Best Life Insurance Companies in Palmdale, CA, for 2023

A life insurance policy protects your family against financial hardships after your death. Since many insurers offer life insurance quotes in Palmdale, finding the right one for your needs might seem challenging. MoneyGeek’s guide can help you find the ideal insurer based on gender, age, lifestyle and other important factors. We researched the best life insurance companies in Palmdale that offer affordable rates.

MoneyGeek’s research shows Transamerica offers the cheapest $250K coverage policy for men and women, charging an average of $10 and $6 per month, respectively.

You will generally pay lower rates for a $250K coverage policy. However, this might not be sufficient. MoneyGeek recommends buying a policy with at least $1,130,000 in coverage based on state-specific factors.

Transamerica provides the cheapest state-recommended coverage level policies for men, at an average cost of $21 per month, and women, charging an average of $14 per month.

As gender significantly impacts policy costs, men and women pay different rates for life insurance in Palmdale. Compared to the average cost in California, men pay about 1% less for a policy while women pay around 20% less.

The average cost of a $250K coverage policy for men in the city is $17 per month. In comparison, women pay an average cost of $12 per month for the same policy.

However, you will pay different rates if you opt for a policy with the state’s recommended coverage amount. The recommended coverage amount of $1,130,000 is based on the analysis of several factors, such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. MoneyGeek’s data shows that men pay an average of $43 per month for this coverage amount, while women pay an average of $36 per month.

Regardless of the coverage amount, a 10-year term policy costs men an average of $25 per month, while women pay an average of $20 per month.

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

On average, the three most popular life insurance companies in California are New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%), based on their market share. MoneyGeek’s research shows the seven most popular companies in the state make up approximately 37% of the insurance market.

In Palmdale, the average cost of a life insurance policy for young people can range from $17 per month and $27 per month. On average, MoneyGeek’s research shows the following insurers offer the cheapest policies for youngsters in the city:

• Transamerica: $17 per month
• Mutual of Omaha: $19 per month

The table below lists other companies offering affordable rates for young adults.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Palmdale who is 5 feet 10 inches and 152 pounds that purchases a 20-year term contract at the average coverage need of $360,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

If you’re a senior in Palmdale, expect to pay between an average of $38 per month and $86 per month for a life insurance policy. MoneyGeek found the following insurers offer the cheapest average rates for seniors in the city:

• Transamerica: $38 per month
• MassMutual: $40 per month

We listed the companies offering cheap policies for seniors in the table below.

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

The average cost of life insurance for smokers in Palmdale ranges from $144 per month to $215 per month. Based on MoneyGeek’s analysis, the following companies offer the most affordable life insurance policies for smokers, on average:

• Transamerica: $144 per month
• Nationwide: $157 per month

In the table below, we have listed the companies offering cheap policies for smokers to help you explore other options.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Palmdale 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. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

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.