Updated: May 22, 2024
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Purchasing life insurance offers your loved ones financial support after your passing. It can save them from experiencing financial hardship.
Since life insurance is a huge commitment, MoneyGeek determined the best life insurance companies in Rancho Cucamonga, California, for specific groups. We cover several factors that can affect your premium, including smoking history, age and gender.
BestLife InsuranceXXXXBest Life Insurance Companies in Rancho Cucamonga, CA, for 2023
Your gender and chosen coverage amount affect the cost of your life insurance in Rancho Cucamonga. The cheapest premium for a $250,000 coverage policy is with Transamerica — rates are around $11 per month for men and $8 per month for women. But, a $250K coverage may not suit everyone’s life insurance needs.
Every state has a recommended coverage amount that considers the cost of living, average age, average income, average personal debt and other state-specific factors. In California, the recommended coverage amount is $1,130,000. Once again, Transamerica offers the cheapest life insurance rate for men at around $25 per month and $18 per month for women.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
The cost of your life insurance in Rancho Cucamonga depends on your gender, but the city also affects it. In Rancho Cucamonga, men pay around 16% more, and women roughly 3% more compared to the average in California.
For a $250K coverage life insurance policy in Rancho Cucamonga, the average cost for women is $15 per month, while men pay approximately $20 per month.
California residents are encouraged to buy a $1.13 million coverage life insurance policy. This is the state-recommended coverage that considers different factors, including per capita income (as reported by the U.S. Bureau of Economic Analysis), average personal debt, average mortgage debt and average age.
In Rancho Cucamonga, the average life insurance premium for a $1.13 million coverage policy is around $51 per month for men and $47 per month for women.
If you’re not accounting for coverage amount, the average cost of a 10-year term policy is $29 per month for men and $26 per month for women.
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| Nationwide | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $27 |
| MassMutual | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $31 |
| Mutual of Omaha | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $31 |
| AAA | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $35 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $21 |
| Progressive Life | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $49 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Rancho Cucamonga 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.
Women tend to pay less for life insurance since they often live longer than men. According to Harvard Health Publishing, men pay more for life insurance because they may engage in riskier activities, avoid medical check-ups and have perilous jobs, which could lessen the time they live.
Studies find that women purchase a life insurance policy less often than men. But, women are encouraged to get life insurance because they have the capacity to financially support their loved ones should they pass away, whether breadwinners for their families or not.
In California, the three most popular life insurance companies are New York Life, Transamerica and Northwestern Mutual, with market shares of around 8%, 7% and 5%, respectively. Combined, the market share of the seven most popular insurance companies in California is roughly 37%.
You can view all of the most popular life insurance companies in California in the below table.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
A market share refers to the revenue percentage of a company in comparison to its competitors. MoneyGeek evaluated S&P Global 2020 market intelligence reports to determine the top-performing life insurance providers in California.
The average life insurance quote in Rancho Cucamonga for a young adult ranges between $20 and $31 per month. MoneyGeek found the most affordable average life insurance quotes for young adults in Rancho Cucamonga are with the following companies:
Below, the table lists life insurance companies in Rancho Cucamonga that provide a policy for young adults and their rates.
| Transamerica | Monthly Cost$20 |
| Mutual of Omaha | Monthly Cost$22 |
| MassMutual | Monthly Cost$22 |
| AAA | Monthly Cost$24 |
| State Farm | Monthly Cost$27 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Rancho Cucamonga 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.
Life insurance rates are typically more affordable when you’re younger. MoneyGeek encourages young adults in Rancho Cucamonga to purchase a policy to save on life insurance payments as premiums increase as they get older.
The average monthly life insurance premium for a senior in Rancho Cucamonga ranges between $45 and $101. MoneyGeek found that the following life insurance companies offer the cheapest average rates for seniors in Rancho Cucamonga:
To view the life insurance companies for seniors in Rancho Cucamonga, browse the table below.
| Transamerica | Monthly Cost$45 |
| MassMutual | Monthly Cost$47 |
| State Farm | Monthly Cost$51 |
| Nationwide | Monthly Cost$51 |
| AAA | Monthly Cost$53 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Rancho Cucamonga who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.
Generally, life insurance companies see seniors as high-risk policyholders since the policy could outlive them. Therefore, life insurance quotes in Rancho Cucamonga are more expensive for older adults.
But, seniors can often purchase a lower coverage amount since their beneficiaries are usually financially independent and can provide for themselves. A life insurance policy for an older adult may only have to cover outstanding debts and end-of-life expenses.
Based on this, MoneyGeek’s sample policy for seniors has a lower coverage amount than other age groups.
In Rancho Cucamonga, the average life insurance premium for a smoker costs roughly $169 to $253 per month. According to MoneyGeek’s average rate data, the two cheapest life insurance companies in Rancho Cucamonga for smokers are:
Check the table below to see the life insurance companies in Rancho Cucamonga for smokers and their rates.
| Transamerica | Monthly Cost$169 |
| Nationwide | Monthly Cost$185 |
| State Farm | Monthly Cost$201 |
| Mutual of Omaha | Monthly Cost$205 |
| MassMutual | Monthly Cost$206 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Rancho Cucamonga 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.
Insurance companies typically charge a higher premium for smokers because they’re more prone to illnesses that can shorten their lifespan. Luckily, MoneyGeek has a selection of affordable life insurance policies for smokers. Smokers should consider purchasing a 20-year policy as insurance rates for individuals who smoke become considerably expensive as they get older.
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 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 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.
