Best Life Insurance Companies in Salinas, CA, for 2024

If 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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.