Best life insurance companies in San Francisco, CA (2024)

We compared customer satisfaction, pricing, transparency, and financial strength ratings to find the best life insurance companies available in San Francisco.

Headshot of Brian Acton

By

Brian ActonContributing WriterBrian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Ian Bloom, CFP®, RLP®Ian Bloom, CFP®, RLP®Certified Financial PlannerIan Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

Updated|5 min read

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Life insurance can give you peace of mind and protect your loved ones no matter where you live, but it’s extremely important in San Francisco, one of the 10 most expensive cities in the world. [1] Shoppers should look for policies that provide the coverage they need at a price that won’t break their budget. 

We picked the best life insurance companies available in San Francisco today, calculated the average cost of life insurance for city residents, and explained the state laws that affect you as a policyholder. Legal & General America

Best life insurance companies in San Francisco

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance 

Legal & General America, which also does business as Banner Life and William Penn, offers competitive rates and a variety of term lengths, making it our top choice for the best overall life insurance available in San Francisco. Qualified applicants can also choose fast no-medical-exam options, giving some people with no pre-existing conditions the ability to get coverage quicker. 

Cheapest life insurance

San Francisco residents can find competitive life insurance rates based on their medical history with Legal & General America, the cheapest option in the Policygenius marketplace for most applicants with a variety of health conditions. 

Best term life insurance

Term life insurance policies that cover the policyholder for a set amount of time and then expire are the best type of life insurance policy for most people. Legal & General America has a range of term length options including 40-year policies, and offers competitive rates to most applicants. 

Best whole life insurance

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2024 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

Why we chose itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

Whole life insurance is a permanent policy that never expires. While it’s five to 15 times as expensive as term life, it offers cash value components and may even pay dividends to the policyholder based on the company’s performance. San Francisco residents who want whole  life insurance should choose MassMutual, which pays higher dividends than the competition. 

Best universal life insurance

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2024 Policygenius award winner

Pacific Life

Pacific Life logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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All 50 states

No-medical-exam option

Why we chose itchevron icon

Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.

Pros and conschevron icon

Pros

  • Extremely affordable across age brackets

  • Affordable guaranteed universal life insurance option for people who need lifetime coverage

  • Favorable underwriting for many health conditions

Cons

  • Traditional term life not available in NY

  • There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy

Universal life insurance is a type of permanent policy with a smaller cash value than whole life, but it's one of the more affordable ways for policyholders to get covered for their lifetime. Pacific Life offers competitive universal life insurance rates and has high customer satisfaction levels. 

Best for seniors

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2024 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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No-medical-exam option

Why we chose itchevron icon

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and conschevron icon

Pros

  • Good for people over 60

  • More flexible income requirements than some other insurers

  • Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

  • Younger applicants will likely find better prices elsewhere

Prudential offers San Francisco seniors age 60 and above competitive rates, even when they have certain pre-existing conditions that tend to occur in old age. Plus, Prudential’s flexible income requirements means retirees can qualify for more coverage than they would with some other insurers.

Best for young adults

Young adults in San Francisco can find very competitive rates with Legal & General America. And young people with no pre-existing conditions can also qualify for a no-medical-exam policy that bypasses the medical exam for quicker coverage. 

Best for marijuana users

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2024 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

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No-medical-exam option

Why we chose itchevron icon

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and conschevron icon

Pros

  • Affordable rates

  • Good for many existing health conditions, including depression, stroke, and heart conditions

  • Good for marijuana users, including daily users

Cons

  • Term life not available in New York

San Francisco residents who use marijuana may automatically receive expensive smoker rates from many life insurance companies. But Lincoln Financial offers much more affordable non-smoker rates to daily and occasional users. 

Best for smokers

Legal & General America offers the best smoker rates to San Francisco tobacco users. Policyholders can apply for lower premiums after they quit for just one year, unlike other insurers that require a minimum of two years tobacco-free.

Ready to shop for life insurance in San Francisco?

Comparing the best life insurance companies in San Francisco

Company 

Policygenius rating

Best for

Types of policies 

Brighthouse Financial

5.0 / 5

No-medical-exam life, young adults

Term life, no-medical-exam life, whole life, short-term life, universal life

Legal & General America

4.9 / 5

Overall, cheapest, term life, smokers

Term life, no-medical-exam life, universal life

MassMutual

4.9 / 5

Whole life

Term life, no-medical-exam life, whole life, universal life, variable universal life

Lincoln Financial

4.8 / 5

Marijuana users, people with pre-existing conditions

Term life, no-medical-exam life, indexed universal life, variable universal life

Prudential

4.1 / 5

Seniors

Term life, no-medical-exam life, short-term life, universal life, indexed universal life

What is the average cost of life insurance in San Francisco?

Life insurance premiums are calculated using many individual factors that include the applicant’s age, overall health, pre-existing conditions, and the term length and coverage amount of the policy. 

Based on the latest Policygenius data from 2023, the average monthly premium for a healthy 35-year old in San Francisco purchasing a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.

What happens if a life insurance company goes bankrupt in San Francisco?

The California Life & Health Insurance Guarantee Association protects San Francisco policyholders in the rare case that a life insurance company becomes insolvent and is unable to honor its financial commitments. As long as the policyholder continues to pay their premiums, they will continue to receive coverage. 

When a life insurance company is liquidated, the policyholder will be notified by the court-appointed receiver overseeing the liquidation. California covers up to 80% of the death benefit (up to $300,000) or 80% of the net cash surrender and net cash withdrawal value (up to $100,000) when a life insurance company goes bankrupt. 

Only California residents can get coverage from the guaranty association. If a policyholder moves out of state, they will receive coverage from the guaranty association in the state where they reside when the life insurance company is liquidated. 

How to find a lost life insurance policy in San Francisco

When someone dies, an authorized party like a family member or the executor of the estate can search the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service for any life insurance policies the decedent may have held. 

They can also check with the State Controller’s Life Insurance Settlement Property Search for unclaimed property and death benefits turned over to the state when there has been no activity on the policy for three years or more. 

Ready to shop for life insurance in San Francisco?

California life insurance laws

Policies sold in San Francisco must adhere to California laws that dictate how life insurance companies must do business in the state. 

Free look period

Within 10 days of receiving their new life insurance policy, California policyholders can cancel it to receive a complete refund of their premium payments. 

Guaranty Fund protection

When a life insurance company goes bankrupt, the California Life and Health Insurance Guarantee Association covers up to 80% of the life insurance death benefit (up to $300,000) and up to 80% of the net cash surrender and net cash withdrawal value (up to $100,000).   

Contestable period

The contestable period in California lasts for the first two years of a life insurance policy. Within this time frame, life insurance companies can deny a claim if they discover the policyholder lied or made misstatements on their application. 

Time allowable to settle a claim

Life insurance companies in California must settle a claim within 85 days of the claim being filed. Claims that aren’t paid within 30 days of the date of death will accrue interest. 

Grace period for missed payments

Policyholders in California get a 60-day grace period to settle up an unpaid premium payment before the life insurance company can terminate their coverage.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. SFGATE

    . "

    San Francisco ranks among the 10 most expensive cities in the world

    ." Accessed April 14, 2023.

Author

Brian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Ian Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

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