Updated: May 22, 2024
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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.
BestLife InsuranceSan FranciscoBest Life Insurance Companies in San Francisco, CA, for 2023
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 For | $250K Coverage | $1,130,000 Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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.
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $30 |
| Nationwide | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $33 |
| MassMutual | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $38 |
| Mutual of Omaha | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $39 |
| AAA | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $43 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| Nationwide | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $25 |
| Mutual of Omaha | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $28 |
| MassMutual | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $29 |
| Progressive Life | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $68 |
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.
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.
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.
| New York Life | Market Share8% |
| Transamerica | Market Share7% |
| Northwestern Mutual | Market Share5% |
| Lincoln Financial | Market Share5% |
| MassMutual | Market Share4% |
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.
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:
Take a look at other affordable options for life insurance in San Francisco below.
| Transamerica | Monthly Cost$25 |
| Mutual of Omaha | Monthly Cost$27 |
| MassMutual | Monthly Cost$27 |
| AAA | Monthly Cost$30 |
| State Farm | Monthly Cost$33 |
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.
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.
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:
Review more about San Francisco's best and cheapest life insurance companies for seniors in the table below.
| Transamerica | Monthly Cost$56 |
| MassMutual | Monthly Cost$58 |
| State Farm | Monthly Cost$63 |
| Nationwide | Monthly Cost$64 |
| AAA | Monthly Cost$66 |
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.
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.
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:
Take a look at the other suitable life insurance providers for smokers in San Francisco below.
| Transamerica | Monthly Cost$209 |
| Nationwide | Monthly Cost$229 |
| State Farm | Monthly Cost$248 |
| Mutual of Omaha | Monthly Cost$254 |
| MassMutual | Monthly Cost$254 |
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.
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.
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, 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 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.
