Best Life Insurance In Bakersfield, CA For 2024

We believe MassMutual offers the best life insurance in Bakersfield. However, insurance isn’t a one size fits all situation, so your needs may lead you to another insurer listed below.

min read
Updated: 17 March 2024
Written by
Bob Phillips
On this page Open

If you live in California, particularly in Bakersfield, you may have received emails, snail mail, or seen ads on television or streaming services trying to sell you life insurance. Every life insurance company claims to be the best in the business, but who truly deserves the title of “Top Pick” for life insurance in Bakersfield? Your personal preferences, age, and health condition are some of the factors that will impact the answer to that question.

In this article, we will review the top life insurance companies in Bakersfield and analyze their respective niches, pros and cons, the different types of policies they offer, customer ratings, and more. Additionally, we will find out the average cost of life insurance in Bakersfield.

If you’re reading this article, it’s likely that you want to ensure that your loved ones can continue to maintain their current standard of living in the unfortunate event of your passing. You may also be interested in accumulating cash value on a tax-deferred basis to supplement your retirement savings, fund a child or grandchild’s education, or create a legacy.

Whatever your reasons may be, rest assured that you’ve come to the right place to find the best life insurance policy in Bakersfield. With my 15 years of experience selling life insurance and thorough research, I am confident in presenting you with the best options available.

Best Life Insurance Companies In Bakersfield, CA 2024

Read on to discover crucial information about each of these companies, allowing you to make an informed decision and find the ideal policy from one of the top life insurance companies in Bakersfield.

mass-mutual-icon-logo
Best Overall - MassMutual
havenlife-icon-logo
Best For Buying Online - Haven Life
mutualofohamaicon-logo
Best For Seniors - Mutual of Omaha
transamerica-icon-logo
Best For Younger People - Transamerica
nationwide-icon-logo
Best Runner-Up - Nationwide
Best Life Insurance, Bakersfield 2024

Compare The Best Life Insurance Companies In Bakersfield, CA

It's crucial to engage in comparison shopping for most products and services, including life insurance. However, one of the most significant mistakes people make when purchasing life insurance is failing to compare the companies they are considering side-by-side.

Drawing on my experience representing multiple insurance companies, insights from friends representing others, and my personal research, I have created a comparison chart to assist you in selecting the insurance company that aligns with your needs. Use this chart to kick-start the process of finding the ideal life insurance provider in Bakersfield.

Overall Rating Customer Satisfaction Ratings Best For A.M. Best Rating Online Experience Rating Get A Quote
Mutual of Omaha
4.6

801

Seniors

A+

8.5

Instant Quote
Transamerica
4.8

740

Cheapest

A

7.0

Instant Quote
MassMutual
4.9

780

Best Overall

A++

8.8

Instant Quote
Nationwide
4.7

791

Runner-Up

A++

8.9

Instant Quote
State Farm
4.7

839

Customer Service

A++

8.7

Instant Quote
Haven Life
4.5

780

Online Experience

A++

9.9

Instant Quote
Scroll to see comparisons

Our Methodology

To determine the above ratings, we considered several factors such as years in business, the range of policies offered, financial stability, customer satisfaction ratings, and website transparency.

Additionally, we took into account my personal experience with these companies. I have had experience with all of them, except for Haven Life. By factoring in these various elements, we have compiled a comprehensive list of the top life insurance companies in Bakersfield.

32

Quotes Analyzed

15+

Years Of Industry Experience

14

Brands Reviewed

26+

Research Hours

Reviews Of The Best Life Insurance Companies In Bakersfield


Best Overall

Overall Rating
4.9

Key Statistics

8/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

With roots dating back to 1851, MassMutual is one of the largest life insurance companies in the United States. The company offers an extensive range of life insurance products, from temporary term life insurance to permanent variable life insurance that includes investment-driven cash value accumulation.

As a mutual company (partially owned by policyholders), MassMutual pays out dividends on some of its permanent life insurance policies, much like other life insurance companies established a century ago or more.

MassMutual has an outstanding reputation that is well-earned. It holds the highest possible financial ratings, indicating a superior ability to pay out claims. Additionally, according to J.D. Powers’ 2022 U.S. Individual Life Insurance Study, it ranked 9th overall for customer satisfaction.

MassMutual’s life insurance policies are sold through a career agent sales force, with agents as company employees. This ensures that agents receive comprehensive product training, which benefits policyholders and prospective clients.

The company is known for offering high coverage limits with its life insurance policies. Term policies start at $100,000 and can go up to $10 million, which is advantageous for high-net-worth individuals and business clients.

Although MassMutual’s premiums are not the lowest, they are competitive compared to other companies with career agents such as New York Life and Northwestern Mutual Life. However, the high overhead associated with maintaining a career agent sales force may cause MassMutual’s premiums to be more expensive than those of other insurers that sell policies through independent life insurance agents.

In addition to offering a solid amount of different types of life insurance policies, MassMutual not only provides life insurance policies but also offers fixed and variable annuities, which can provide a lifetime income after a lump-sum deposit.

Benefits & Drawbacks

Benefits
  • Convenient online claims filing
  • Offers both term and permanent policy options
  • Comprehensive online policy breakdown
Drawbacks
  • No option to apply for permanent policies online
  • Only offers term policies through a third party online platform.

Runner-up For Best Overall

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Founded in 1925 and based in Columbus, Ohio, Nationwide is a global financial services company that offers a wide range of insurance products, including life insurance, annuities, and more. In Bakersfield, Nationwide is one of the top life insurance providers, offering a variety of policies to meet different needs and budgets.

Nationwide’s life insurance policies include term life, whole life, and universal life insurance. The company sells its life insurance policies through its agent sales force, as well as through approved financial professionals who are carefully vetted by the company.

Nationwide also offers larger face amounts and annuities for businesses and is a popular choice among seniors in Bakersfield. When you visit Nationwide’s website, you’ll find a variety of insurance products, including long-term care and pet insurance. The site is easy to navigate and provides detailed product descriptions to help you with your decisions.

One of the unique features of Nationwide’s life insurance policies is the bundle discount, which can lower your rates if you combine your life insurance with auto and homeowners policies.

This not only simplifies your life when paying premiums but also provides comprehensive protection for your family and property with one company.

When it comes to life insurance, Nationwide may not be the best option for those looking for estate planning purposes. The company’s agents tend to focus more on property and casualty insurance, and they often sell life insurance as an add-on to existing policyholders.

However, if you’re looking for a bundle discount that includes life insurance, Nationwide is a great choice. Unlike some of its competitors, such as Liberty Mutual, Nationwide offers life insurance as part of its bundle discounts.

Benefits & Drawbacks

Benefits
  • Provides term, whole, and universal life insurance options
  • Offers the flexibility to customize coverage with riders
  • Competitive premium rates
Drawbacks
  • Age limit of 70 or younger to qualify for term insurance
  • No provision for obtaining online quotes or applying for permanent policies.

Best For Customer Service

Overall Rating
4.7

Key Statistics

8/10 Affordability
10/10 Customer Reviews
9/10 Claims/payouts
7/10 Coverage Level

Why We Like Them

In Bakersfield, you can spot a State Farm office in just about every neighborhood. Their agents are always there to help, just like a friendly neighbor. They don’t just sell insurance, they’re also great at customer service!

Founded in 1922 as an auto insurance company, State Farm has since expanded to include many other types of insurance, such as homeowners and renters insurance. However, the company is not particularly renowned for its life insurance products.

Despite this, State Farm’s permanent life insurance policies, such as its whole life offering, are of high quality and shouldn’t be taken lightly. While State Farm’s term life insurance rates may not be the most competitive, the extra cost of working with an agent in your local area may be worth it.

Apart from having over 18,000 agents in the U.S., State Farm also has 343 claim offices and 30 operations centers, showing its commitment to customer satisfaction. This is why it consistently ranks at the top of JD Power’s annual release of life insurers’ customer satisfaction levels.

After personally buying life insurance from a State Farm neighborhood agent in Bakersfield, I can confidently say that their service was exceptional and the buying process was very convenient. If you are willing to pay a bit extra for the added convenience and excellent customer service, State Farm would be a great choice for life insurance in Bakersfield.

Benefits & Drawbacks

Benefits
  • Multiple conveniently located offices
  • Renowned for high customer satisfaction ratings
  • Option to convert term policies into permanent policies
Drawbacks
  • Certain policies may not cover applicants over 65 years of age
  • Policies can only be obtained directly from the company, not through independent agents.

Best For Seniors

Overall Rating
4.6

Key Statistics

8/10 Affordability
10/10 Customer Reviews
9/10 Claims/ Payouts
9/10 Coverage Level

Why We Like Them

Most seniors in Bakersfield are likely familiar with Mutual of Omaha from growing up or watching the “Mutual of Omaha’s Wild Kingdom” TV show.

Mutual of Omaha is a mutual insurance company based in Omaha, Nebraska, which primarily targets Baby Boomers and their parents. I know this company well, having worked there for five years as an agent, trainer, and manager.

While United of Omaha, a subsidiary of Mutual of Omaha, sells life insurance to people of all ages, the company is best known for its life insurance for seniors. They also provide popular Medicare Supplement policies to seniors, and their travel insurance kiosks are often seen at the airport.

Mutual of Omaha offers a variety of life insurance options, including term, whole, and universal life, and their prices for permanent insurance are on the higher side, but still competitive.

However, they excel in the senior life insurance market, offering a “no medical exam” senior whole life insurance policy marketed as “Final Expense Insurance” to people between the ages of 45 and 80 in Bakersfield.

Although the policy doesn’t require a medical exam, you will need to answer questions about your medical history, and there is no guarantee that the policy will be issued.

For seniors seeking life insurance coverage with smaller face amounts ranging from $5,000 to $25,000 and lenient underwriting and application approval, Mutual of Omaha Senior Life is a great option. Additionally, the company’s customer service received high marks, ranking third in J.D. Power’s 2022 Life Insurance Survey..

Benefits & Drawbacks

Benefits
  • Recognized for providing excellent customer service
  • Strong financial stability and reliability
  • Specializes in catering to the requirements of seniors
Drawbacks
  • Rates for term life insurance are comparatively high
  • No guaranteed issue policy is offered by the company.

Best Cheap Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
7/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

When it comes to finding affordable life insurance in Bakersfield, look no further than Transamerica Life Insurance. Known for its competitive premiums, Transamerica offers some of the most affordable life insurance policies for younger adults, as well as individuals of all ages.

Unlike some of its competitors, Transamerica does not have a career salesforce. Instead, the company sells its life insurance products exclusively through independent life insurance agents or brokers, which helps keep their premiums low.

One of Transamerica’s most popular life insurance products is the Trendsetter Super Policy, which can provide up to $10 million in term life protection. If you’re in excellent health and your policy’s face amount is $2 million or below, you may not be required to take a medical exam when purchasing this policy.

The Trendsetter Super Policy is a convertible term life policy that allows you to convert your coverage to a permanent life insurance policy during the conversion period specified in the policy.

This flexibility allows you to start with a large face amount and low premium, and convert it to a whole or universal life insurance policy with a higher premium when your income increases.

In addition to its traditional life insurance policies, Transamerica offers life insurance to foreign nationals working in the United States. To be eligible for this type of coverage, you must have a global net worth of at least $1 million and be from one of 47 qualifying countries.

When it comes to purchasing life insurance on a budget, Transamerica stands out as an excellent option. Having sold Transamerica life insurance myself, I can confidently say that policies are issued and serviced with ease, providing a seamless experience for customers.

Benefits & Drawbacks

Benefits
  • Offers the most affordable rates for term insurance
  • Has a robust claims-paying capacity
  • Available through several independent agents
Drawbacks
  • Has a relatively high number of NAIC (National Association of Insurance Commissioners) complaints than expected
  • Independent agents may not possess adequate knowledge of the products.

Best For Buying Life Insurance Online

Overall Rating
4.5

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

Owned by MassMutual, Haven Life is a newer insurance company that exclusively offers term life insurance policies. If you prefer to shop for insurance from the comfort of your home, Haven Life is a great option, especially for tech-savvy individuals.

Their primary product is Haven Term, which provides a maximum death benefit of $3 million and boasts competitive premiums, making it one of the top term life insurance options available in Bakersfield.

What sets Haven Life apart is its fully digital, hassle-free process. After providing some basic personal information and selecting your desired coverage amount, you can complete the streamlined application in under 15 minutes.

From getting a quote to filing a death claim, everything can be done online. The website is user-friendly, with clear instructions provided at each step.

Another advantage of Haven Life is that you won’t need to undergo a medical exam or meet with a paramedical professional in person. Instead, approval is based solely on your answers to medical questions, and the underwriting process is known for being fair.

Haven Life is an excellent option if you prefer a hassle-free, online experience when purchasing term life insurance. As a subsidiary of MassMutual, you can trust that your claims will be paid, and their customer service has received high ratings.

Benefits & Drawbacks

Benefits
  • No medical exam is necessary to obtain coverage
  • Provides a wide coverage range from $25,000 to $3 million
  • Offers flexibility in policy terms, ranging from 5 to 30 years
Drawbacks
  • No mobile application is available for convenient access to policy information
  • The company does not offer permanent life insurance policies.

How To Find The Best Life Insurance Company For You

Life insurance companies differ in their specialization, so not all of them will cater to your specific needs. For instance, if you’re 35 and looking to purchase $1 million of term life insurance, Mutual of Omaha may not be the ideal choice for you, but you might find a better fit with Transamerica or Haven Life.

Similarly, if you prefer to work with an agent directly, MassMutual or State Farm may be better suited to your requirements than companies that use independent agents.

To find the right life insurance company, it’s important to do your research and ask the right questions. Here are five questions to consider:

  1. Does it offer the type of policy that matches my needs?
  2. Are the majority of the company’s online reviews positive?
  3. What are the company’s financial ratings?
  4. Do I need help from a local agent to select the right policy for me?
  5. Are the company’s rates competitive for my age group?

By answering these questions, you can make an informed decision that suits your unique situation. Remember, the most important thing is to ensure that your family will be financially secure in the event of any unfortunate circumstances.

Largest Life Insurance Companies In Bakersfield

While some people believe that the largest life insurance companies are always the best, this isn’t necessarily true. However, if you’re interested in knowing who the top players are in the California market, here’s a breakdown:

Rank Company Name California Market Share
1 New York Life 8.64%
2 Transamerica 7.00%
3 Northwestern Mutual 6.28%
4 MassMutual 5.00%
5 Prudential 4.77%
6 Lincoln National 4.16%
7 Met Life 4.02%
8 Pacific Life 3.61%
9 National Life 3.25%
10 John Hancock 2.91%

Keep in mind that the size of a company doesn’t necessarily mean it’s the best fit for you. It’s important to consider other factors, such as the company’s financial ratings, the types of policies they offer, and their customer service. Ultimately, the goal is to find a company that meets your specific needs and offers you peace of mind for the future.

Average Cost Of Life Insurance In Bakersfield

Average Monthly Life Insurance Rates For Men In Bakersfield

Company Rates for $250,000 Death Benefit Rates for $1 Million Death Benefit
Transamerica $11 $21
Nationwide $12 $23
MassMutual $12 $27
Mutual of Omaha $13 $28
AAA $11 $30
State Farm $18 $41

Average Monthly Life Insurance Rates For Women In Bakersfield

Company Rates for $250,000 Death Benefit Rates for $1 Million Death Benefit
Nationwide $11 $17
Mutual of Omaha $10 $20
MassMutual $9 $21
Progressive Life $11 $48
State Farm $19 $59
Prudential $20 $71

The cost of life insurance policies can vary depending on several factors, such as age, gender, and health status. To determine the average cost of a 10-year term life insurance policy, we collected quotes from major insurance companies in the bustling city of Bakersfield, California. Our research was based on a hypothetical average buyer profile, which included a 30-year-old male with an average weight of 179 pounds and a 30-year-old female with an average weight of 142 pounds.

Factors That Impact The Cost Of Your Life Insurance Policy In Bakersfield

While it’s true that all life insurance companies assess policyholders differently, they take into account similar factors when determining the cost of life insurance.

Factors that may affect your life insurance policy include:

  • Hobbies
  • Smoker or nonsmoker status
  • Age
  • Height
  • Policy face amount
  • Gender
  • Occupation
  • Weight
  • Medical history

However, it’s worth noting that life insurance premiums are not based on your location. Whether you live in Bakersfield or Los Angeles, the cost of your life insurance policy will not be affected by your address.

California Life Insurance Laws To Know

If you’re a California resident looking to purchase a life insurance policy, it’s important to be aware of the state’s unique regulations that can affect your coverage. One such regulation is the “free look period,” which allows policyholders to terminate a new policy without any penalties within the first 10 days of enrollment. Additionally, California law requires insurers to provide a minimum grace period of 60 days for policyholders to pay a missing premium before any penalties can be imposed.

Another important regulation is the time period for claim settlement. Life insurance companies in California must settle claims within 30 days of receiving satisfactory proof of death documents. Failure to do so results in interest being added to the unpaid amount.

The contestable period is also a key feature of California’s life insurance laws. This period refers to the amount of time an insurer has to contest any potentially fraudulent or misrepresented claims on the coverage application. In California, the contestable period lasts a maximum of two years, after which the policy is typically considered incontestable, except for cases of nonpayment of premiums.

FAQs

Which company has the lowest life insurance rates in Bakersfield?

According to our research, Transamerica offers the most affordable life insurance rates for both men and women in Bakersfield when compared to other major life insurance companies.

How much per month is a $1 million life insurance policy in Bakersfield?

The cost of life insurance premiums is influenced by multiple factors, as outlined earlier. Our research indicates that a 30-year-old man can acquire a 10-year term life insurance policy worth $1 million for approximately $20 per month, while a woman of the same age can obtain the same policy for around $17 monthly.

Is life insurance more expensive in California?

Life insurance rates are not based on the state where the policyholder resides, but rather on individual factors such as age, gender, health, and lifestyle. Life insurance companies must comply with state regulations and laws, but they cannot charge different rates based on the state of residence. Therefore, the cost of life insurance should be consistent across all states, including California.

Go back to top