Best Life Insurance Companies in San Francisco, CA

Based on MoneyGeek’s analysis, Transamerica is the overall best life insurance company in San Francisco for the average adult. Transamerica is also the best option for young individuals, seniors and smokers, making it the best option for every demographic we profiled. On average, life insurance premiums can cost as little as $14 per month for $250,000 in coverage or $30 for San Francisco’s recommended coverage amount of $1.13 million.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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A life insurance policy provides your beneficiaries with financial assistance in the event of your death. Considering the number of life insurance companies in San Francisco, comparing quotes and providers is the best way to find a policy for your needs and lifestyle.

Learn about the best life insurance companies in San Francisco through MoneyGeek's analysis of each provider’s average rates based on different ages, genders and smoking histories.

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2023

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

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Best Cheap Life Insurance in San Francisco

In San Francisco, Transamerica is the cheapest provider for both men and women looking for $250,000 in coverage. However, it’s worth noting that rates can vary based on your gender. For instance, Transamerica charges an average of $14 per month for men and $12 per month for women.

Policies with $250,000 in coverage may be more affordable, but they may not be enough for your beneficiaries. How much you should get in life insurance should depend on your city’s average recommended amount, as it is based on the area’s cost of living, average income, average personal debt, average age and other area-specific factors. In San Francisco, the recommended amount is $1.13 million.

However, the higher your coverage, the more expensive your premiums will be. Following San Francisco’s recommended coverage amount of $1.13 million, Transamerica is the most affordable insurer for both men ($30 per month) and women ($25 per month) on average.

Cheapest Life Insurance Companies for Males and Females in San Francisco
  • Cheapest For
    $250K Coverage
    $1,130,000 Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in San Francisco for Men and Women

Gender plays a significant role in the average cost of life insurance. Women in San Francisco pay roughly 42% more than the rest of California, while men in the same city pay around 44% more.

In San Francisco, women pay an average of $21 a month for $250,000 of coverage, while men pay $24. These rates can change, however, if you use the state's recommended policy amount, which is determined using data such as the per capita income from the U.S. Bureau of Economics, along with average mortgage debt, personal debt and age.

Taking San Francisco's recommended coverage amount of $1.13 million into account, policies cost an average of $65 per month for women and $62 per month for men. This is especially interesting as it defies the usual theory that life insurance is cheaper for women.

Opting for term life insurance can also change your rates. In San Francisco, the average cost of a 10-year term policy is $36 per month for both men and women.

Average Monthly Life Insurance Rates in San Francisco: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $14
    $30
  • Nationwide
    $17
    $33
  • MassMutual
    $16
    $38
  • Mutual of Omaha
    $17
    $39
  • AAA
    $19
    $43
  • State Farm
    $25
    $57
  • Prudential
    $41
    $77
  • Progressive Life
    $23
    $90
Average Monthly Life Insurance Rates in San Francisco: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $12
    $25
  • Nationwide
    $15
    $25
  • Mutual of Omaha
    $15
    $28
  • MassMutual
    $13
    $29
  • Progressive Life
    $17
    $68
  • AAA
    $24
    $70
  • State Farm
    $28
    $83
  • Prudential
    $27
    $102

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

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

A person's gender has a significant impact on the cost of life insurance. The average life expectancy of women is greater than that of men, which usually causes them to pay less in life insurance premiums. Statistically, men are more likely to engage in risky behaviors, perform dangerous jobs and suffer from heart disease than women. As a result, insurers often charge men more. However, this is obviously not always the case, as we saw in the previous section.

In spite of this, statistics show that men buy life insurance more often than women. These days, women are often the primary breadwinners for their households and, therefore, are also great candidates for life insurance.

Most Popular Life Insurance Companies in California

Using market share as a metric, the most popular life insurance companies in California are New York Life (8%), Transamerica (7%) and Northwestern Mutual (5%). Collectively, California’s seven most popular life insurers make up about 37% of the state life insurance market.

Review the seven leading life insurance companies in California and their market shares 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

The market share of a company is defined by its sales ratio relative to other companies in its field. It determines how dominant a company is in the market. In the life insurance industry, a high market share means a company has sold more policies than others.

MoneyGeek derived its market share data from each company's total premiums written in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in San Francisco

In San Francisco, life insurance costs can average between $25 and $39 for young individuals. However, the most affordable life insurance providers in San Francisco are:

  • Transamerica: $25 per month
  • Mutual of Omaha: $27 per month

Take a look at other affordable options for life insurance in San Francisco below.

Best Life Insurance Companies for Young People in San Francisco, CA

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  • Company
    Monthly Cost
  • Transamerica
    $25
  • Mutual of Omaha
    $27
  • MassMutual
    $27
  • AAA
    $30
  • State Farm
    $33
  • Nationwide
    $34
  • Prudential
    $34
  • Progressive Life
    $39

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in San Francisco 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

Adults aged 25 and under in San Francisco pay less for life insurance. With age and a greater likelihood of experiencing certain ailments, policy costs rise. In this sense, purchasing life insurance while you’re young is one of the best ways to save money. Life insurance costs start lower the younger and healthier you are.

Cheapest Life Insurance for Seniors in San Francisco

For seniors, life insurance costs in San Francisco range from $56 to $125 per month. However, seniors in San Francisco seeking the most affordable policies can look at the following:

  • Transamerica: $56 per month
  • MassMutual: $58 per month

Review more about San Francisco's best and cheapest life insurance companies for seniors in the table below.

Best Life Insurance Companies for Seniors in San Francisco, CA

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  • Company
    Monthly Cost
  • Transamerica
    $56
  • MassMutual
    $58
  • State Farm
    $63
  • Nationwide
    $64
  • AAA
    $66
  • Mutual of Omaha
    $66
  • Progressive Life
    $100
  • Prudential
    $125

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in San Francisco who is 5 feet 10 inches and 179 pounds that purchases a 10-year term contract at the average coverage need of $107,000.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

As you get older, your life insurance policy is more likely to outlive you, which is why seniors pay higher premiums. In most cases, however, older policyholders don't need as much coverage since their beneficiaries are likely to be financially independent. The life insurance proceeds typically only need to cover funeral expenses, estate taxes, etc. As a result, MoneyGeek's sample policy coverage for seniors is lower.

Cheapest Life Insurance for Smokers in San Francisco

In San Francisco, life insurance costs for smokers can get expensive, ranging from $209–$313.

Fortunately, smokers in San Francisco can still get good and affordable coverage. MoneyGeek’s analysis found that the following are the best life insurance companies in San Francisco, California, for smokers:

  • Transamerica: $209 per month
  • Nationwide: $229 per month

Take a look at the other suitable life insurance providers for smokers in San Francisco below.

Best Life Insurance Companies for Smokers in San Francisco, CA

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  • Company
    Monthly Cost
  • Transamerica
    $209
  • Nationwide
    $229
  • State Farm
    $248
  • Mutual of Omaha
    $254
  • MassMutual
    $254
  • AAA
    $267
  • Prudential
    $291
  • Progressive Life
    $313

Rates were determined by analyzing quotes for a 30-year-old male smoker in San Francisco who is 5 feet 10 inches and 179 pounds that purchases 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 (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smoking can have detrimental long-term health effects, which is why insurers classify smokers as a high-risk group and charge them higher premiums. In spite of this, it's still possible to find cheap life insurance for smokers.

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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, along with average mortgage debt, personal debt and 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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