Best Life Insurance Companies in Ontario, CA

MoneyGeek discovered that Transamerica is the best overall life insurance company in Ontario. Likewise, it is the best option for young people, seniors and smokers in the city. The cheapest rate for life insurance in Ontario averages $9 per month for a $250K limit policy and $19 per month for a policy with California’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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While an uncomfortable topic, life insurance is a good way to help secure your beneficiaries’ financial future in the event of your passing. Given the number of life insurance companies in Ontario, California, it’s important to compare rates before choosing a policy. In this guide, MoneyGeek analyzed average quotes and evaluated life insurance providers to find the best option for various profiles, including age, gender and smoking history.

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2023

Best Life Insurance Companies in Ontario, CA, for 2023

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Best Cheap Life Insurance in Ontario

Gender and coverage amount have a significant impact on life insurance costs. For life insurance with $250K in coverage, the cheapest life insurance company in Ontario for men and women is Transamerica, at approximately $9 per month and $7 per month, respectively.

Although purchasing a policy with $250K coverage is cheaper, it may not ensure enough financial protection. Consider getting California’s recommended coverage amount of $1,130,000, determined by state-specific factors like cost of living, average income, average personal debt and average age.

At this coverage level, Transamerica is still the cheapest life insurance company in Ontario, offering its policies at an average cost of $19 per month for men and $14 per month for women.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Ontario for Men and Women

MoneyGeek compared the average cost of life insurance in Ontario for males and females. We found that life insurance for men in the city is almost 8% lower than the average cost in California, and for women in the city, it is around 17% lower than the state average.

Gender is one of the primary factors influencing the cost of a life insurance policy. On average, men in Ontario pay $16 per month for life insurance with $250K in coverage, whereas women pay $12 per month for the same coverage.

Life insurance average rates can significantly increase with the state-recommended coverage amount, which is based on several factors such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Using California’s recommended coverage amount of $1,130,000, the average cost of life insurance in Ontario is $40 per month for men and $38 per month for women.

Regardless of the coverage limit, a policy with a 10-year term costs approximately $23 per month for men in Ontario and $21 per month for women in the city.

Average Monthly Life Insurance Rates in Ontario: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $19
  • Nationwide
    $11
    $21
  • MassMutual
    $10
    $24
  • Mutual of Omaha
    $11
    $25
  • AAA
    $12
    $28
  • State Farm
    $16
    $36
  • Prudential
    $26
    $49
  • Progressive Life
    $15
    $57
Average Monthly Life Insurance Rates in Ontario: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $14
  • Nationwide
    $9
    $15
  • Mutual of Omaha
    $9
    $16
  • MassMutual
    $8
    $17
  • Progressive Life
    $10
    $40
  • AAA
    $14
    $41
  • State Farm
    $16
    $49
  • Prudential
    $16
    $60

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

Insurance companies tend to consider gender when calculating a life insurance policy premium. Usually, women receive lower rates since they often live longer than men. Reasons why men have shorter life expectancies include more often performing more dangerous jobs and developing heart disease. So, they face higher life insurance costs.

However, studies show that most life insurance policyholders are men. But women should consider getting a life insurance policy to insure the economic value they bring to their households.

Most Popular Life Insurance Companies in California

MoneyGeek found that New York Life, Transamerica and Northwestern Mutual are the three most popular life insurance companies in California based on market share. New York Life has the largest market share at around 8%; Transamerica’s market share sits at about 7%, while Northwestern Mutual’s market share is roughly 5%.

In total, the seven most popular companies in California take up almost 37% of the state’s life insurance industry. You may check out the table below for the seven most popular companies and their 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

Market share reflects the percentage of sales generated by a company in an industry. A life insurance company with a high market share means it has sold more policies compared to others. For this guide, MoneyGeek used market share data based on each company’s total premiums written in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Ontario

For young people, the cost of life insurance in Ontario averages between $16 and $25 per month. MoneyGeek found that the two companies offering the cheapest average life insurance rates for young people in Ontario are:

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

Review the table below for the complete list of the life insurance companies for young people in Ontario and the average rate they charge.

Best Life Insurance Companies for Young People in Ontario, CA

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  • Company
    Monthly Cost
  • Transamerica
    $16
  • Mutual of Omaha
    $17
  • MassMutual
    $17
  • AAA
    $19
  • State Farm
    $21
  • Nationwide
    $22
  • Prudential
    $22
  • Progressive Life
    $25

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Ontario who is 5 feet 10 inches and weighs 152 pounds with a 20-year term contract at the average needed coverage of $360,000. 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 usually cheaper for individuals 25 and under, but it gets more expensive as they age. If you want to save money on your policy, it’s best to purchase life insurance at a young age when rates are lower.

Cheapest Life Insurance for Seniors in Ontario

The cost of life insurance in Ontario for seniors often varies, with the average monthly premium ranging from $36 to $80. Based on MoneyGeek’s analysis, the two cheapest life insurance companies in Ontario for older adults are:

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

The table below provides the complete list of the life insurance companies for seniors in Ontario and their average rates.

Best Life Insurance Companies for Seniors in Ontario, CA

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  • Company
    Monthly Cost
  • Transamerica
    $36
  • MassMutual
    $37
  • State Farm
    $41
  • Nationwide
    $41
  • AAA
    $42
  • Mutual of Omaha
    $42
  • Progressive Life
    $64
  • Prudential
    $80

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Ontario who is 5 feet 10 inches tall and weighs 179 pounds with a 10-year term contract at the average coverage need of $107,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors usually face higher life insurance premiums because the expectation is that their policies outlive them. But seniors don’t require as much coverage since their beneficiaries are more likely to be grown up and financially independent. Their coverage amount only needs to meet expenses, for example, covering funeral arrangements. For this reason, MoneyGeek set its sample policy coverage for seniors lower than other age groups.

Cheapest Life Insurance for Smokers in Ontario

On average, the cost of life insurance in Ontario for individuals who smoke can be as low as $134 per month or as high as $200 per month. According to MoneyGeek’s review of average rates, the most affordable life insurance for smokers in Ontario is with the following:

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

Below, MoneyGeek provides the complete list of the life insurance companies for smokers in Ontario and the average rates they charge.

Best Life Insurance Companies for Smokers in Ontario, CA

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  • Company
    Monthly Cost
  • Transamerica
    $134
  • Nationwide
    $146
  • State Farm
    $159
  • Mutual of Omaha
    $162
  • MassMutual
    $163
  • AAA
    $171
  • Prudential
    $186
  • Progressive Life
    $200

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

Because smokers are more prone to life-threatening diseases, they usually pay more for life insurance. Fortunately, you can reduce your insurance costs by shopping around for the cheapest life insurance for smokers. MoneyGeek recommends purchasing a 20-year term policy to provide extended coverage as rates for smokers exponentially increase with age.

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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 the Author


Mark Fitzpatrick headshot

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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