Best Life Insurance Companies in Salinas, CA

If you need life insurance in Salinas, California, and are unsure which company to choose, MoneyGeek has assessed that Transamerica is the best company for the average adult. Transamerica also offers the best rates for young folks, seniors and smokers. For a $250,000 policy, the cheapest life insurance premium in the city is around $8 per month, while the cheapest average for the state-recommended coverage is $17 per month.

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

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2023

Best Life Insurance Companies in Salinas, CA, for 2023

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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

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $12
    $26
  • Nationwide
    $15
    $29
  • MassMutual
    $14
    $33
  • Mutual of Omaha
    $15
    $33
  • AAA
    $17
    $37
  • State Farm
    $22
    $49
  • Prudential
    $35
    $66
  • Progressive Life
    $20
    $77
Average Monthly Life Insurance Rates in Salinas: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $19
  • Nationwide
    $12
    $20
  • Mutual of Omaha
    $12
    $22
  • MassMutual
    $11
    $22
  • Progressive Life
    $13
    $54
  • AAA
    $19
    $55
  • State Farm
    $22
    $66
  • Prudential
    $21
    $81

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.

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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

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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 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

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  • Company
    Monthly Cost
  • Transamerica
    $21
  • Mutual of Omaha
    $23
  • MassMutual
    $23
  • AAA
    $26
  • State Farm
    $29
  • Nationwide
    $29
  • Prudential
    $29
  • Progressive Life
    $33

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.

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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

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  • Company
    Monthly Cost
  • Transamerica
    $48
  • MassMutual
    $50
  • State Farm
    $55
  • Nationwide
    $55
  • AAA
    $56
  • Mutual of Omaha
    $57
  • Progressive Life
    $86
  • Prudential
    $108

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.

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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

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  • Company
    Monthly Cost
  • Transamerica
    $180
  • Nationwide
    $197
  • State Farm
    $214
  • Mutual of Omaha
    $219
  • MassMutual
    $219
  • AAA
    $230
  • Prudential
    $251
  • Progressive Life
    $269

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.

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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 the Author


Mark Fitzpatrick headshot

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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