Best Life Insurance Companies in Palmdale, CA

Based on MoneyGeek’s analysis, Transamerica is the best life insurance company in Palmdale, California. We found that the company is also the ideal option for young adults, seniors and smokers in the city. On average, the cost of life insurance in Palmdale can range from $10 per month for a $250K coverage policy to $21 per month for the state’s recommended coverage.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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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.

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2023

Best Life Insurance Companies in Palmdale, CA, for 2023

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Best Cheap Life Insurance in Palmdale

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.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Palmdale for Men and Women

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.

Average Monthly Life Insurance Rates in Palmdale: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $10
    $21
  • Nationwide
    $12
    $23
  • MassMutual
    $11
    $26
  • Mutual of Omaha
    $12
    $27
  • AAA
    $13
    $30
  • State Farm
    $17
    $39
  • Prudential
    $28
    $53
  • Progressive Life
    $16
    $62
Average Monthly Life Insurance Rates in Palmdale: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $6
    $14
  • Nationwide
    $8
    $14
  • Mutual of Omaha
    $9
    $16
  • MassMutual
    $8
    $16
  • Progressive Life
    $9
    $38
  • AAA
    $13
    $39
  • State Farm
    $16
    $47
  • Prudential
    $15
    $57

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Since women have a longer lifespan than men, insurers charge them lower rates. Many factors contribute to men dying early, including dangerous jobs, risky behavior and a high suicide rate.

However, many studies show that men buy more life insurance policies than women. Buying life insurance can be incredibly beneficial for females since they are important contributors to their household finances.

Most Popular Life Insurance Companies in California

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.

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

A company’s market share percentage can give you an idea of its popularity and help you understand how many policies it sells relative to other companies in the industry.

The market share data used in MoneyGeek’s analysis is based on total premiums written in the state and derived from 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Palmdale

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.

Best Life Insurance Companies for Young People in Palmdale, CA

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  • Company
    Monthly Cost
  • Transamerica
    $17
  • Mutual of Omaha
    $19
  • MassMutual
    $19
  • AAA
    $21
  • State Farm
    $23
  • Nationwide
    $23
  • Prudential
    $23
  • Progressive Life
    $27

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Insurance companies generally charge lower rates to young people (25 years old and younger). Your insurance premiums increase with your age. That’s why MoneyGeek recommends buying a policy at a young age, as it’s one of the best ways to save on policy costs.

Cheapest Life Insurance for Seniors in Palmdale

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.

Best Life Insurance Companies for Seniors in Palmdale, CA

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  • Company
    Monthly Cost
  • Transamerica
    $38
  • MassMutual
    $40
  • State Farm
    $44
  • Nationwide
    $44
  • AAA
    $45
  • Mutual of Omaha
    $46
  • Progressive Life
    $68
  • Prudential
    $86

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Since seniors are more likely to become ill with severe diseases and their policy is expected to outlive them, insurers charge them higher rates for life insurance. As a senior, it’s fine to opt for a policy with a lower coverage limit as most of your family won’t be dependent financially on you. Your insurance will most likely be used to cover your final expenses, like funeral and burial costs. This is why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Palmdale

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.

Best Life Insurance Companies for Smokers in Palmdale, CA

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  • Company
    Monthly Cost
  • Transamerica
    $144
  • Nationwide
    $157
  • State Farm
    $170
  • Mutual of Omaha
    $175
  • MassMutual
    $175
  • AAA
    $184
  • Prudential
    $200
  • Progressive Life
    $215

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are generally more likely to develop lung disease and certain cancers. That’s why insurers charge higher rates to insure them. However, it’s possible to find affordable policies for smokers by shopping around and comparing rates. If you smoke, MoneyGeek recommends buying a longer 20-year term policy to provide extended coverage, as your rates will increase significantly 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


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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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