Updated: May 22, 2024
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With a life insurance policy, you can provide financial assistance to your beneficiaries if you pass away. We at MoneyGeek are committed to helping you find a Long Beach insurance policy that fits your lifestyle by comparing prices.
Find Long Beach life insurance companies that offer the best rates based on your age, gender and smoking history with MoneyGeek.
BestLife InsuranceLong Beach, CABest Life Insurance Companies in Long Beach, CA, for 2023
It is important to note that gender and coverage amount are two major factors affecting life insurance prices. For a policy with a $250K coverage limit in Longbeach, Transamerica is the most affordable company at $9 per month for men and $7 per month for women.
Although a policy with a $250,000 coverage limit is less expensive, it might not be sufficient for most people. An amount of coverage is recommended in each state based on its cost of living, average income, average personal debt and average age.
The recommended coverage amount of $1,130,000 in California will ensure your loved ones are adequately supported financially. Both men and women can get the cheapest insurance for this coverage level with Transamerica. On average, men pay $20 per month, while women pay $16.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
In Long Beach, life insurance for men costs about 3% less than the average cost for men in California, according to MoneyGeek. Meanwhile, Long Beach-based women pay around 8% less than California's average life insurance cost.
By comparing coverage amounts and policy length, MoneyGeek looked at the average life insurance cost in Long Beach for men and women. For a $250K life insurance policy, the average cost is $16 per month for men and $14 per month for women.
For an additional fee, you can purchase California's recommended coverage level of $1,130,000 if you need more coverage. The higher state-recommended coverage in Long Beach costs approximately $42 per month for both men and women.
For a 10-year term policy, regardless of coverage level, the average monthly cost for men is $24 and for women is $23.
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $20 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $26 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $29 |
| Transamerica | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| 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) $18 |
| Progressive Life | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $44 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Long Beach 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.
There is a strong correlation between gender and life insurance premiums. According to the National Center for Health Statistics (NCHS), women pay lower insurance premiums because they live longer. There are several factors why women outlive men, including their riskier occupations and their reluctance to see a doctor regularly.
Life insurance policies are mostly held by men, despite statistics showing women live longer. Women should purchase a good life insurance policy regardless of their role in the household. Children, parents in need of care and other dependents will benefit from life insurance.
With respective market shares of 8%, 7%, and 5%, New York Life, Transamerica, and Northwestern Mutual are the three most popular life insurance companies in California. In the state of California, the seven largest life insurance companies make up 37% of the market share.
MoneyGeek lists California's most popular life insurance companies and 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% |
Comparing a company's sales to its competitors is how it determines its market share. When a company has a high market share, it is more likely to dominate the market. The company with the highest market share sold more policies than the company with the lowest market share.
MoneyGeek's analysis provides market share information based on each company's total premiums from S&P Global.
A monthly life insurance premium for a young person in Long Beach typically ranges from $17 to $26. For this age group, MoneyGeek found the cheapest life insurance companies to be:
In the table below, you will find the complete list of the most affordable life insurance companies for young adults in Long Beach.
| Transamerica | Monthly Cost$17 |
| Mutual of Omaha | Monthly Cost$18 |
| MassMutual | Monthly Cost$18 |
| AAA | Monthly Cost$20 |
| State Farm | Monthly Cost$22 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Long Beach 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 general, life insurance costs less when you're younger and more as you age. Buying a policy at a young age will help you save on life insurance in Long Beach because rates are lower.
Long Beach seniors pay $37 to $85 a month on average for life insurance. MoneyGeek found the following companies to be the cheapest for older adults in Long Beach:
In the table below, you can find more life insurance companies with the lowest rates for seniors in Long Beach.
| Transamerica | Monthly Cost$37 |
| MassMutual | Monthly Cost$39 |
| State Farm | Monthly Cost$43 |
| Nationwide | Monthly Cost$43 |
| AAA | Monthly Cost$44 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Long Beach who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.
Older adults are more likely to pay higher life insurance premiums since they are closer to the end of their life expectancy. The cost of premiums can be reduced by getting less coverage. A senior's beneficiaries should not need as much financial support if they are grown adults who can care for themselves.
It is common for seniors to only need life insurance to pay for funeral arrangements and debts remaining after their passing. This is why we provide $94K of coverage in our senior sample policy.
In Long Beach, life insurance can cost between $141 and $210 per month for people who smoke. Among the most affordable companies in Long Beach for smokers, MoneyGeek found:
Here are some other Long Beach companies offering affordable rates to smokers.
| Transamerica | Monthly Cost$141 |
| Nationwide | Monthly Cost$154 |
| State Farm | Monthly Cost$167 |
| Mutual of Omaha | Monthly Cost$171 |
| MassMutual | Monthly Cost$171 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Long Beach 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.
As a result of their proneness to life-threatening illnesses, life insurance companies consider smokers risky to insure. This results in higher insurance rates for smokers. Smokers still have access to affordable life insurance options like those provided above. Buying a long-term policy (20 years) is also a good idea if you're a smoker since your rates will exponentially rise as you get older.
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 Economics, 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.
