Best Life Insurance Companies In Los Angeles, CA for July, 2024

I believe MassMutual is the best life insurance company in Los Angeles.

min read -
Updated: 23 June 2024
Written by Bob Phillips
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If you live in the Golden State, you very likely have been solicited to buy life insurance by email, snail mail, or through television or streaming ads. Of course, each life insurance provider claims to be at the top of the list of the best life insurance companies in Los Angeles.

But who is the best life insurer in L.A.? That’s going to depend on your age, health condition, budget, and many other variables. I believe MassMutual deserves the title of “Top Pick,” but you might find that another insurer may better meet your needs.

In this article, we’ll review an assortment of the best life insurance companies in Los Angeles and assess what niche they fit best, their pros and cons, the types of policies they offer, customer ratings, and more. We’ll also disclose the cost of life insurance in L.A.

By reading this far, you’ve shown that you want your loved ones to continue living the lifestyle they enjoy in the event of your death. You may also want to accumulate cash value on a tax-deferred basis to supplement your retirement savings, fund a child or grandchild’s education, or create a legacy.

No matter your reason, you’ve come to the right place to find the best life insurance in Los Angeles. I’ve combined my 15 years of experience selling life insurance with hours of research to bring you these findings.

Best Life Insurance In Los Angeles, CA 2024

Best Life Insurance, Los Angeles 2024

Read on to learn the important facts about each of these companies so you can make an educated decision and find the right policy from one of these top life insurance companies in Los Angeles.

Compare The Best Life Insurance In Los Angeles, CA

Comparison shopping is important for most products and services, including life insurance. Unfortunately, one of the biggest mistakes people make buying life insurance is not taking the time to look at companies they’re considering side-by-side.

Based on my experience representing several of these companies, having friends who represented some others compared here, and my own research, here is a comparison chart to help you begin the process of choosing the top insurance company that best meets your needs.

Overall Rating (Best 5.0) Best For A.M. Best Rating (Best: A++) Customer Satisfaction Ratings (Best: 1000) Online Experience Rating (Best: 10.0) Get A Quote
MassMutual
4.9

Best Overall

A++

780

8.8

Instant Quote
State Farm
4.7

Customer Service

A++

839

8.7

Instant Quote
Nationwide
4.7

Runner-Up

A+

791

8.9

Instant Quote
Transamerica
4.8

Cheapest Term Insurance

A

740

7.0

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

801

8.5

Instant Quote
Haven Life
4.5

Online Experience

A++

780

9.9

Instant Quote
Scroll to see comparisons

Our Methodology

To arrive at the above ratings, we factored in years in business, the variety of policies offered, financial strength, customer satisfaction ratings, and website transparency.

Also factored in was my personal experience with these companies, having had in-depth experience with all of these but Haven Life.

82

Quotes Analyzed

15+

Years Of Industry Experience

19

Brands Reviewed

40+

Research Hours

The Best Life Insurance Companies In Los Angeles, CA


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

Founded in 1851, MassMutual is a leading global insurance organization and one of the largest life insurance companies in the U.S. It offers a wide range of life insurance products, ranging from term life insurance (temporary insurance for a fixed term) to variable life insurance (investment-driven cash value accumulation).

Like many life insurance companies dating back a century or more, MassMutual is a mutual company (owned in part by policyholders) and pays out dividends on some of its permanent life insurance policies.

MassMutual has an excellent reputation, which is well-deserved. It has the highest financial ratings possible, indicating superior claims-paying ability. It also ranked 9th overall for customer satisfaction, based on J.D. Powers’ 2022 U.S. Individual Life Insurance Study.

MassMutual’s insurance policies are sold through a career agent sales force, meaning that agents are company employees. This helps ensure their agent force receives comprehensive product training, which benefits policyholders and prospective clients.

The company is also highly touted for offering high coverage limits with its policies. Term policies start at $100,000 and can go as high as $10 million. These limits are beneficial to high-net-worth individuals and business clients.

MassMutual is not known for having the lowest premiums. Because of the high overhead associated with maintaining a career agent sales force, MassMutual’s premiums are not on the same level as some insurers that sell their policies through independent life insurance agents.

However, compared to other companies with career agents, such as New York Life and Northwestern Mutual Life, MassMutual’s premiums are competitive.

In addition to offering different types of life insurance policies, MassMutual offers fixed and variable annuities, which can provide a lifetime income after a lump-sum deposit.

Benefits & Drawbacks

Benefits
  • Online claims filing
  • Term and permanent policy options
  • Thorough online breakdown of its policies online
Drawbacks
  • No online application for permanent policies
  • Only offers term policies online through third party company

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

Headquartered in Columbus, Ohio, and founded in 1925, Nationwide is one of the largest financial service companies in the world and is the runner-up for being the best overall life insurance company in Los Angeles.

Nationwide offers a range of life insurance products, including term life, whole life, and universal life. It sells its life insurance product through its agent sales force, but also partners with approved financial professionals who are vetted carefully by the company.

In addition to individual life insurance, Nationwide caters to the business market by offering larger face amounts and annuities, health insurance, and other financial services. The company also is popular with seniors.

When visiting Nationwide’s website, you’ll be struck by the many different types of insurance it offers, including long-term care and pet insurance. The site is easy to navigate and contains detailed product descriptions that will help you pick out the right type of policy.

Nationwide also has a bundle discount that will lower your rates if you combine your life insurance with auto insurance and homeowners policies. This allows you to protect your family and property with one company, which can simplify your life when paying premiums.

If you’re considering buying life insurance for estate planning purposes, Nationwide life insurance agents won’t be your best source of assistance. Many of the company’s agents concentrate more on property and casualty insurance than life insurance, selling it as an add-on to existing policyholders.

It might not be the cheapest life insurance, but if you are shopping for a bundle discount that includes life insurance, Nationwide is a good choice since some of their chief competitors, like Liberty Mutual, don’t offer life insurance.

Benefits & Drawbacks

Benefits
  • Offers term, whole, and universal life insurance
  • Can customize coverage with riders
  • Competitive premiums
Drawbacks
  • Must be 70 or younger to qualify for term insurance
  • No online quotes or applications for permanent policies

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

Transamerica Life Insurance offers the cheapest life insurance in Los Angeles. Its premiums are the most competitive for younger adults, though they are very affordable for all age ranges.

Transamerica sells its life insurance products strictly through independent life insurance agents, often referred to as “brokers.” They don’t have a career salesforce, which helps keep their premiums low. 

Transamerica’s anchor life insurance product is the Trendsetter Super Policy, which offers up to $10 million in term life protection. If you purchase this policy and are in excellent health, you probably won’t be required to take a medical exam if the policy’s face amount is $2 million or below.

The Trendsetter Super Policy is a convertible term life policy that allows you to convert your coverage to permanent life insurance during the conversion period specified in the policy. This lets you initially purchase a policy with a large face amount and low premium, then convert it to a whole or universal life insurance policy with a higher premium when your income is higher. 

Transamerica also offers life insurance to foreign nationals working in the United States. You must have a global net worth of at least $1 million and be from one of 47 qualifying countries.

If your primary buying criterion is price, Transamerica is the best choice. I’ve sold Transamerica life insurance and experienced no problems having policies issued or serviced.

Benefits & Drawbacks

Benefits
  • Cheapest life insurance rates available for term insurance
  • Strong claims-paying ability
  • Sold by many independent agents
Drawbacks
  • A higher-than-expected number of NAIC complaints
  • Independent agents may not be well-trained on the products

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 the greater Los Angeles area, you’ve probably noticed a State Farm office in just about every neighborhood. Thanks to their neighborhood agents, State Farm is known for being there “like a good neighbor” not only when you want to buy insurance, but also when you need customer service.

State Farm was established in 1922 as an auto insurance company, then branched out to include many other types of insurance, including homeowners and renters insurance.

The company is not particularly well known for its life insurance products (which I’ve owned before), but don’t take them lightly when it comes to the quality of its permanent life insurance policies, like its whole life offering. 

State Farm’s term life insurance rates are not extremely competitive, but if you don’t mind paying a little extra for dealing with an agent in your local area, it’s not overpriced.

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

Having purchased State Farm life insurance from a neighborhood agent, I can attest to how good the service was and how convenient it was to buy. If you don’t mind paying a little more for convenience and superior customer service, State Farm is an excellent choice.

Benefits & Drawbacks

Benefits
  • Many conveniently located offices
  • Known for superior customer satisfaction ratings
  • Term policies can be converted into permanent policies
Drawbacks
  • Some policies exclude applicants over age 65
  • Policies are not available from 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 are very familiar with Omaha from growing up or raising their children watching the “Mutual of Omaha’s Wild Kingdom” television show.

Mutual of Omaha is aptly named because it too is a mutual (policyholder-owned) insurance company located in Omaha, Nebraska. I know it well, having spent five years with the company as an agent, trainer, and manager.

While the company sells life insurance to people of all ages through its subsidiary, United of Omaha, it primarily targets Baby Boomers and their parents. In addition to life insurance for seniors, Mutual of Omaha is a popular provider of Medicare Supplement policies to seniors, and you may have seen their travel insurance kiosks at the airport.

Focusing on life insurance, Mutual of Omaha offers a wide assortment of life insurance, including term, whole, and universal life. Their prices for permanent insurance are on the higher end of the pricing spectrum, but still competitive.

The insurer shines when it comes to life insurance for seniors. It has become well-known for its “no medical exam” senior whole life insurance policy, which is available to people ages 45-80. The policy is marketed by Mutual of Omaha as being “Final Expense Insurance,” though it is simply a whole life insurance policy with a smaller face amount.

Though a medical exam is not required for their senior life policy, questions concerning your medical history must be answered, and there is no guarantee the policy will be issued.

Mutual of Omaha senior life is an excellent choice for seniors looking for smaller face amounts of life insurance ($5,000 to $25,000) and fairly liberal underwriting and application approval. Its customer service also ranked 3rd highest in J.D. Powers’ 2022 Life Insurance Survey.

Benefits & Drawbacks

Benefits
  • Excellent customer service ratings
  • Superior financial strength
  • Understands the needs of seniors
Drawbacks
  • Term life insurance rates are high
  • No guaranteed issue policy is available

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

Haven Life is not one of the oldest insurers around, but it has a strong pedigree as it’s owned by MassMutual. Haven only sells term life insurance, but it is a very appealing alternative to computer-savvy individuals who want to buy insurance on their laptops in the comfort of their own homes.

Its flagship term life insurance product is Haven Term, which has a maximum death benefit of $3 million. Premiums for Haven Term are very competitive, and the product ranks among the best term life insurance in Los Angeles.

Haven makes buying life insurance online quick and easy. After you enter some basic information about yourself and select a face amount of insurance to get a quote, you complete a streamlined application that takes less than 15 minutes.

Doing business with Haven Life is a simple, fully digital process. From getting a quote to filing a death claim, everything is done online, and the instructions on the website are clear and easy to follow. 

A final huge plus for Haven Life is they don’t require a medical exam, so no paramed will be coming to your home or office. Approval will be based solely on the answers to medical questions, and underwriting is known for its fairness.

If you’re looking for an easy online experience when you buy term life insurance, Haven Life is a strong choice. Being backed by MassMutual will give you confidence your claim will be paid, and the company’s customer service is highly-rated.

Benefits & Drawbacks

Benefits
  • No medical exam required
  • Coverage ranges from $25,000 to $3 million
  • Terms range from 5 to 30 years
Drawbacks
  • No mobile app is available
  • Doesn’t offer permanent life insurance

How To Find The Best Life Insurance For You

Not all life insurance providers will meet your needs because they specialize in meeting different types of people’s needs. 

For example, if you’re 35 years old and want to buy $1 million of term life insurance, Mutual of Omaha won’t be a good choice for you, but Transamerica or Haven Life might be.

Or, if you’re the type of person that wants to work directly with an agent, a company like MassMutual or State Farm might meet your needs better than other life insurers who utilize independent agents.

Finding the right life insurance provider takes time and effort. Asking these five questions will help you in your search:

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

Answering these questions will help you make an informed decision. Remember, your situation is unique because you are, so the insurer you choose may not be the same as your parents or your best friend. What matters is that your family is protected and will be financially secure in the future.

Largest Life Insurance Companies In California

Some people believe that when it comes to buying life insurance, the company with the biggest market share (New York Life in this case) must be the best. While I don’t necessarily hold this same view, for those who do, here’s a breakdown of who the leaders are in the California market:

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%

The fact that a company is on this list does not necessarily mean they are the best company for you. In some cases, it simply means they advertise more in the California market or have more agents representing them than their competitors.

Average Cost Of Life Insurance In Los Angeles

Average Monthly Life Insurance Rates For Men In Los Angeles

Company

Rates for $250,000 Death Benefit

Rates for $1 Million Death Benefit

Transamerica

$10

$22

State Farm

$16

$37

MassMutual

$11

$25

Nationwide

$13

$22

Mutual of Omaha

$12

$27

Progressive Life

$17

$60

Average Monthly Life Insurance Rates For Women In Los Angeles

Company

Rates for $250,000 Death Benefit

Rates for $1 Million Death Benefit

Nationwide

$10

$17

Mutual of Omaha

$11

$20

State Farm

$19

$53

Progressive Life

$13

$45

MassMutual

$10

$21

Prudential

$19

$64

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Los Angeles using average buyer profile statistics, including an average age of 30 and an average weight of 179 pounds for males and 142 pounds for females. Based on experience and research, Transamerica is the cheapest life insurance for men and Nationwide for women.

Factors That Impact The Cost Of Your Life Insurance Policy In Los Angeles

Although all life insurance companies underwrite policies differently, they look at the same factors when determining the cost of life insurance, including:

  • Policy face amount
  • Age
  • Gender
  • Height
  • Weight
  • Smoker/Nonsmoker
  • Occupation
  • Hobbies
  • Medical history

Life insurance companies do not base premiums based on where you live.

California Life Insurance Laws To Know

There are a few unique features concerning California Life Insurance Laws that have an impact on your enrollment in a specific policy if you are a resident of the state:

  • The “free look period”: This is the required period in which a new policy owner can terminate the policy without any penalties. In California, the free look period extends up to 10 days.
  • The grace period: This is the amount of time a policyholder has to pay a missing premium without paying a penalty. During this time, the insurance coverage remains active. Insurers in California must give policyholders a minimum grace period of 60 days.
  • Time period for claim settlement: Once life insurance companies in California receive satisfactory proof of death documents, they have to settle the payment within 30 days. If they fail to make the payment, they will have to pay interest on the unpaid amount.
  • Contestable period: The contestable period is the amount of time an insurer can challenge any potentially fraudulent or misrepresented claims on the coverage application. After this period ends, the policy is usually considered incontestable. Life insurance in California is incontestable, except for nonpayment of premiums, after a maximum of two years.

FAQs

Is life insurance more expensive in California?

Life insurance is not more expensive in California. This is because life insurance companies are not allowed to charge different rates in different states, unlike other types of insurance (home insurance, auto insurance, etc…).

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

Life insurance premiums are determined by a combination of many factors (see above). Our studies show that a 30-year-old male can purchase a $1 million term life insurance for $22 per month, and a woman will pay $17 for the same policy.

Which company has the lowest life insurance rates in Los Angeles?

Transamerica has the lowest overall rates for men and women in Los Angeles.

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