Best Life Insurance Companies in Modesto, CA, for 2024

Life insurance financially protects your beneficiaries after you pass away. But with so many providers to choose from, finding the best life insurance policy can be difficult. MoneyGeek’s guide includes rates from the most affordable life insurance companies in Modesto, California, to help you choose the best policy that fits your needs.

Men and women can find the cheapest life insurance in Modesto from Transamerica. The monthly cost of a policy with a $250K coverage limit is $10 for men and $7 for women.

A policy with a $250K coverage limit is cheaper, but it may not meet the needs of most people. Those that want more coverage should consider purchasing a policy with a coverage limit of $1,130,000 — the state’s recommended coverage amount. This amount is based on state-specific factors, like average income, personal debt and age.

The cheapest monthly premiums for a policy with a $1,130,000 coverage limit are offered by Transamerica to men and women at $21 and $15 per month, respectively.

Compared to the average rates of life insurance in California, life insurance in Modesto is 2% cheaper for men and 13% cheaper for women. Several factors influence the cost of your life insurance, including gender, lifestyle, age and health.

One of the leading factors that determines the cost of your life insurance is gender. For a policy with a $250K coverage limit, men pay $17 per month, while women only pay $13 per month for the same coverage.

In Modesto, a policy with the state-recommended coverage amount costs $43 per month for men and $40 per month for women. The state-recommended coverage amount of $1,130,000 is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age, among other factors. A 10-year term policy costs $25 per month for men and $22 per month for women, regardless of coverage amount.

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

In California, the most popular life insurance companies are New York Life, Transamerica and Northwestern Mutual, with respective market shares of 8%, 7% and 5%.

The seven leading life insurance companies in California have a combined total market share of 39%. The table below shows these companies and their respective market shares.

In Modesto, young people can purchase life insurance at a cost between $17 and $26 per month. The cheapest companies for life insurance for young people in this city are the following:

• Transamerica: $17 per month
• Mutual of Omaha: $18 per month

The table below shows a full list of the companies that offer life insurance for young people, as well as their respective rates.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Modesto who is 5 feet 10 inches in height 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.

In Modesto, a life insurance policy for seniors costs between $38 and $86 per month. To get the most affordable life insurance policy, seniors should consider the following companies:

• Transamerica: $38 per month
• MassMutual: $40 per month

The table below contains a complete list of companies that offer life insurance to seniors in Modesto.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Modesto who is 5 feet 19 inches tall and weighs 179 pounds with a 10-year term contract at the average coverage need of $107K.

Life insurance in Modesto can cost between $143 and $213 per month for smokers. These prices are more expensive than a standard policy because smokers are considered high-risk individuals. Nevertheless, smokers can save money by purchasing a policy from the following cheapest companies:

• Transamerica: $143 per month
• Nationwide: $156 per month

Refer to the table below for a list of companies, as well as their corresponding rates, that offer life insurance for smokers.

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