Best Life Insurance Companies

3 Best Life Insurance Companies in California (2024)

Insurance California team has chosen Central Insurance Quote as our leading life insurance company in California. After evaluating 25 companies across the nation, we determined our top picks. While our guide provides a good starting point, we recommend taking personal factors such as your age, health status, and budget into account before deciding on coverage.

Why you can trust Insurance California: Our writers and editors are dedicated to delivering accurate and impartial information about the life insurance industry, supported by extensive research. We also seek advice from independent industry experts and utilize a thorough methodology to rate the best life insurance companies.

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Top 3 Life Insurance Companies in California

When it comes to securing your future and protecting your loved ones, choosing the right life insurance company is crucial. In California, a variety of life insurance providers offer comprehensive policies to suit different needs and budgets. We’ve evaluated numerous companies to bring you our top eight picks, each excelling in different aspects such as coverage options, customer service, and financial stability. Here's an overview of the top life insurance companies in California, helping you make an informed decision.

How We Rank Life Insurance Providers

Life insurance stands out as a unique insurance type where geographic location doesn't impact rates. While affordability was a key consideration, we also evaluated financial stability, application convenience, and range of coverage options when compiling our list of top-rated California life insurance providers.

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BEST LIFE INSURANCE IN CALIFORNIA #1
Central Insurance Quote

Central Insurance Quote

Insurance Rating

5.0

Sample Cost
$19-$44
Policies Offered
Term and whole

Central Insurance Quote

Central Insurance Quote is our top pick for life insurance providers in California because it offers a streamlined online application process that you can complete directly from your digital device. Unlike traditional providers such as Fidelity Life and State Farm, Central Insurance Quote operates as a digital agency partnering with reputable life insurance carriers such as TruStage, Mutual of Omaha, and Ameritas to offer both term and whole life policies. The combined financial strength of Central Insurance Quote’s partner companies is rated ‘A’ by credit rating agency AM Best, indicating robust cash flow to ensure claims are paid.

Convenient Online Application

Our study shows that a wide range of people find Central Insurance Quote's online application procedure to be quite appealing. More over 35% of respondents to a February 2024 Pollfish poll of 1,000 life insurance consumers nationally said they bought their policy online, underscoring the expanding trend of digital insurance solutions.

Flexible Coverage Options
  • Term Life Insurance: Available to applicants aged 20 to 65, Central Insurance Quote offers term policies with coverage periods ranging from 10 to 30 years and coverage amounts between $20,000 and $2 million.

  • Guaranteed-Issue Whole Life Insurance: Senior applicants aged 66 to 88 can benefit from guaranteed-issue whole life insurance without the need for a medical exam. Although the maximum whole life benefit is $30,000, which is lower than some competitors, the application process remains quick and hassle-free.

Pros and cons

Pros

  • Applicants can skip medical exam for most policies
  • Features a seamless digital application process
  • Offers guaranteed-issue coverage for seniors

Cons

  • Cannot meet with an in-person agent
  • Does not offer live chat
Coverage

Central Insurance Quote offers the following types of life insurance policies in California:

  • Term life insurance
  • Whole life insurance
Cost

These premiums reflect rates for a 20-year, $250,000 term policy for a preferred applicant in good health who is a nonsmoker. We determined the average premiums for both men and women to arrive at the following costs:

  • 35-year-old: $17
  • 45-year-old: $32
  • 55-year-old: $75
BEST LIFE INSURANCE IN CALIFORNIA #2
Insurance California

Insurance California

Insurance Rating

5.0

Sample Cost
$17-35
Policies Offered
Term and whole

Insurance California

Insurance California offers top companies for both Term and Whole life insurance. They specialize in providing quick quotes and various offers through their digital platform. Insurance California collaborates with multiple life insurance carriers, ensuring a diverse selection of options.

Financial Strength and Convenience
Insurance California is rated ‘A’ by AM Best, guaranteeing strong financial stability. They also offer policies that don’t require a medical exam, making the application process quicker and simpler for applicants.

Coverage Options
While Insurance California excels in Term life insurance, for those seeking lifelong coverage, exploring other providers might be necessary.

Nationwide Coverage
Insurance California provides coverage across all states in the USA, ensuring accessibility and comprehensive insurance solutions.

Pros and cons

Pros

  • Quick and easy online quotes
  • Policies available without a medical exam
  • Strong financial rating (‘A’ by AM Best)
  • Nationwide coverage across all states in the USA

Cons

  • Limited options for Whole life insurance compared to some competitors
  • May require exploring other providers for lifelong coverage
Coverage

Insurance California offers the following types of life insurance policies in California:

  • Term life insurance
  • Whole life insurance
Cost

To get a monthly cost estimate for coverage with Insurance California, we averaged the premiums for male and female applicants with a preferred health rating seeking a 20-year term life insurance policy with $250,000 in coverage. We received Insurance California’s quote through its partner, North American Company for Life and Health, which underwrites and issues its plans.

  • 35-year-old: $17
  • 45-year-old: $31
  • 55-year-old: $68
BEST LIFE INSURANCE IN CALIFORNIA #3

Insurance Riverside

Insurance Rating

4.8

Sample Cost
$17-35
Policies Offered
Term and whole

Insurance Riverside

Insurance Riverside is selected as a top California life insurance provider for its accidental death rider, offering coverage ranging from $50,000 to $300,000 for policyholders aged 20 to 65. The company provides various simplified issue permanent life policies with minimal health inquiries and no medical exam, ensuring convenience for applicants. Insurance Riverside may be suitable if you've faced rejections for term life insurance or if accidental death concerns you. Nearly 40% of Insurance Riverside policyholders in our survey opted for whole life coverage from the company.

Financial Strength

Insurance Riverside maintains a strong financial position, highlighted by its A- rating from AM Best, denoting an "excellent" score by the credit-rating agency. This financial stability ensures the company's ability to fulfill claims for policyholders' beneficiaries.

Coverage Considerations

In our research on Insurance Riverside, we noted fewer rider options and a maximum coverage limit of $2 million, which is lower compared to some competitors. Additionally, the company does not offer the option to convert a term policy into permanent coverage.

Pros and cons

Pros

  • Accidental death rider offering coverage up to $300,000
  • Simplified issue permanent life policies with minimal health inquiries
  • No medical exam required for certain policies
  • Strong financial stability with an A- rating from AM Best

Cons

  • Fewer rider options compared to some competitors
  • No option to convert a term policy into permanent coverage
Coverage

Insurance California offers the following types of life insurance policies in California:

  • Term life insurance
  • Whole life insurance
Cost

These sample nonsmoker rates for Insurance Riverside are based on a 20-year, $250,000 term life policy for male and female residents of California with a preferred health rating.

  • 35-year-old: $22
  • 45-year-old: $37
  • 55-year-old: $80

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Regulations for California Life Insurance

Specific laws and rules governing life insurance contract clauses are enforced in California:

Compare Life Insurance Companies in California

We reviewed 25 companies operating in California and made our top picks. According to our survey, 35% of California policyholders obtained coverage by speaking with an agent over the phone, while 31% purchased online and 24% visited a life insurance office. The table below compares our selected providers.

LIFE INSURANCE COMPANY OUR RATING LEARN MORE
Central Insurance Quote Central Insurance Quote

5.0

More
Insurance California Insurance California

5.0

More
Insurnace Riverside Insurance Riverside

4.8

More

Our Conclusion on the Best Life Insurance in California

To determine the right type and amount of life insurance, spend time assessing how much financial support your dependents would need if you were absent. We picked Ethos as the top choice for California residents because of its simple application process and collaborations with established, financially secure insurance providers.

Frequently Asked Questions About Life Insurance in California

1. What is the average life insurance cost in California?

Life insurance costs in California vary based on factors such as gender, age, health, and coverage amount. For a healthy, tobacco-free 45-year-old seeking a 20-year term policy with $250,000 in coverage, the average rate from the companies we reviewed is $33 per month.


2. What are the best life insurance companies in California?

We selected Central Insurance Quote as our top life insurance company in California, with Bestow, Fidelity Life, and State Farm following closely. When looking for life insurance, prioritize your personal needs and the needs of your dependents. Working with a licensed insurance agent can help you understand your options better.


3. What happens if a life insurance company goes bankrupt in California?

California's Life & Health Insurance Guarantee Association, founded in 1991, protects life insurance policyholders. This nonprofit entity provides financial security if an insurance company goes bankrupt and cannot fulfill its payouts. It covers up to 80% of the insolvent company's debts to policy beneficiaries, capped at $250,000.

Methodology: Our System for Ranking the Best Life Insurance Companies

Our team ranks life insurance companies using a detailed scoring system that considers important consumer factors. We review each provider based on coverage options, customizability, availability, customer service, and reputation. Here's what we look at:

Brand Trust (40%): Given that life insurance payouts can be substantial, choosing a reputable provider is vital. We use J.D. Power and Associates surveys, AM Best credit ratings, and the NAIC complaint index to evaluate brand trust, awarding more points to higher scores.

Coverage (33%): The more life insurance options available, the better. We give the most points to companies offering various types of life insurance, including term, permanent, and no-exam policies.

Availability and Ease of Use (19%): We assess how accessible and easy to use a company's services are. Companies earn points for providing multiple communication channels for support, claims, and applications, both in-person and online.

Riders (8%): Offering various life insurance riders allows for better policy customization. We determine the number of riders offered and award points to companies with more than 10 options.

Our rating system helps us compare life insurance companies based on key factors, determining the best in the industry. To learn more, read our full methodology for reviewing and scoring providers.