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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.