BestLife InsuranceSalinas, CAIf you have life insurance, your loved ones will be financially secure if you die unexpectedly. Salinas has a wide range of insurers to pick from, so you should shop around and compare prices to get the life insurance plan that's right for you. This MoneyGeek guide will help you find the best life insurance company in Salinas, California.
BestLife InsuranceSalinas, CABest Life Insurance Companies in Salinas, CA, for 2023
Most Popular in California - New York Life
Best for Young People - Transamerica
Best for Seniors - Transamerica
Best for Smokers - Transamerica
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Best Cheap Life Insurance in Salinas
For a $250K insurance policy, Transamerica is the cheapest in Salinas for both men and women, with monthly premiums averaging $8 and $6, respectively.
While a $250K policy may be affordable, it may not be sufficient. The state-recommended coverage of $1,130,000, which is based on state-specific factors, is the cheapest from Transamerica, with average premiums of around $17 for men and $13 for women.
Cheapest Life Insurance Companies for Males and Females in Salinas
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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Life Insurance Costs in Salinas for Men and Women
The policy size and the insured's gender have an impact on the premiums. In Salinas, women pay around 23% less for life insurance than the state average, while men pay about 17% lower than the state average.
Men in the city pay around $14 per month for a $250K policy, compared to an average of $11 for women.
Policies with $1,130,000 of coverage often cost more than those with $250K of coverage in Salinas (this state recommendation is calculated based on per capita income from the U.S. Bureau of Economics, average age and average mortgage debt and personal debt).
The average monthly premium for a state-recommended life insurance policy in the city is $36 for men and $35 for women. Meanwhile, regardless of the coverage amount, it costs men around $21 per month for a 10-year term life insurance policy, while women pay roughly $20 per month.
Average Monthly Life Insurance Rates in Salinas: Men
Average Monthly Life Insurance Rates in Salinas: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Salinas 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.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender is one of the factors that influence the cost of life insurance. Data from the National Center for Health Statistics indicate that women outlive men. Researchers attribute this trend to factors like men being physically bigger than women and working in risky occupations. Insurers, ultimately, classify males as high-risk and quote them higher than women.
Interestingly, the majority of life insurance policyholders are men. Women, on the other hand, contribute more to the domestic economy nowadays, regardless of whether they are the family's breadwinners or stay-at-home mothers. Therefore, they are strong candidates for life insurance policies.
Most Popular Life Insurance Companies in California
Based on the total average market share, the top three life insurance companies in California are New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%). These numbers show that the seven popular life insurance companies in the state control around 37% of the market.
The market shares of the seven most popular life insurance companies in California are shown in the table below.
Most Popular Life Insurance Companies in California
MONEYGEEK DICTIONARY
A company's market share compares its sales revenue to that of its competitors in the same industry. This indicates that a life insurance firm with a high market share outsold its competitors in terms of policy sales. MoneyGeek conducted an analysis of data from the 2020 S&P Global reports to calculate the market shares held by California's life insurance companies.
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Cheapest Life Insurance for Young People in Salinas
Young people in Salinas can purchase life insurance for average rates of between $14 to $22 per month. On average, the cheapest insurers in the city for young people are:
- Transamerica: $14 per month
- Mutual of Omaha: $15 per month
Salinas' life insurance for young adults can be compared in the table below, which shows quotes from various providers.
Best Life Insurance Companies for Young People in Salinas, CA
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Salinas 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 IS CHEAPER FOR YOUNG PEOPLE
People under the age of 25 are often charged lower premiums for life insurance. As you get older and become more vulnerable to illness, you can expect higher insurance rates. People who buy life insurance when they are younger tend to save a lot of money in the long run.
Cheapest Life Insurance for Seniors in Salinas
Life insurance premiums for seniors in Salinas can range from $32 to $72 per month. According to our research, the following Salinas life insurance companies offer senior citizens the most affordable rates, on average:
- Transamerica: $32 per month
- MassMutual: $34 per month
The table below lists the top-rated and most affordable insurers in Salinas for senior life insurance.
Best Life Insurance Companies for Seniors in Salinas, CA
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Salinas who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Senior’s life insurance policies will likely outlive them. Consequently, insurers charge them higher premiums. Seniors, however, might be covered by a policy with a lower face value than the average adult policy. This is because their dependents will presumably be older adults and able to support themselves by the time of policy payout. Often, the face value or death benefit of a senior's life insurance is spent on covering funeral expenses or paying off any remaining debt. As a result, our sample insurance coverage for Salinas' senior population is set to a lower amount than other profiles.
Cheapest Life Insurance for Smokers in Salinas
The average monthly rates for smokers in the city range between $120 and $179. On average, smokers can find the cheapest life insurance quotes in Salinas from the following two companies:
- Transamerica: $120 per month
- Nationwide: $131 per month
The best and most affordable life insurance companies for smokers in Salinas are listed in the table below.
Best Life Insurance Companies for Smokers in Salinas, CA
Rates were determined by analyzing quotes for a 30-year-old male smoker in Salinas 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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smoking has a negative impact on one's health. As a result, insurers consider smokers to be high-risk and charge higher premiums for policies covering smokers. Despite this, it is still possible for smokers to obtain affordable life insurance coverage. However, the cost of life insurance for smokers continues to rise as they age, so MoneyGeek advises smokers to purchase a 20-year term policy instead of a shorter-term plan.
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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 Mark Fitzpatrick
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 11, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 11, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 11, 2022.
- S&P Global. "2020 Annual Report." Accessed July 11, 2022.