Best Life Insurance Companies in San Diego, CA, for 2023

Individuals with life insurance can feel secure knowing their loved ones will have financial security if they die unexpectedly. Many companies sell life insurance in San Diego, so it is best to shop around and compare rates to find the ideal policy for your family.

MoneyGeek's study of the best life insurance companies in San Diego based on age, gender and smoking history can help you compare the top providers.

The policy amount and gender affect life insurance premiums. On average, Transamerica offers the cheapest $250K policy for both genders, costing around $11 monthly for men and $8 for women.

Although affordable, a $250K policy may not be enough for your beneficiaries. The state's average recommended face value is a good benchmark based on cost of living, average income, average age, average personal debt and other state-specific criteria. The recommended amount for California is $1.13 million.

Transamerica offers the cheapest rates for men and women at this coverage level — an average of $24 and $18 per month, respectively — for $1.13 million in coverage.

The policyholder's gender also affects life insurance premiums. In San Diego, women pay about 3% more than women in all of California, while men pay 13% more than the average Californian man.

For a $250K coverage in San Diego, women pay around $15, while men pay $19 per month, on average. However, the state-recommended coverage amount (calculated based on per capita income from the U.S. Bureau of Economics, average age and average mortgage debt and personal debt) typically costs significantly more in insurance premiums.

California’s recommended coverage amount of $1.13 million costs an average of $49 per month for men and 47 for women. However, a 10-year term policy costs an average of $28 per month for men and $26 for women, regardless of the coverage level.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in San Diego 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.

In terms of market share, the three most popular life insurance companies in San Diego are New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%). The top seven companies in the state own about 37% of the state's market share.

The following table details the market shares of the seven most popular companies offering life insurance in San Diego.

Young individuals in San Diego can expect to pay about $19–30 per month for life insurance. MoneyGeek discovered that the following companies offer the cheapest life insurance quotes in San Diego for young people, on average:

• Transamerica: $19 per month
• Mutual of Omaha: $21 per month

Listed in the table below are the life insurance quotes for young people in San Diego as quoted by a number of insurers:

MoneyGeek determined rates analyzing quotes for a 25-year-old male non-smoker in San Diego, California, who is 5 feet 10 inches tall and weighs 152 pounds. This sample customer 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 San Diego's seniors usually range from about $43–98 per month, on average. The two most affordable life insurance providers for seniors in San Diego are:

• Transamerica: $43 per month
• MassMutual: $46 per month

The following table provides an additional listing of the best and cheapest insurers in San Diego for seniors.

MoneyGeek collected rates from quotes for a 60-year-old male non-smoker in San Diego, California, who is 5 feet 10 inches and 179 pounds. This sample customer was used to receive quotes for a 10-year term contract at the average coverage need of $107,000.

Smokers in San Diego should pay an average of $163–244 per month for life insurance. According to MoneyGeek, the cheapest life insurance carriers in San Diego for smokers are:

• Transamerica: $163 per month
• Nationwide: $178 per month

The following table includes a list of the city's cheapest and best insurers for smokers.

MoneyGeek collected rates for a 30-year-old male smoker in San Diego, California, who is 5 feet 10 inches, 179 pounds, and purchasing a 20-year term contract at the average coverage need of $1.13 million. If you are a smoker, we suggest buying a longer-term policy to provide longer coverage, as rates for smokers increase significantly with age.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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.