Updated: May 22, 2024
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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.
BestLife InsuranceSan Diego, CABest Life Insurance Companies in San Diego, CA, for 2023
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.
Cheapest For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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.
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $24 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $26 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $29 |
| Mutual of Omaha | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $30 |
| AAA | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $34 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $21 |
| Progressive Life | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $49 |
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.
Gender has a substantial impact on the cost of life insurance. According to the National Center for Health Statistics, women generally have longer average life expectancies. Men are generally found to perform riskier jobs and develop heart disease. Considering these factors, insurers typically charge men higher premiums.
Most life insurance policyholders are men. Women today earn more than ever before, and stay-at-home moms are of higher economic value to families. With increased life expectancy, women are eligible for lower insurance premiums, making life insurance a wise purchase.
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.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
Market share is the percentage of sales made by one company compared to other companies in the same industry. A company with a high market share in life insurance means it has sold more policies than its competitors.
MoneyGeek generates market share statistics for insurance companies from each company's total premiums, as reported in S&P Global's 2020 data reports.
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:
Listed in the table below are the life insurance quotes for young people in San Diego as quoted by a number of insurers:
| Transamerica | Monthly Cost$19 |
| Mutual of Omaha | Monthly Cost$21 |
| MassMutual | Monthly Cost$21 |
| AAA | Monthly Cost$24 |
| State Farm | Monthly Cost$26 |
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 costs less for people under the age of 25. As you get older and more likely to develop health conditions, your policy costs will rise. So, one of the best ways to save money on a policy is to buy life insurance when you are younger. Your insurance rates will be cheaper if you are younger and healthier.
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:
The following table provides an additional listing of the best and cheapest insurers in San Diego for seniors.
| Transamerica | Monthly Cost$43 |
| MassMutual | Monthly Cost$46 |
| State Farm | Monthly Cost$49 |
| Nationwide | Monthly Cost$50 |
| AAA | Monthly Cost$51 |
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.
Life insurance costs more for older people due to the increased likelihood that their policies will outlast them. However, because their beneficiaries are more likely to be financially independent adults, seniors may not require as much coverage as an average adult.
They generally expect their life insurance amount to cover expenditures, such as funeral costs and outstanding debt repayment. As a result, MoneyGeek's sample senior insurance coverage for San Diego is just around $100K.
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:
The following table includes a list of the city's cheapest and best insurers for smokers.
| Transamerica | Monthly Cost$163 |
| Nationwide | Monthly Cost$178 |
| State Farm | Monthly Cost$193 |
| Mutual of Omaha | Monthly Cost$198 |
| MassMutual | Monthly Cost$198 |
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.
Due to the long-term adverse health consequences of smoking, insurers view smokers as high-risk and apply higher insurance premiums. However, it is still possible for smokers to find affordable life insurance. As premiums for smokers climb significantly with age, MoneyGeek recommends getting a life insurance policy with a minimum term of 20 years in San Diego.
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 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.
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.
