Best Life Insurance Companies in Los Angeles, CA

Based on MoneyGeek’s analysis, Transamerica is the best overall life insurance company in Los Angeles. It’s also the best option for young people, seniors and smokers. The company’s average rates in this city typically range from $9 per month for a $250K coverage policy to $19 per month for the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Life insurance can be a good way to provide for your loved ones after your passing. That said, there are many options to choose from, so shopping around is crucial. Find the best life insurance companies in Los Angeles, California, with the help of MoneyGeek’s analysis of their average rates based on your age, gender and smoking history.

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2023

Best Life Insurance Companies in Los Angeles, CA, for 2023

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Best Cheap Life Insurance in Los Angeles

Your gender and coverage amount will dictate how much you’ll pay for a life insurance policy. Transamerica offers the cheapest life insurance in Los Angeles with $250K in coverage, charging an average rate of $9 per month for men and $7 per month for women.

While a policy with $250K in coverage is more affordable, it may not be enough for most people. If this is the case, consider your state’s recommended coverage amount, which is determined by state-specific factors like cost of living, average income, average personal debt and average age.

In California, the state-recommended coverage amount is $1,130,000. At this coverage level, the cheapest life insurance provider in Los Angeles for men and women is still Transamerica, offering average rates of $20 per month and $15 per month, respectively.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Los Angeles for Men and Women

Based on MoneyGeek’s analysis, men in Los Angeles pay 8% less than the California state average for life insurance. Meanwhile, women in Los Angeles pay 12% less for a policy.

In Los Angeles, life insurance with $250K in coverage costs an average of $15 per month for men and $13 per month for women. However, these rates change if you get your state’s recommended coverage amount, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

For a California life insurance policy with the state-recommended coverage amount ($1,130,000), the average cost increases to $40 per month for both men and women in Los Angeles.

A 10-year term policy in Los Angeles has an average cost of $23 per month for men and $22 per month for women, regardless of coverage limit.

Average Monthly Life Insurance Rates in Los Angeles: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $19
  • Nationwide
    $11
    $21
  • MassMutual
    $10
    $24
  • Mutual of Omaha
    $11
    $25
  • AAA
    $12
    $28
  • State Farm
    $16
    $36
  • Prudential
    $26
    $49
  • Progressive Life
    $15
    $57
Average Monthly Life Insurance Rates in Los Angeles: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $15
  • Nationwide
    $9
    $16
  • Mutual of Omaha
    $9
    $17
  • MassMutual
    $8
    $18
  • Progressive Life
    $10
    $42
  • AAA
    $15
    $43
  • State Farm
    $17
    $52
  • Prudential
    $17
    $63

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

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is one of the primary factors affecting the cost of life insurance. Based on a report by the National Center for Health Statistics (NCHS), women pay less for a policy because they have longer life expectancies. On the other hand, men have shorter lifespans due to various factors, such as working dangerous jobs, risk of heart disease and a tendency to avoid doctors.

That said, studies showed that men buy life insurance more often than women. Breadwinners or not, women are essential contributors to the household and should consider life insurance.

Most Popular Life Insurance Companies in California

According to MoneyGeek’s analysis, New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%) are the most popular life insurance companies in California by market share.

Overall, the seven most popular companies in California comprise 37% of the state’s life insurance market share. Review the table below to see which companies made it to the seven most popular list.

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 is the percentage of its total sales compared to others in the same industry. The company with the largest market share is usually considered the market leader. The market share data in this guide is based on total premiums written in S&P Global’s 2020 market intelligence reports.

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Cheapest Life Insurance for Young People in Los Angeles

For young people, the cost of life insurance in Los Angeles averages from $16 per month to $25 per month. MoneyGeek found that the cheapest companies for this age group in Los Angeles are:

  • Transamerica: $16 per month
  • Mutual of Omaha: $17 per month

The table below contains the complete list of life insurance quotes for young people in Los Angeles.

Best Life Insurance Companies for Young People in Los Angeles, CA

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  • Company
    Monthly Cost
  • Transamerica
    $16
  • Mutual of Omaha
    $17
  • MassMutual
    $17
  • AAA
    $19
  • State Farm
    $21
  • Nationwide
    $22
  • Prudential
    $22
  • Progressive Life
    $25

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Los Angeles who is 5 feet 10 inches tall and weighs 152 pounds with a 20-year term contract at the average coverage need of $360K. 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

Life insurance tends to be cheaper for adults 25 and under, but it gets more expensive over time. Thus, buying a policy is better when you’re younger, and premiums are lower.

Cheapest Life Insurance for Seniors in Los Angeles

On average, the cost of life insurance in Los Angeles for seniors can range from $36 to $80 per month. According to MoneyGeek’s analysis, the two most affordable companies for older adults in Los Angeles are:

  • Transamerica: $36 per month
  • MassMutual: $37 per month

Review the complete list of the cheapest life insurance companies in Los Angeles for seniors in the table below.

Best Life Insurance Companies for Seniors in Los Angeles, CA

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  • Company
    Monthly Cost
  • Transamerica
    $36
  • MassMutual
    $37
  • State Farm
    $41
  • Nationwide
    $41
  • AAA
    $42
  • Mutual of Omaha
    $43
  • Progressive Life
    $64
  • Prudential
    $80

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Los Angeles who is 5 feet 10 inches tall and weighs 179 pounds with a 10-year term contract at the average coverage need of $107K.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors tend to pay higher premiums because their policy is expected to outlive them. Seniors can save money by getting less coverage. Most seniors are fine with a lower coverage level since their children are already grown and less financially dependent on them. Moreover, seniors only need life insurance to cover expenses like funeral arrangements and estate tax. This is why MoneyGeek’s sample policy coverage for seniors is around $107K.

Cheapest Life Insurance for Smokers in Los Angeles

The average cost of life insurance in Los Angeles for smokers ranges from $134 to $200 per month. The two companies offering the lowest rates for smokers in Los Angeles are:

  • Transamerica: $134 per month
  • Nationwide: $146 per month

You can check the table below for the complete list of affordable insurers for smokers in Los Angeles.

Best Life Insurance Companies for Smokers in Los Angeles, CA

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  • Company
    Monthly Cost
  • Transamerica
    $134
  • Nationwide
    $146
  • State Farm
    $159
  • Mutual of Omaha
    $163
  • MassMutual
    $163
  • AAA
    $171
  • Prudential
    $186
  • Progressive Life
    $200

Rates were determined by analyzing quotes for a 30-year-old male smoker in Los Angeles 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.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Life insurance is usually more expensive for smokers since they risk developing smoking-related diseases that impact their life expectancies. That said, shopping around for cheap life insurance for smokers is possible. If you have a smoking history, MoneyGeek suggests buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically over time.

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Methodology

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 the Author


Mark Fitzpatrick headshot

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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