Best Life Insurance Companies in San Diego, CA, for June, 2024

MassMutual offers residents of San Diego the best life insurance policy.

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Updated: 16 May 2024
Written by Bob Phillips
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As a California resident, particularly in San Diego, you’ve probably received your fair share of marketing materials and advertisements for life insurance. With so many companies vying for your attention, it can be overwhelming to know where to start your search for the right policy.

That’s where we come in. In this article, we’ll take a deep dive into the top life insurance companies in San Diego, examining their respective niches, pros and cons, policy types, customer feedback, and more. We’ll even go over the average cost of life insurance in San Diego so you can get a sense of what to expect.

So if you’re ready to take the next step and find the best life insurance policy for you and your family in San Diego, keep reading. With my 15 years of experience selling life insurance and thorough research, I’m confident that I can help guide you to the right options. Let’s get started!

Best Life Insurance In San Diego, CA 2024

Keep reading to uncover vital information about each of these companies, enabling you to make a well-informed decision and select the perfect policy from one of the top life insurance companies in San Diego.

Best Life Insurance, San Diego 2024

Compare The Best Life Insurance Companies In San Diego, CA

If you're in the market for life insurance in San Diego, it's crucial to do your due diligence and compare different options. One mistake that many people make is only considering one company at a time, rather than comparing them side-by-side.

With my years of experience working with multiple insurance companies, valuable insights from industry friends, and thorough personal research, I have compiled a comprehensive comparison chart to assist you in finding the ideal life insurance provider in San Diego. This chart considers various factors, such as policy types, pricing, customer reviews, and more, to provide you with a comprehensive overview of each company's offerings.

By using this chart, you can make an informed decision that aligns with your unique requirements and provides you with the protection and peace of mind you deserve. Don't make the mistake of choosing a life insurance provider without fully exploring all your options in San Diego - let this comparison chart be your guide.

Best For Overall Rating A.M. Best Rating Online Experience Rating Customer Satisfaction Ratings Get A Quote
MassMutual

Best Overall

4.9

A++

8.8

780

Instant Quote
Mutual of Omaha

Seniors

4.6

A+

8.5

801

Instant Quote
Transamerica

Cheapest Term Insurance

4.8

A

7.0

740

Instant Quote
Nationwide

Runner-Up For Best

4.7

A+

8.9

791

Instant Quote
State Farm

Customer Service

4.7

A++

8.7

839

Instant Quote
Haven Life

Online Experience

4.5

A++

9.9

780

Instant Quote
Scroll to see comparisons

Our Methodology

To establish the ratings outlined above, we assessed various criteria, including years in operation, policy variety, financial stability, customer satisfaction ratings, and website transparency.

Furthermore, we took my personal experience with these companies into account, excluding Haven Life. By considering these diverse factors, we've compiled a thorough rundown of the best life insurance companies in San Diego.

47

Quotes Analyzed

15+

Years Of Industry Experience

17

Brands Reviewed

20+

Research Hours

The Best Life Insurance Companies in San Diego, 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

MassMutual is a well-established life insurance provider in the United States, with a history dating back to 1851. San Diego residents can take advantage of the extensive range of life insurance products the company offers, from temporary life insurance to permanent variable life insurance that includes investment-driven cash value accumulation.

Being a mutual company, MassMutual is partially owned by policyholders and pays out dividends on some of its permanent life insurance policies, similar to other century-old life insurance companies.

MassMutual has a superb reputation backed by the highest possible financial ratings, which shows its superior ability to pay out claims. The 2022 U.S. Individual Life Insurance Study by J.D. Power ranked MassMutual 9th overall for customer satisfaction.

In San Diego, MassMutual’s life policies are marketed by a sales force of career agents who are employees of the company. This approach guarantees that agents undergo thorough product training, which ultimately benefits both policyholders and potential clients.

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

While MassMutual’s premiums may not be the lowest, they are competitive compared to other companies with career agents such as New York Life and Northwestern Mutual Life. 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.

MassMutual, a top life insurance company in San Diego, provides a comprehensive range of life insurance policies, including term life insurance and permanent life insurance with cash value accumulation. Beyond life insurance, the company also offers fixed and variable annuities, which can provide a lifetime income stream with a one-time deposit.

Benefits & Drawbacks

Benefits
  • Offers comprehensive online policy details for easy understanding
  • Provides a range of term and permanent policy options
  • Simple and hassle-free process for filing claims online
Drawbacks
  • Term policies are only available through a 3rd party.
  • Unable to apply for permanent policies through their 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

Dating back to 1925, Nationwide is a global financial services company headquartered in Columbus, Ohio, that provides a wide range of insurance products, including life insurance, health insurance, annuities, and more. In San Diego, Nationwide is a top provider of life insurance that cater to diverse needs and budgets.

Nationwide offers various life insurance policies, including term life insurance, whole life insurance, and universal life insurance, to ensure customers have a comprehensive range of choices. The company sells its life insurance policies through its insurance agent sales force and approved financial professionals who undergo rigorous vetting by the company.

Nationwide is also a popular choice for seniors in San Diego, thanks to its larger face amounts and annuities for businesses. The company’s website features a user-friendly interface that offers detailed product descriptions, making it easy for customers to make informed decisions. In addition to life insurance, Nationwide also offers other insurance products, such as long-term care and pet insurance.

Nationwide’s life insurance policies come with a unique bundle discount that can reduce premiums for customers who combine their life insurance policies with auto and homeowners insurance policies. This bundling not only simplifies premium payments but also provides comprehensive protection for families and properties with one company.

If you’re seeking life insurance for estate planning purposes in San Diego, Nationwide might not be your top choice. The company primarily focuses on selling property and casualty insurance through their agents and tends to promote life insurance as an add-on to existing policyholders. However, if you’re interested in bundling your life insurance with other policies, such as auto or home insurance, Nationwide is a solid option. Compared to Liberty Mutual and other competitors, Nationwide stands out for including life insurance in their bundle discounts.

Benefits & Drawbacks

Benefits
  • Offers competitive premium rates
  • Provides a range of life insurance options in San Diego, including term life insurance, whole life insurance, and universal life policies
  • Offers policyholders the flexibility to customize insurance coverage with riders
Drawbacks
  • Does not provide an online quote or application process for permanent policies.
  • Limits the availability of term insurance to individuals who are 70 or younger

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

Mutual of Omaha is a well-known name among seniors in San Diego, thanks to its reputation for offering quality life insurance products tailored to the needs of Baby Boomers and their parents. As a former agent, trainer, and manager at the company, I can attest to its commitment to providing excellent service to its policyholders.

While Mutual of Omaha’s subsidiary, United of Omaha, offers life insurance to people of all ages, the company’s focus on serving seniors is what sets it apart. Their Medicare Supplement policies are popular among seniors, and their travel insurance kiosks can often be found at San Diego airports.

Mutual of Omaha offers a range of life insurance options, including term life insurance, whole life insurance, and universal life insurance. While their permanent insurance rates may be on the higher side, they remain competitive. However, their strongest offerings are in the senior life insurance market. In San Diego, they offer a “Final Expense Insurance” policy marketed to people between 45 and 80, which does not require a medical exam but does ask questions about medical history. While the policy is not guaranteed to be issued, it provides a valuable option for seniors seeking affordable insurance coverage.

For seniors looking for life insurance policies with smaller face amounts and an easy application process in San Diego, Mutual of Omaha Senior Life is a great choice. With face amounts ranging from $5,000 to $25,000 and lenient underwriting, the company’s “Final Expense Insurance” policy is a popular option for those seeking coverage. Additionally, Mutual of Omaha’s customer service has received high praise and ranked third in J.D. Power’s 2022 Life Insurance Survey, ensuring that seniors can trust the company to meet their needs.

Benefits & Drawbacks

Benefits
  • Specializes in meeting the needs of seniors
  • Strong financial stability and dependability
  • Well-regarded for delivering outstanding customer service
Drawbacks
  • The company doesn't offer a guaranteed issue policy.
  • Term life insurance rates are relatively expensive in San Diego

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

Consider Transamerica Life Insurance when looking for affordable life insurance in San Diego. This company is well-known for its competitive premiums, making life insurance policies accessible to individuals of all ages, including younger adults. Unlike other providers, Transamerica solely relies on independent life insurance agents or brokers to sell its policies, allowing the company to keep its premiums low while providing high-quality service.

Transamerica’s Trendsetter Super Policy is a popular choice, offering up to $10 million in term life protection. If your policy’s face amount is $2 million or below and you are in excellent health, you may not need to undergo a medical exam to purchase this policy.

The Trendsetter Super Policy is a convertible term life insurance policy, giving you the flexibility to convert your coverage to a permanent life insurance policy during the conversion period specified in the policy. This feature enables you to start with a large face amount and low premium and then convert it to a whole life insurance or universal life insurance policy with a higher premium when your income increases.

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

When it comes to affordable life insurance options in San Diego, Transamerica is a great choice. With its reputation for competitive premiums and customer-friendly policies, Transamerica makes the process of purchasing life insurance a breeze. As a former Transamerica agent myself, I can attest to the company’s commitment to providing a seamless and hassle-free experience for its customers.

Benefits & Drawbacks

Benefits
  • Possesses a strong capacity to pay claims.
  • Provides the most cost-effective rates for term life insurance in San Diego.
  • Accessible through various independent agents.
Drawbacks
  • Independent agents may not have enough knowledge about the company's products.
  • Has a somewhat higher amount of NAIC (National Association of Insurance Commissioners) complaints than average.

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

State Farm is a well-known insurance provider in San Diego, with offices scattered throughout the city. The company was established in 1922, with a primary focus on auto insurance, and has since expanded to offer a variety of insurance products, including homeowners and renters insurance.

Although State Farm is not particularly recognized for its life insurance products, its permanent life insurance policies, such as whole life insurance, are of excellent quality and shouldn’t be overlooked. While their term life insurance rates may not be the most affordable, working with a local agent can offer added value.

With over 18,000 agents across the United States, including San Diego, State Farm is dedicated to providing excellent customer service. The company has 343 claim offices and 30 operations centers, demonstrating its commitment to customer satisfaction. This is evident in their consistent ranking as one of the top life insurers in JD Power’s annual customer satisfaction survey.

I recently purchased life insurance from a local State Farm insurance agent in San Diego, and I must say their service was exceptional, and the buying process was convenient. If you are someone who values convenience and outstanding customer service and is willing to pay a little extra for it, State Farm insurance would be an excellent option for life insurance in San Diego. Their vast network of agents and claim offices reflects the company’s dedication to serving its clients, and their permanent life insurance policies are of top-notch quality.

Benefits & Drawbacks

Benefits
  • Offers the option to convert term policies into permanent policies.
  • Highly convenient as there are several offices located within easy reach.
  • Has a high customer satisfaction rating which assures quality service.
Drawbacks
  • The policies can only be obtained directly from the company, and not through independent agents.
  • Some policies may have age limitations, with insurance coverage not available for individuals above the age of 65.

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 pretty new insurance provider in San Diego that exclusively offers term life insurance policies. If you prefer a fully digital process for purchasing life insurance in San Diego, Haven Life is an excellent option. Their primary product is Haven Term, which provides a maximum death benefit of $3 million and competitive premiums.

Haven Life stands out for its hassle-free process that can be completed entirely online. You only need to provide basic personal information, select your desired coverage amount, and answer some medical questions to complete the streamlined application in under 15 minutes. From getting a quote to filing a death claim, everything can be done online, and the website is user-friendly with clear instructions.

One of the benefits of Haven Life is that there’s no 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. If you’re tech-savvy and looking for a hassle-free way to purchase term life insurance in San Diego, Haven Life is an excellent option to consider.

Haven Life is a no brainer for those seeking a fully digital, streamlined process when purchasing term life insurance. As a subsidiary of MassMutual, you can have peace of mind knowing that your claims will be paid, and their customer service has received high ratings.

Benefits & Drawbacks

Benefits
  • Policyholders have the flexibility to choose policy terms between 5 and 30 years.
  • The company provides a broad range of insurance coverage options ranging from $25,000 to $3 million.
  • Insurance coverage can be obtained without requiring a medical examination.
Drawbacks
  • The company does not offer permanent life insurance policies in San Diego.
  • No mobile application is available for easy access to policy information.

How To Find The Best Life Insurance Company For You

When shopping for life insurance in San Diego, it’s essential to find a company that meets your specific needs. Mutual of Omaha may not be the best choice for a 35-year-old seeking $1 million of term life insurance, but companies like Transamerica or Haven Life might be a better fit. If you prefer working with a dedicated agent, State Farm or MassMutual may be the right choice for you, as opposed to companies that use independent agents.

As you research your options, here are five key questions to keep in mind:

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

Answering these questions can help you find the right life insurance provider in San Diego for your specific needs. It’s crucial to conduct thorough research and ask relevant questions before making a decision. After all, the primary objective is to safeguard your loved ones’ financial well-being in case of any unforeseen events.

Largest Life Insurance Companies In California

Although size is often associated with quality, bigger doesn’t always mean better when it comes to life insurance. That being said, if you’re curious about the leading life insurance companies in California, here’s a rundown:

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%

When searching for a San Diego life insurance provider, remember that size isn’t everything. While some may assume that the largest companies are always the best, it’s important to take into account factors like financial ratings, policy options, and customer service. The most important thing is to find a company that aligns with your individual needs and provides you with the reassurance of a secure future for you and your loved ones.

Average Cost Of Life Insurance In California

Average Monthly Life Insurance Rates For Men In San Diego

Company Rates for $250,000 Death Benefit Rates for $1 Million Death Benefit
Transamerica $13 $25
Nationwide $14 $26
MassMutual $13 $29
Mutual of Omaha $16 $31
AAA $16 $34
State Farm $21 $45

Average Monthly Life Insurance Rates For Women In San Diego

Company Rates for $250,000 Death Benefit Rates for $1 Million Death Benefit
Nationwide $12 $19
Mutual of Omaha $13 $18
MassMutual $10 $21
Progressive Life $12 $49
State Farm $21 $61
Prudential $22 $75

To determine the average cost of a 10-year term life insurance policy in San Diego, various factors like age, gender, and health status are taken into account. For this study, we collected life insurance quotes from major insurance companies operating in San Diego.

We based our research on a hypothetical profile of an average buyer – a 30-year-old male weighing around 179 pounds and a 30-year-old female weighing around 142 pounds. By comparing the life insurance quotes we received, we were able to calculate the average cost of a 10-year term life insurance policy in San Diego.

Factors That Impact The Cost Of Your Life Insurance Policy In San Diego

When it comes to life insurance, companies evaluate policyholders differently. However, there are certain factors that most companies take into account to determine the cost of life insurance.

These include:

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

It’s worth noting that your location doesn’t affect the cost of your life insurance policy. Whether you live in San Diego or Los Angeles, the premium you pay for life insurance will not be impacted by your address.

California Life Insurance Laws To Know

To ensure that you are well-informed when purchasing a life insurance policy in California, it’s important to be aware of the state’s unique regulations that can affect your insurance coverage. Some of these regulations include:

  • Free look period: This allows policyholders to terminate a new policy without any penalties within the first 10 days of enrollment.
  • Time period for claim settlement: Life insurance companies in California must settle claims within 30 days of receiving satisfactory proof of death documents. Interest will be added to the unpaid amount if the company fails to do so.
  • Contestable period: This refers to the amount of time an insurer has to contest any potentially fraudulent or misrepresented claims on the insurance 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.
  • Grace period: 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.

FAQs

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

The cost of life insurance in San Diego is determined by various factors, as mentioned before. Based on our analysis, a 30-year-old man can get a 10-year term life insurance policy worth $1 million for around $20 per month in San Diego, while a woman of the same age can acquire the same insurance coverage for roughly $17 monthly.

Is life insurance more expensive in California?

Life insurance rates are based on individual factors, such as age, gender, health, and lifestyle, rather than the state of residence. While life insurance companies must comply with state regulations and laws, they cannot charge different rates based on location. As a result, the cost of life insurance should be uniform throughout all states, including California.

Which company has the lowest life insurance rates in San Diego?

Our research shows that Transamerica provides the most economical life insurance rates for both men and women in San Diego, compared to other major life insurance companies.

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