Updated: May 22, 2024
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Death is inevitable, but life insurance can help your loved ones replace lost income, pay for funeral costs and keep their standard of living when you're gone. The best way to find the best life insurance options is to get a quote from the top Oakland life insurance companies.
MoneyGeek took the time to evaluate insurers based on different buyer profiles to help you find the best option for your unique needs.
BestLife InsuranceOakland, CABest Life Insurance Companies in Oakland, CA, for 2023
For a $250K in life insurance coverage in Oakland, Transamerica offers the cheapest rate for both men and women. This insurer charges an average of $11 per month for men and $9 per month for women.
Although a policy with $250K in coverage is cheaper, it may not be enough. California’s average recommended amount, based on the state’s cost of living, residents’ average income and personal debt, average age and other state-specific factors, is $1,130,000. Transamerica charges the least in California for this level of coverage, costing an average of $23 for men and $20 for women.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
When talking about life insurance rates in Oakland, gender can make a big difference. Men in Oakland pay premiums that are 9% higher than the average cost in California, and female residents in Oakland pay 15% more than the average cost that other California women pay.
MoneyGeek analyzed the average cost of life insurance in Oakland for men and women based on the amount or limit of coverage and the length of the policy term. Men spend around $18 per month for $250K in coverage, while women pay around $17.
For California’s recommended coverage amount of $1,130,000, the average cost of a life insurance policy is $52 per month for women and $47 per month for men.
MoneyGeek determined that the average cost of a 10-year term policy for women is $29 per month, while men pay an average of $27 per month, regardless of the coverage limit.
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $25 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $29 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $29 |
| AAA | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $33 |
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $20 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $20 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $22 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| Progressive Life | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $55 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Oakland 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.
Did you know women often pay less life insurance premiums compared to men? This is because women tend to live longer than men. Studies point out that men usually pass away first for many reasons. They are usually bigger risk-takers than women, more prone to heart diseases and typically have more dangerous jobs than women.
Statistics show that men buy life insurance more often than women. However, it’s equally important for women to buy policies.
It’s important to note that, in certain situations in Oakland, women pay more for life insurance than men. This is uncommon in most cities throughout the country.
In the state of California, the three most popular life insurance companies are New York Life, Transamerica and Northwestern Mutual, with market shares of 8%, 7% and 5%, respectively. The seven most popular companies in the state make up 37% total market share in the whole of California.
MoneyGeek shares the most popular life insurance companies in California and their corresponding market shares in the table below.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
The market share of a company represents its percentage of sales in comparison to other companies in its industry. The greater a company's market share, the greater its dominance. A large market share of a life insurance company suggests that the company has sold more policies than its competitors.
MoneyGeek's market share statistics are collected from each company's total premiums written in the S&P Global 2020 state reports.
For young people living in Oakland, average life insurance prices range between $19 and $26 per month. According to MoneyGeek’s research, the top two insurers that offer the most affordable deals for young adults in Oakland are, on average:
For a complete list of life insurance providers with the least expensive coverages, see the table below.
| Transamerica | Monthly Cost$19 |
| Mutual of Omaha | Monthly Cost$20 |
| MassMutual | Monthly Cost$20 |
| AAA | Monthly Cost$23 |
| State Farm | Monthly Cost$25 |
Rates were calculated using quotes for a 25-year-old male non-smoker in Oakland who is 5 feet 10 inches tall, weighs 152 pounds and has a 20-year term contract with a $360,000 coverage requirement. A 20-year term was chosen to provide a longer duration of coverage for a younger buyer.
A long, healthy life is not promised to everyone, not even young people. Life insurance is cheaper for young adults ages 25 and under because it’s believed that as you age, your insurance policy price rises as well. This is because you are more prone to diseases and age-related illnesses. This is why you should consider purchasing life insurance at a young age to save money over time.
If you live in Oakland and are a senior citizen, life insurance usually ranges between $42 and $75 per month. On average, the two most affordable life insurance companies in Oakland for seniors are:
You can check the table below to know more about life insurance companies charging the lowest premiums for seniors living in Oakland.
| Transamerica | Monthly Cost$42 |
| MassMutual | Monthly Cost$44 |
| State Farm | Monthly Cost$48 |
| Nationwide | Monthly Cost$48 |
| AAA | Monthly Cost$50 |
Rates were determined by collecting quotes for a 60-year-old male non-smoker living in Oakland who is 5 feet 10 inches tall and weighs 179 pounds with a 10-year term contract at the average coverage level of $107,000.
Because they are nearing the end of their lives, older people often pay higher life insurance premiums. Getting less life insurance coverage is one approach to save money on life insurance. Most seniors just require life insurance to cover burial costs and any outstanding debts. As a result, we've set our sample senior insurance coverage level higher than for other profiles.
Seniors are usually content with less coverage because their children have grown up and are no longer financially reliant on them. Instead, this coverage often pays bills and meets burial expenses, among other things.
Life insurance in Oakland can cost as little as $158 per month for smokers who are aiming to save money and as much as $236 per month for those who can afford the maximum price. According to MoneyGeek, the cheapest insurance companies for smokers in Oakland are, on average:
The table below contains a complete list of life insurance companies in Oakland that provide low rates for smokers.
| Transamerica | Monthly Cost$158 |
| Nationwide | Monthly Cost$173 |
| State Farm | Monthly Cost$187 |
| Mutual of Omaha | Monthly Cost$192 |
| MassMutual | Monthly Cost$192 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Oakland who is 5 feet 10 inches tall and weighs 179 pounds with a 20-year term contract at an average coverage of $1,130,000.
Smokers are considered riskier to insure by life insurance companies because they are more susceptible to ailments that shorten life expectancy. As a result, smokers typically pay higher insurance premiums. Fortunately, there are several affordable life insurance options for smokers. If you smoke, consider purchasing cheap life insurance suited for smokers. Also, think about purchasing a 20-year policy as smokers' rates rise exponentially with age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
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.
