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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.