Best Life Insurance Companies in Moreno Valley, CA, for 2024


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ByMark Fitzpatrick
Reviewed byKatherine Kurtz
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ByMark Fitzpatrick
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Reviewed byKatherine Kurtz
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Updated: January 23, 2024

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Life insurance provides financial support for your beneficiaries if you pass away. Shopping around and comparing rates from different lenders can help you find the best life insurance in Moreno Valley for you. To help you get started, MoneyGeek found the best life insurance companies in Moreno Valley based on gender, age and smoking history.

MoneyGeek Logo IconBestLife InsuranceMoreno Valley
2024

Best Life Insurance Companies in Moreno Valley, CA, for 2023

Best Cheap Life Insurance in Moreno Valley

Your life insurance premium will differ based on your gender and your policy’s coverage amount. Transamerical offers the cheapest $250K policy in Moreno Valley, charging an average of $9 for men and $7 per month for women.

In most cases, a policy with a $250K coverage limit will not provide enough coverage. To assess how much coverage you should purchase, states provide a recommended coverage amount based on cost of living, household income, average personal debt, age and other state-specific factors. In California, the state’s recommended coverage is $1,130,000.

To ensure the financial security of your family, you may want to purchase the state-recommended coverage amount. For policies with this added coverage, Transamerica offers the best deal for men and women at $19 and $14, respectively.

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

Male

Transamerica

Transamerica

Female

Transamerica

Transamerica

Life Insurance Costs in Moreno Valley for Men and Women

MoneyGeek calculated the average cost of life insurance for men and women in Moreno Valley based on the level of coverage and the length of the policy. California's average cost of life insurance for men is 8% lower in Moreno Valley than in the rest of the state. The cost of life insurance for Moreno Valley women is also 19% less than the state’s average.

In general, the cost of life insurance is higher for men than women. In Moreno Valley, males pay $16 per month for an insurance policy with a default coverage limit of $250K, while females pay $12 per month.

Depending on the state's recommended coverage amount and variables like per capita income, mortgage debt, personal debt and age, insurance rates may vary significantly. For California's state-recommended coverage amount of $1,130,000, the average policy for men and women in Moreno Valley costs $40 and $37 per month, respectively.

Your policy term length also impacts the cost of your monthly premium. The average cost of a 10-year term policy in Moreno Valley is $23 per month for men and $21 per month for women.

Average Monthly Life Insurance Rates in Moreno Valley: Men
TransamericaRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $19
NationwideRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $21
MassMutualRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $24
Mutual of OmahaRates for $250K Coverage$11Rates for $926K Coverage (Recommended) $25
AAARates for $250K Coverage$12Rates for $926K Coverage (Recommended) $28
Average Monthly Life Insurance Rates in Moreno Valley: Women
TransamericaRates for $250K Coverage$7Rates for $926K Coverage (Recommended) $14
NationwideRates for $250K Coverage$8Rates for $926K Coverage (Recommended) $14
Mutual of OmahaRates for $250K Coverage$9Rates for $926K Coverage (Recommended) $16
MassMutualRates for $250K Coverage$8Rates for $926K Coverage (Recommended) $16
Progressive LifeRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $39

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

Life insurance premiums differ between men and women. In most cases, men are charged more due to their shorter life expectancy. Women live longer than men because men are more inclined to work in high-risk jobs and skip doctor visits, among other things.

Though life insurance is cheaper for women, men are more likely to purchase life insurance. For women, having an insurance policy is a great way to safeguard their financial future whether they’re working or staying at home.

Most Popular Life Insurance Companies in California

The three most popular life insurance companies in California are New York Life, Transamerica and Northwestern Mutual, with respective market shares of 8%, 7% and 5%. The seven most popular companies in California hold 39% of the total market share.

The following table shows which life insurance companies are most popular in California, as compiled by MoneyGeek.

Most Popular Life Insurance Companies in California
New York LifeMarket Share8%
TransamericaMarket Share7%
Northwestern MutualMarket Share5%
Lincoln FinancialMarket Share5%
MassMutualMarket Share4%
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MONEYGEEK DICTIONARY

A company's market share is based on its share of sales in a particular industry. Market share is an important indicator of dominance in a market — the more policies a life insurance company sells, the higher its market share.

MoneyGeek analyzeed market share by using the 2020 S&P Global data reports, which include a company's total premiums written.

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Cheapest Life Insurance for Young People in Moreno Valley

The average cost of a life insurance premium for young adults in Moreno Valley is between $16 and $25 per month. MoneyGeek found that the following companies offer the most affordable life insurance in Moreno Valley to young people:

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

The table below includes additional life insurance companies in Moreno Valley, alongside their respective rates for young people in the city.

Best Life Insurance Companies for Young People in Moreno Valley, CA
TransamericaMonthly Cost$16
Mutual of OmahaMonthly Cost$17
MassMutualMonthly Cost$17
AAAMonthly Cost$19
State FarmMonthly Cost$21

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Moreno Valley who is 5 feet 10 inches and 152 pounds that purchases 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 rates are lower for young adults under the age of 25. However, the cost of your insurance increases as you age and become more vulnerable to certain illnesses. To save on the cost of life insurance, you can buy a policy at a young age.

Cheapest Life Insurance for Seniors in Moreno Valley

On average, life insurance for seniors in Moreno Valley costs between $36 and $80 per month. Below are two of the cheapest life insurance companies in Moreno Valley:

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

You can review the table below to compare rates for other affordable life insurance providers for seniors in Moreno Valley.

Best Life Insurance Companies for Seniors in Moreno Valley, CA
TransamericaMonthly Cost$36
MassMutualMonthly Cost$37
State FarmMonthly Cost$41
NationwideMonthly Cost$41
AAAMonthly Cost$42

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors pay higher life insurance premiums since their policies are more likely to outlive them. However, since seniors’ beneficiaries are typically financially independent, they can get away with purchasing a low-coverage policy. Only funeral expenses, estate taxes and other expenses must be covered by their policy. For this reason, we set our sample policy coverage lower than other groups at $107K for Moreno Valley seniors.

Cheapest Life Insurance for Smokers in Moreno Valley

Moreno Valley life insurance quotes for smokers range from $134 to $200 per month, on average. In Moreno Valley, MoneyGeek found the following companies offer the cheapest policies for smokers:

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

More information about cheap insurance providers for smokers in Moreno Valley is included in the table below.

Best Life Insurance Companies for Smokers in Moreno Valley, CA
TransamericaMonthly Cost$134
NationwideMonthly Cost$146
State FarmMonthly Cost$159
Mutual of OmahaMonthly Cost$163
MassMutualMonthly Cost$163

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

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurance companies consider smokers riskier to insure since they are more likely to contract life-threatening diseases. Because of this, smokers tend to pay higher insurance premiums. Fortunately, smokers are still able to purchase cheap life insurance. If you smoke, you might want to consider buying a longer-term policy (20 years) since rates for smokers increase exponentially 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 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 Mark Fitzpatrick


Mark Fitzpatrick headshot

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.


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