How much does life insurance cost in California in 2024

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Age is one of the most significant factors in determining life insurance premiums. As you get older, the likelihood of health issues increases, leading insurers to adjust rates to reflect the higher risk. Whether you’re in your 20s, 40s, or 60s, knowing how your age affects life insurance costs can guide you in choosing the right coverage at the right time.

For instance, our data shows that when purchasing a $500,000 policy for a 20-year term, healthy 35-year-old males in California pay $361, while 65-year-old males in California pay $6,097. Meanwhile, healthy 35-year-old females purchasing the same policy in the same state pay $309 and 65-year-old females pay $4,297.

As you can see, life insurance gets much more expensive with age, with 35-year-old males and 35-year-old females paying 94% and 93% less than their 65-year-old counterparts, respectively.

“Life insurance rates for younger applicants are typically much less on average than older applicants due to life expectancy. This is based on actuarial data used by life insurers that show younger applicants have a longer life expectancy. As rates can vary significantly amongst insurers, we recommend getting at least three quotes when shopping for a life insurance policy,” says Mark Friedlander, director of corporate communications at the Insurance Information Institute.

While life insurance rates vary across different age groups, there are still ways to find affordable coverage by exploring different options and providers. Knowing the benchmark rates for your age group can help you compare offers and identify the rate that suits your needs and budget.

Life insurance rates for different age groups in California

Life insurance rates increase as you age. Generally, the younger you are, the lower your premiums will be due to lower health risks and a longer expected lifespan. Getting life insurance as soon as possible can lead to significant long-term savings on coverage.

While the exact amount you’ll pay for coverage will vary depending on your profile, such as your health and lifestyle choices, the tables below give you an idea of how much you can expect to pay if you’re in relatively good health. Rates are based on non-smokers receiving a Preferred health rating.

How much life insurance in California costs for $500,000 in coverage

Age	Gender	Average annual premium
25	Female	$254
25	Male	$316
30	Female	$268
30	Male	$329
35	Female	$309
35	Male	$361
40	Female	$406
40	Male	$498
45	Female	$597
45	Male	$765
50	Female	$881
50	Male	$1,152
55	Female	$1,329
55	Male	$1,832
60	Female	$2,288
60	Male	$3,200
65	Female	$4,297
65	Male	$6,097

How much life insurance in California costs for $750,000 in coverage

Age	Gender	Average annual premium
25	Female	$348
25	Male	$441
30	Female	$367
30	Male	$458
35	Female	$428
35	Male	$504
40	Female	$580
40	Male	$710
45	Female	$858
45	Male	$1,115
50	Female	$1,293
50	Male	$1,701
55	Female	$1,960
55	Male	$2,714
60	Female	$3,399
60	Male	$4,765
65	Female	$6,414
65	Male	$9,113

How much life insurance in California costs for $1 million in coverage

Age	Gender	Average annual premium
25	Female	$413
25	Male	$552
30	Female	$446
30	Male	$574
35	Female	$526
35	Male	$637
40	Female	$726
40	Male	$897
45	Female	$1,093
45	Male	$1,418
50	Female	$1,611
50	Male	$2,193
55	Female	$2,529
55	Male	$3,517
60	Female	$4,321
60	Male	$6,205
65	Female	$8,113
65	Male	$11,675

Factors that affect life insurance in California

Age and gender: Age is one of the most significant factors in determining life insurance premiums. Generally, younger individuals pay lower premiums because they are considered less risky to insure. Women often pay slightly lower premiums than men due to their longer life expectancy.
Health and medical history: Insurance providers assess your current health and medical history to determine your risk level. Pre-existing conditions, such as heart disease or diabetes, can result in higher premiums. A history of serious illness in your family may also affect your rates.
Smoking status: Smokers typically pay much higher premiums than non-smokers due to the increased risk of health issues. Quitting smoking can significantly reduce life insurance costs over time.
Policy type (term vs. whole life): The type of life insurance you choose impacts the cost. Term life insurance is usually more affordable than whole life insurance because it provides coverage for a set period. Whole life insurance offers lifelong coverage and includes a cash value component, making it more expensive.
Coverage amount and length: The amount of coverage you need and the length of the policy term can affect your premiums. Higher coverage amounts and longer terms typically result in higher costs.
Occupation and hobbies: Your job and recreational activities can influence your life insurance rates. Occupations that are considered high-risk, such as firefighting or construction, may lead to higher premiums. Similarly, engaging in high-risk hobbies like skydiving or scuba diving can increase your rates.

While life insurance rates can vary by state, factors like environmental risks or natural disasters currently do not directly impact premiums. Insurers focus more on personal risk factors, such as age, health, and lifestyle, rather than regional environmental conditions. As a result, your location within state is less likely to affect your rates than your individual circumstances.

How to find affordable life insurance in California

Compare quotes from multiple insurers: Different insurance companies offer varying rates for similar coverage, so it’s important to compare quotes from multiple providers to find the best deal. Online tools and insurance comparison websites can help simplify this process.
Maintain a healthy lifestyle: Insurers consider your health and lifestyle when calculating premiums, so maintaining a healthy weight, exercising regularly, and avoiding tobacco use can help you secure lower rates.
Choose the right policy type: Consider whether term life insurance or whole life insurance is the best fit for your needs and budget. Term life insurance is typically more affordable and provides coverage for a set period, while whole life insurance offers lifelong coverage but comes at a higher cost.
Consider adjusting your coverage amount and term length: If your budget is tight, you may find more affordable premiums by opting for a lower coverage amount or a shorter policy term. However, ensure the coverage amount is still sufficient to meet your financial goals and needs.
Review your policy periodically: Your insurance needs and financial situation may change over time, so it’s a good idea to review your policy regularly. Adjusting coverage or switching providers can sometimes lead to more affordable premiums.

The benefits of buying life insurance early

Generally, the earlier you buy life insurance, the lower your premiums will be. When you purchase a policy at a younger age, you’re generally in better health, which means insurers see you as a lower risk. This translates to more affordable rates that can be locked in for the duration of your term. Over the years, these lower premiums can add up to substantial savings, making early life insurance a financially savvy decision. Additionally, securing coverage early ensures that you’re protected from the unexpected, providing peace of mind for both you and your loved ones.

Another key benefit of buying life insurance early is the flexibility it provides. Younger policyholders often have more options when it comes to choosing the type and length of their coverage. For instance, you might opt for a longer term or a more comprehensive whole life policy, knowing that your lower age-based rates make these options more accessible. Furthermore, buying early means you can adjust your coverage as your life changes—whether you’re starting a family, buying a home, or planning for retirement—without worrying about higher costs due to aging or potential health issues.

Methodology

The average monthly rates presented are based CompuLife data of female and male non-smokers in a Preferred health category purchasing a 20-year term life insurance policy with coverage amounts of $500,000, $750,000 and $1 million. Rates differ by insurer, policy term, coverage amount, health classification, and state. Note that not all policies are available in every state.

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Nupur Gambhir

Managing Editor

Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.