Updated: May 22, 2024
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In the event of your passing, life insurance providers give financial support to your listed beneficiaries. With the number of life insurance companies in Riverside, California, checking and comparing prices will help you find the right policy that suits your needs and lifestyle.
Review and see the best life insurance companies in Riverside through MoneyGeek’s analysis of their average rates based on your age, gender, or smoking history.
BestLife InsuranceRiverside, CABest Life Insurance Companies in Riverside, CA, for 2023
Life insurance premiums depend on the policy amount and your gender. For a $250K coverage in Riverside, Transamerica is the most affordable for men, charging an average of $9 per month. For women, the most affordable life insurance is Transamerica, which costs an average of $7 per month.
Although a policy of $250K in coverage is more affordable, it may not cover all of your beneficiaries.
A good benchmark for a life insurance policy is the state’s average recommended amount based on the state’s cost of living, average income, average personal debt, average age, and other state-specific factors. For the state of California, this amount is $1,130,000.
With California’s recommended coverage of around $1.1 million, Transamerica provides the cheapest life insurance for men for an average of $20 per month and women for an average of $15 per month.
Cheapest For | $250K Coverage | $1,100,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
MoneyGeek compared the average cost of life insurance for both men and women based on coverage amount and policy length. The average cost of life insurance varies depending on your gender. For example, women in Riverside pay 15% less than the average for the state of California. On the other hand, men pay 7% less than the average for the state.
Gender is one of the primary factors impacting insurance rates. In Riverside, women pay $13 for $250K in coverage, while men pay $16 per month on average.
Rates change significantly if you get the state’s recommended coverage amount. These rates are based on per capita income from the U.S. Bureau of Economics and average mortgage debt, personal debt and age. Following California’s state-recommended coverage amount of $1,130,000, the average cost of a policy is $38 per month for women and $41 per month for men.
The average price for a 10-year term policy for women is $22 per month, while it costs $23 for men, regardless of the coverage limit.
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $20 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $22 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $24 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $28 |
| Transamerica | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $15 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $17 |
| Progressive Life | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $41 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Riverside 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.
Gender plays a vital role in the cost of life insurance. According to the National Center for Health Statistics (NCHS), women pay less than men because women have a longer life expectancy.
Additionally, men statistically engage in risky behaviors, work in hazardous jobs and acquire heart disease in their lifetime. Hence, insurance providers tend to charge men more.
On the other hand, some studies show that men buy life insurance more than women. Whether they are their family’s breadwinners or stay-at-home caretakers, women are vital contributors to their household economy and thus ideal candidates for life insurance in Riverside, California.
Based on their market share, the three most popular life insurance companies in California are:
California's seven most popular companies make up 37% of the market share.
Use the table below to see California's most popular life insurance companies and their market shares.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
The market share of a company shows its percentage of sales relative to the others in the industry. The higher the company’s market share, the more they dominate that market. When it comes to life insurance, a high market share means that the company sold more policies than the other providers in the market.
The market share data in MoneyGeek’s analysis is derived from each company’s total premiums written in the 2020 state reports from S&P Global.
In Riverside, average life insurance premiums for younger adults range between $16 and $25 per month. MoneyGeek found out that the two most affordable insurers for young people in Riverside are:
Check out the other life insurance quotes in Riverside for young people in the table below.
| Transamerica | Monthly Cost$16 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$18 |
| AAA | Monthly Cost$20 |
| State Farm | Monthly Cost$22 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Riverside 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 more extended coverage period for a younger buyer.
Life insurance costs less for adults 25 years old and younger. Policy costs rise over time as you age and become more prone to illnesses. Hence, purchasing life insurance in Riverside at a young age is one of the best strategies to save money on a policy. The healthier and younger you are, the more affordable it costs every month.
For the elderly living in Riverside, life insurance costs usually range between $36 and $81 per month. The top two cheapest life insurance companies in Riverside for seniors are:
Refer to the table below for the cheapest insurers in Riverside for seniors.
| Transamerica | Monthly Cost$36 |
| MassMutual | Monthly Cost$38 |
| State Farm | Monthly Cost$41 |
| Nationwide | Monthly Cost$41 |
| AAA | Monthly Cost$43 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Riverside who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.
Seniors pay more for their insurance premiums because it’s more likely that your policy will outlive you when you get older. But, seniors don’t often need as much coverage since their beneficiaries are more likely to be financially capable adults. Typically seniors’ life insurance payouts only need to cover expenses such as funeral arrangements or estate tax. For this reason, MoneyGeek’s sample policy coverage for seniors is lower than for other groups.
The average range of life insurance quotes in Riverside for smokers is between $136 and $203. MoneyGeek found out that the most affordable life insurance providers for smokers in Riverside are:
Check the table below to see more of the most affordable insurance providers in the city for smokers.
| Transamerica | Monthly Cost$136 |
| Nationwide | Monthly Cost$148 |
| State Farm | Monthly Cost$161 |
| Mutual of Omaha | Monthly Cost$165 |
| MassMutual | Monthly Cost$165 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Riverside 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.
Because smoking brings long-term adverse health effects, insurance providers see smokers as high-risk and charge them higher premiums. Nevertheless, it’s still possible to find cheap life insurance for people who smoke. MoneyGeek highly recommends buying a longer-term policy with at least 20 years. Being a smoker compounds the increase in your rates as you age.
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.
Remember 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.
