Updated: May 22, 2024
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Aside from providing financial stability to your beneficiaries, life insurance can help your loved ones repay debts and fund funeral arrangements. To find the best life insurance company in San Bernardino for you, it’s important to compare quotes from different providers.
MoneyGeek's review, which evaluated the average cost of life insurance based on age, gender and smoking history, can help you start comparing life insurance quotes in San Bernardino.
BestLife InsuranceSan BernardinoBest Life Insurance Companies in San Bernardino, CA, for 2023
Your life insurance premium is determined based on your gender and preferred coverage amount. For a policy with a $250K coverage limit, Transamerica offers the cheapest rates to both men and women at $8 and $6, respectively.
While a policy with a $250K coverage limit is less expensive, it may not provide enough coverage for your loved ones. To ensure your beneficiaries are fully covered, you may opt for the state’s higher recommended coverage amount of $1,130,000. This coverage amount was calculated using state-specific factors like the average cost of living, income, personal debt and age.
For policies with California’s recommended coverage amount of $1,130,000, Transamerica is the best provider of life insurance in San Bernardino. Men and women can get the cheapest rates from this lender for $17 and $12, respectively.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
Generally, the cost of life insurance varies between men and women. In San Bernardino, men, for example, pay 17% less than the state average, while women pay 30% less.
For a policy with a $250K coverage limit, men and women in San Bernardino pay an average of $14 per month and $10 per month, respectively. However, if you purchase California's recommended coverage level, these rates drastically change.
Buyers who opt for the higher state-recommended coverage amount of $1,130,000 will pay more for insurance; on average, men in San Bernardino pay $36 per month, while women pay $32 per month. The recommended coverage level is determined by factors including age, typical mortgage debt, personal debt and per capita income from the U.S. Bureau of Economic Analysis.
Meanwhile, a 10-year term insurance policy costs an average of $21 per month for men and $18 per month for women, regardless of the amount of coverage.
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $17 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $22 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $22 |
| AAA | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| Transamerica | Rates for $250K Coverage$6 | Rates for $926K Coverage (Recommended) $12 |
| Nationwide | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $12 |
| Mutual of Omaha | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $14 |
| Progressive Life | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $33 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in San Bernardino 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 significantly impacts the cost of life insurance in San Bernardino. Women pay less for life insurance because they live longer than men. Typically, women have a longer lifespan than men because they have richer social lives, work in safer occupations and are less prone to heart disease.
Despite this, men are more likely to purchase life insurance than women. For a lower cost than men, women can purchase life insurance to ensure the future well-being of their dependents.
The three leading life insurance companies in California are New York Life, Transamerica and Northwestern Mutual, with market shares of 8%, 7% and 5%, respectively.
The table below includes the seven most popular life insurance companies in California that comprise approximately 39% of the market share in the state.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
Market share is the proportion of sales that a company brings in compared to competitors in the same industry. A company with a high market share has sold more policies than its competitors in the same industry.
MoneyGeek used the state’s total written premiums included in the 2020 S&P Global data reports to analyze each company’s market share.
Life insurance premiums for young people in San Bernardino range between $14 and $22 per month. The two most affordable life insurance providers in San Bernardino for young individuals, on average, are:
The MoneyGeek table below includes rates from additional providers for young individuals in San Bernardino.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$17 |
| State Farm | Monthly Cost$19 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in San Bernardino who is 5 feet 10 inches and 152 pounds that purchases a 20-year term contract at the average coverage need of $360K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance in San Bernardino is often less expensive for those under the age of 25. As you get older and are more prone to age-related health conditions, the cost of your insurance premium will increase. To save money, MoneyGeek recommends buying life insurance when you're young.
On average, seniors in San Bernardino pay between $32 and $72 per month for life insurance. The following two companies offer the cheapest rates for seniors in San Bernardino:
More information about San Bernardino's top life insurance providers for seniors can be found in the table below.
| Transamerica | Monthly Cost$32 |
| MassMutual | Monthly Cost$34 |
| State Farm | Monthly Cost$37 |
| Nationwide | Monthly Cost$37 |
| AAA | Monthly Cost$38 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in San Bernardino who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107K.
Life insurance in San Bernardino costs more for seniors as their policies are expected to outlive them. However, since their beneficiaries are more likely to be financially independent, seniors typically do not need as much coverage. MoneyGeek’s lower sample coverage amount of $107K for seniors is typically enough to cover burial costs, inheritance taxes and other associated fees.
Smokers in San Bernardino should expect to pay a monthly life insurance premium between $121 and $180. The following life insurance companies in San Bernardino provide the cheapest available rates:
For additional information about San Bernardino life insurance providers that offer the most affordable policies for smokers, see the MoneyGeek table below.
| Transamerica | Monthly Cost$121 |
| Nationwide | Monthly Cost$132 |
| State Farm | Monthly Cost$143 |
| Mutual of Omaha | Monthly Cost$147 |
| MassMutual | Monthly Cost$147 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in San Bernardino 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 costs more for smokers because insurers view them as high-risk individuals, as they’re more susceptible to life-threatening health conditions. Smokers can still find affordable life insurance by shopping around and comparing quotes. As a smoker, your insurance rates will exponentially increase as you age. To avoid paying a costly insurance premium, MoneyGeek recommends purchasing insurance for a longer period of time — at least 20 years.
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.
