10 Best Term Life Insurance Companies In California (2024)

Many seniors have a strong connection to Omaha due to their upbringing or their experience of raising children while watching the TV show “Mutual of Omaha’s Wild Kingdom.”

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

Mutual of Omaha is a company that sells life insurance to people of all ages through its subsidiary, United of Omaha. However, they mainly focus on Baby Boomers and their parents. Aside from life insurance, Mutual of Omaha is well-known for providing Medicare Supplement policies to seniors. You might have also come across their travel insurance kiosks at the airport.

Mutual of Omaha specializes in life insurance and offers a diverse range of policies, such as term, whole, and universal life insurance. While their term insurance prices are at the higher end of the spectrum, they remain competitive.

The company excels with life insurance for seniors. It has become well-known for its “no medical exam guaranteed issue” policy for seniors, available to people ages 45-80.

Though a medical exam is not required for their senior life policy, questions concerning your medical history must be answered for its “simplified issue policy,” which is not guaranteed to be issued.

Many seniors don’t buy life insurance because they believe that they’re either too old to qualify or it would be too expensive. Fortunately, some insurers do sell small face amounts at affordable rates to seniors age 80 and below.

Haven Life may not be one of the oldest insurance companies in the market, but it has a strong background as it is owned by MassMutual. This company exclusively offers term life insurance, but it is an attractive option for tech-savvy individuals who prefer to purchase insurance from the convenience of their homes.

Their primary product is Haven Term, which provides a maximum death benefit of $3 million. Haven Term offers very competitive premiums and is considered one of the best term life insurance options in Los Angeles.

Haven Life makes it easy to purchase life insurance online. After providing some basic information about yourself and selecting the amount of insurance you require, you can complete a streamlined application in under 15 minutes.

Haven Life’s approach to doing business is fully digital, making it uncomplicated and user-friendly. From obtaining a quote to filing a death claim, all processes are conducted online, with clear instructions provided on the website.

Another significant advantage of Haven Life is that it does not require a medical examination. Approval is based solely on your medical history, and the underwriting process is known for its fairness. Therefore, no paramedics will visit your home or office, making it a hassle-free experience.

Most people buy a lot of products and services online, including life insurance. Insurance companies that make the online buying experience quick and straightforward are continuing to increase in popularity. Some people won’t ever meet with an insurance agent; they will only buy online.

We chose New York Life as the best overall, not only because of its large market share in California but also because of its diverse product line, including term life insurance.

New York Life is a great option if you’re searching for term life insurance with a large face amount. Their Million Plus Level Term 10 policy provides a fixed rate for the first ten years and offers coverage of $1 million or more. Premiums will increase after the initial ten years. Additionally, many of their term life insurance policies are convertible to permanent policies.

The company provides a variety of whole life insurance policies in case you choose to convert your term life policy. One of these policies offers payment customization, which is beneficial for people who have changes in their income or want to pay off the policy sooner. The Secure Wealth Plus whole life policy is accessible for people aged 0 to 60 and can be fully paid off in 10 years.

“The Best” is a relative term in that what may be the best for you may not be the best for someone else. However, all of the companies reviewed here are a suitable choice for each of the demographics we’ve listed. It’s my subjective opinion that has determined my choice for this category.

Even though Nationwide had the fifth lowest rates for young adults, we still consider it the best option for them due to its flexibility in meeting with young life insurance buyers in person or online. Nationwide has numerous agents in California who can educate younger adults on various life insurance options and help them find the most suitable policy at an affordable rate.

Additionally, Nationwide has an impressive website that young adults find convenient and easy to navigate. The website allows them to quickly obtain quotes for different products and face amounts and complete an online application within minutes. The company understands that younger generations prefer to gather information online and has responded appropriately.

Life insurance companies face difficulty in appealing to younger buyers who may only consider purchasing life insurance after getting married or having children. However, despite this challenge, many life insurers still target this underserved demographic as they have lower mortality rates, which can lead to increased profits.

State Farm has consistently received high customer satisfaction ratings from J.D. Powers for its superior policyholder service. This is because it has the largest number of agents in the field compared to any other insurance company in America.

State Farm’s commitment to having a strong presence in almost every neighborhood in populated areas has earned it a reputation for exceptional customer service. The company has many local neighborhood offices located all over, making it convenient for policyholders to meet with their local agent in person.

Californians are frustrated with insurers because of increasing rates, but life insurers continue to fare well in the state. Having top-notch customer service makes an insurer an attractive option in an era where many people feel customer service has become a secondary concern for insurance companies.

Are you looking for affordable life insurance in California? Look no further than Transamerica. Their rates are highly competitive and affordable across all age ranges.

Transamerica only sells its life insurance products through independent life insurance agents, known as “brokers,” which helps keep premiums low. Their Trendsetter Super Policy is the anchor product and offers up to $10 million in term life protection. And if you’re in excellent health and purchase a policy with a face amount of $2 million or less, you likely won’t need to take a medical exam.

The Trendsetter Super Policy is also a convertible term life policy. This means you can start with a policy with a large face amount and low premium and then convert it to a whole or universal life insurance policy when your income is higher.

Foreign nationals, of which there are many in California, who are working in the US can also get life insurance through Transamerica as long as they come from one of 47 qualifying countries and have a global net worth of at least $1 million.

Like just about everything they shop for, Californians want low-cost life insurance. The cost of living here makes it a necessity. But keep in mind that cheap rates can come with a hidden cost – subpar customer service. Checking J.D. Powers and other consumer websites for company ratings and reviews can prove helpful.

Northwestern Mutual was selected as the best company for families because of its financial strength and longevity and because it trains its agents to consider all family members, not just the primary earner. Spouses and children also need life insurance for their future security, and Northwestern Mutual has many customers who have had several generations insured with them.

Northwestern Mutual is the largest seller of life insurance in the United States, offering both term and permanent life insurance policies. One of the unique benefits of their term life insurance is that it can be converted to permanent coverage without needing a medical exam.

The company’s agents tend to stay with them for extended periods, resulting in a high policy retention rate and financial stability. This makes Northwestern Mutual one of the most secure companies in the insurance industry. In 2023, the company is projected to pay $6.8 billion in dividends to qualifying policyholders.

Families need life insurance protection, not just a parent. This ensures that not only are children insured by the company protected financially today, but they will also be owners of life insurance in the future no matter what happens to their health later in life.

Though California is known to be health-conscious, many smokers still reside there. And if you’re a smoker in California looking for life insurance, Transamerica is a great option.

Its rates are just about 10% lower for smokers than its closest competitor (Nationwide), but you’re still getting a high-quality company with Transamerica. Many independent life insurance agents in California sell Transamerica’s policies because of its low rates and large face amounts of term life insurance that it offers.

California became the first state to allow medical marijuana use when voters passed the Compassionate Use Act in 1996. Today, cannabis is legal in California for medicinal and adult (recreational) use.

For Californians who are marijuana users, whether daily or occasional, Lincoln Financial offers competitive non-smoker/non-tobacco rates. Many insurers only offer marijuana users smoker/tobacco rates, which can be substantially more expensive.

Cannabis has been legalized in California, but very few life insurance companies give marijuana users nonsmoker rates. Companies that do are an exception and can save cannabis users anywhere from 30% or more on their life insurance costs. In California.

From 2016 through 2020, the number of persons in California living with diagnosed HIV infection increased from approximately 133,126 to over 139,000. Many of these individuals are interested in buying life insurance but find themselves being declined by most insurers.

Guardian offers coverage for people living with HIV. To apply, you must be 20 to 65 years old and meet certain eligibility requirements, such as being on active antiretroviral therapy. Guardian’s level term coverage amounts start at $250,000 and are available in up to 30-year terms.

Unfortunately, HIV is on the rise in California and other states. Finding affordable life insurance by a quality insurer provides peace of mind to those with HIV, and their family members.