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
Best overall: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Best universal life insurance: Pacific Life
Best for seniors: Prudential
Best for young adults: Legal & General America
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
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.
Best overall life insurance
2025 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
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
Legal & General America
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
Legal & General America
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
2025 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability & good customer satisfaction ratings
Higher potential for dividends for whole life policyholders than many competitors
Term coverage has strong conversion privileges to permanent coverage
Cons
High term life premiums
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
2025 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
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 cons
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
2025 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
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 cons
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
Legal & General America
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
2025 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
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
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.
Comparing the best life insurance companies in San Francisco
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Legal & General America | 4.9 / 5 | Overall, cheapest, term life, smokers, young adults | 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 | |
Pacific Life | 4.8 / 5 | No-medical-exam life | Term life, no-medical-exam life, universal life, indexed 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.
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.
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