Best Life Insurance Companies in Modesto, CA

The best life insurance company in Modesto is Transamerica, offering the cheapest premiums for the average adult, young people, seniors and smokers. The starting cost of a life insurance policy with a $250K coverage limit is $10 per month, while policies that include the state’s recommended coverage amount begin at $21 per month.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Modesto, CA, for 2023

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Best Cheap Life Insurance in Modesto

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.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Modesto for Men and Women

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.

Average Monthly Life Insurance Rates in Modesto: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $21
  • Nationwide
    $12
    $23
  • MassMutual
    $11
    $26
  • Mutual of Omaha
    $12
    $26
  • AAA
    $13
    $29
  • State Farm
    $17
    $39
  • Prudential
    $28
    $52
  • Progressive Life
    $16
    $61
Average Monthly Life Insurance Rates in Modesto: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $15
  • Nationwide
    $9
    $15
  • Mutual of Omaha
    $9
    $17
  • MassMutual
    $8
    $18
  • Progressive Life
    $10
    $42
  • AAA
    $15
    $43
  • State Farm
    $17
    $51
  • Prudential
    $17
    $63

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Since women typically have a longer lifespan than men, they pay less for life insurance. Men die earlier than women because they have more dangerous jobs, engage in riskier behavior and go to the doctor less frequently.

Still, men are more likely than women to buy life insurance. Women can close this gender gap and benefit from low-cost life insurance policies that financially protect their families.

Most Popular Life Insurance Companies in California

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.

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 calculated by dividing its total sales by the industry’s total sales over a specific time period. Therefore, the market share can reflect the growth, performance and competitiveness of a company compared to others in the same field.

The market share data shared by MoneyGeek is from the 2020 S&P Global data reports. These numbers were based on the reported total premiums in Modesto.

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Cheapest Life Insurance for Young People in Modesto

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.

Best Life Insurance Companies for Young People in Modesto, CA

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  • Company
    Monthly Cost
  • Transamerica
    $17
  • Mutual of Omaha
    $18
  • MassMutual
    $18
  • AAA
    $21
  • State Farm
    $23
  • Nationwide
    $23
  • Prudential
    $23
  • Progressive Life
    $26

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is less expensive for those under the age of 25. Although the cost of life insurance will increase as you get older, purchasing a life insurance policy while you’re young can help save you money.

Cheapest Life Insurance for Seniors in Modesto

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.

Best Life Insurance Companies for Seniors in Modesto, CA

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  • Company
    Monthly Cost
  • Transamerica
    $38
  • MassMutual
    $40
  • State Farm
    $43
  • Nationwide
    $43
  • AAA
    $45
  • Mutual of Omaha
    $45
  • Progressive Life
    $68
  • Prudential
    $86

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Life insurance for seniors is more expensive since there’s a greater chance that their policies will outlive them. Seniors, however, can purchase life insurance with lower coverage since their children are more likely to be financially independent. As such, senior buyers typically only need enough coverage for funeral expenses and arrangements. MoneyGeek took these factors into consideration and chose a lower coverage amount for our sample senior customer.

Cheapest Life Insurance for Smokers in Modesto

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.

Best Life Insurance Companies for Smokers in Modesto, CA

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  • Company
    Monthly Cost
  • Transamerica
    $143
  • Nationwide
    $156
  • State Farm
    $169
  • Mutual of Omaha
    $173
  • MassMutual
    $174
  • AAA
    $183
  • Prudential
    $199
  • Progressive Life
    $213

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smoking has been shown to contribute to several life-threatening health conditions. Because of this, life insurance companies view smokers as high-risk customers and charge them higher premiums than non-smokers. However, smokers can still find budget-friendly life insurance policies. To avoid paying exorbitant rates in the future, smokers can purchase a policy with a 20-year term.

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Insurance Rates

Methodology

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 the Author


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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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