Best Life Insurance Companies in Ontario, CA, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.