 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Lancaster 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 rates tend to be cheaper for women compared to men since women have a higher life expectancy than men. Men tend to be at an increased risk for diseases such as cardiovascular disease and are also more likely to engage in risky behavior, so they typically have shorter lifespans.
Despite life insurance being cheaper for women, studies have found that more men buy life insurance compared to women. However, life insurance can be equally important for women since they also contribute to the financial stability of their families.
In California, the three most popular life insurance companies on average are New York Life with 8% market share, Transamerica with 7% and Northwestern Mutual with 5% of the market share.
The seven most popular life insurance companies in California make up roughly 37% of the total life insurance market share in the state. You can look up the most popular companies by market share in California 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 represents the percentage of sales or revenue a company generates compared to its competitors in the same market. For this analysis, MoneyGeek analyzed the most popular life insurance companies in California based on S&P Global’s 2020 market intelligence reports.
Young people in Lancaster pay between $17 and $27 for life insurance. On average, for young adults, the most affordable life insurance companies in Lancaster are:
You can look up the cheapest life insurance companies for young adults in Lancaster in the table below.
| Transamerica | Monthly Cost$17 |
| Mutual of Omaha | Monthly Cost$19 |
| MassMutual | Monthly Cost$19 |
| AAA | Monthly Cost$21 |
| State Farm | Monthly Cost$23 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Lancaster who is 5 feet 10 inches in height and weighs 152 pounds with 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 is typically cheaper for young people because they tend to have a higher life expectancy. This means you can save significantly on your life insurance premiums if you buy a policy at a younger age.
If you are a senior looking for life insurance in Lancaster, you can expect to pay between $39 and $87 per month. On average, the cheapest life insurance companies for seniors in Lancaster are:
You can compare companies with the cheapest rates for seniors in the table below.
| Transamerica | Monthly Cost$39 |
| MassMutual | Monthly Cost$41 |
| State Farm | Monthly Cost$44 |
| Nationwide | Monthly Cost$44 |
| AAA | Monthly Cost$46 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Lancaster who is 5 feet 10 inches tall and weighs 179 pounds with a 10-year term contract at the average coverage need of $107,000.
Life insurance costs more for seniors because they have a short life expectancy, which means their policy is likely to outlive them.
Most seniors do not need life insurance with high coverage levels, which is why our sample policy coverage for seniors is lower than for other groups. Seniors can get by with less coverage because they are less likely to have young dependents, so there is less need for life insurance to cover future income. Policies with low coverage amounts typically cover fewer expenses over time but will help meet final expenses.
Smokers in Lancaster pay between $146 and $218 for life insurance. On average, the cheapest life insurance companies in Lancaster for smokers are:
You can use the table below to compare the most affordable companies for smokers in Lancaster.
| Transamerica | Monthly Cost$146 |
| Nationwide | Monthly Cost$159 |
| State Farm | Monthly Cost$173 |
| Mutual of Omaha | Monthly Cost$177 |
| MassMutual | Monthly Cost$177 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Lancaster who is 5 feet 10 inches tall and weighs 179 pounds with a 20-year term contract at the average coverage need of $1,130,000.
Smoking is a risk factor for various health conditions, which makes smokers a high-risk category for life insurance. This means smokers typically pay higher rates for life insurance compared to non-smokers. However, as a smoker, you can find cheaper rates by comparing life insurance quotes. You can also buy a longer 20-year term policy to provide extended coverage as rates for smokers increase exponentially with 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.
