Best Life Insurance Companies in Dallas, TX for May, 2024

Nationwide offers the best life insurance in Dallas, however, read on to check out if another option better suits your needs.

min read
Updated: 16 May 2024
Written by
Bob Phillips
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Deciding on a life insurance policy that safeguards your loved ones is a critical financial choice. It ensures that your family has a financial cushion after you pass away. After evaluating various life insurance companies in Dallas, we recommend Nationwide as the top choice. They provide exceptional life insurance products at reasonable premiums for all ages.

In this assessment, we’ll compare whole life insurance, term life insurance, and variable universal life insurance policies alongside the average cost of life insurance in Dallas. This is crucial because selecting the wrong life insurance company or policy for your age group can cause long-term financial problems for your loved ones.

As a former career agent, I’m acquainted with all the companies we’ll discuss in this review. Even though these insurers cater to different demographics, they are all financially sound and deliver excellent customer service.

Best Life Insurance Companies In Dallas, TX 2024

Best Life Insurance, Dallas 2024

Compare The Best Life Insurance In Dallas, TX

To help in your evaluation of the top life insurance companies in Dallas, here is a table displaying our preferred companies across a few key criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
MassMutual
4.8

Best Overall Runner-Up

A

780

9.5

Instant Quote
Nationwide
4.9

Best Overall

A++

791

9.4

Instant Quote
Mutual of Omaha
4.8

Best For Seniors

A+

801

9.2

Instant Quote
Transamerica
4.7

Best For Young Adults

A

740

9.7

Instant Quote
Mass Mutual
4.8

Best For Cheapest Life Insurance

A++

780

9.6

Instant Quote
USAA
4.8

Best For Military Families

A+

NR

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

We used a comprehensive approach that considered various factors, including customer service ratings, product variety, rates, and the quality of the online experience. Additionally, my personal experience selling life insurance and representing one of these companies played a subjective role. I also have knowledge about the other life insurers through my interactions with agents who have worked for them.

76

Quotes Analyzed

15+

Years Of Industry Experience

22

Brands Reviewed

32+

Research Hours

The Best Life Insurance Companies In Dallas


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a well-established insurance company, and it’s fitting that it uses a blanket as its advertising symbol to represent a layer of protection. The company has a highly trained sales force of career agents and a network of carefully selected independent agents who represent the company.

Nationwide offers a complete product line of life insurance. They provide a variety of term and permanent life insurance products, including whole life insurance, universal life insurance, and variable universal life insurance. Additionally, they offer a life insurance plan that doesn’t require a medical examination.

Buying life insurance from Nationwide is simple and convenient. You can visit a local neighborhood office in Dallas, of which there are many, or call their home office, and they’ll refer you to a Nationwide career agent or independent agent based on your needs.

Nationwide has excellent financial ratings and customer satisfaction levels, making them one of the best life insurance companies in the industry. Their rates are also highly competitive.

Benefits & Drawbacks

Benefits
  • Excellent network of trained agents
  • A full complement of life insurance products
  • Among the least expensive we evaluated
Drawbacks
  • Term life applicants must be 70 or younger
  • No online quotes or applications for permanent coverage products

Best Overall Runner-Up

Overall Rating
4.8

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

In Dallas, MassMutual is considered the second-best life insurance provider overall. Although based in Massachusetts, the company has provided life insurance in Dallas for decades.

MassMutual’s agents are highly trained employees who receive extensive training throughout their careers. They use a comprehensive life insurance needs analysis to determine the best type and face amount of life insurance for their clients.

The company offers a diverse range of life insurance products, including whole life insurance and universal life insurance, in addition to term life insurance. MassMutual also provides a variable universal life insurance policy that combines mutual funds with a death benefit to build cash value.

Despite having higher overhead costs due to maintaining Class A offices throughout the country and paying their trained employees, MassMutual’s life insurance premiums are competitive across all groups.

Benefits & Drawbacks

Benefits
  • Term and permanent life insurance policy options
  • Online and in-person breakdown of life insurance policies
  • Online claims filing
Drawbacks
  • Term policies purchased online can’t be converted to permanent policies
  • No online application for permanent policies

Best For Seniors

Overall Rating
4.8

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

As a licensed insurance agent with Mutual of Omaha for over five years, I can attest that the company has a deep understanding of the senior market. For example, their senior life product line includes a guaranteed issue whole life product that is issued regardless of your health history. This means that you won’t be denied life insurance coverage, but the premiums may be higher due to the higher financial risk the company is taking.

For those who want to avoid paying the higher premiums associated with a guaranteed issue policy, Mutual of Omaha also offers a simplified issue product for seniors. This product requires you to complete a short application with a few medical questions, but no medical exam is necessary. Although the rates are lower than the guaranteed issue product, life insurance coverage is not guaranteed. If you have a history of heart problems or cancer, for example, your application may be declined.

Benefits & Drawbacks

Benefits
  • Well-trained agents sell senior life products
  • Complete line of senior products, including life insurance and Medicare Supplements
  • No exam is required for senior life insurance policies
Drawbacks
  • Not as many term life plans as competitors
  • Senior life policies have limited face amounts

Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
9/10 Claims
8/10 Coverage Level

Why We Like Them

Famous for its pyramid-shaped office building in San Francisco, Transamerica is well-represented in Dallas, with an extensive network of independent life insurance agents that sell its policies. The company has long been known to have very affordable term life insurance, and that is definitely the case with its term life product for young adults.

In addition to great rates, Transamerica provides a robust online experience for younger people to buy life insurance. The majority of young adults prefer to purchase life insurance products online instead of dealing with an agent, and Transamerica makes it easy to do that by getting a quote through the website.

If you prefer to work with an insurance agent, Transamerica has a “Locate an Agent” button on its website which will help you find a local agent who represents them.

Benefits & Drawbacks

Benefits
  • You can buy term life insurance online
  • Policy face amounts go as high as $10 million
  • No medical exam for up to $2 million for qualifying applicants
Drawbacks
  • $25,000 is the minimum term life insurance face amount available
  • Final Expense Policy is not guaranteed issue

Best For Families

Overall Rating
4.7

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

USAA has earned an A+ (Superior) rating from A.M. Best, which indicates excellent financial strength and claims payment ability. Although USAA’s property and casualty products are specially designed for active military members, veterans, and their families, their life insurance is available to all U.S. citizens or permanent residents, regardless of military connections.

USAA has a dedicated “Survivor Relations” team that helps the loved ones of deceased policy owners settle their claims across all their USAA accounts and policies. Additionally, USAA offers a guaranteed issue life insurance policy issued by Mutual of Omaha, which is available in Dallas and does not require a medical examination.

Benefits & Drawbacks

Benefits
  • Life insurance is available to non-military citizens and permanent residents
  • Complete line of life insurance products, including term life, universal life, and whole life insurance
  • No exam is required for some term life policies
Drawbacks
  • Not as many term life plans as competitors
  • Essential Term only available to consumers ages 21 to 35

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

If you’re looking for affordable life insurance in Dallas, look no further than MassMutual. It offers the most competitive rates for both males and females, beating out major insurers like Nationwide, State Farm, Prudential, and Mutual of Omaha. MassMutual understands the profitability of the term life insurance marketplace for insurers and has priced its policies accordingly.

If you’re looking for term life insurance, MassMutual is an excellent choice. They offer policies lasting 1, 10, 15, 20, 25, or 30 years, with coverage starting at $100,000. And if you need permanent life insurance coverage later on, most term life policies can be converted to permanent life insurance policies, like whole life insurance or universal life insurance.

On top of their great rates, MassMutual also has a solid reputation for customer service. According to the National Association of Insurance Commissioners, they’ve received fewer complaints from policyholders than expected. And in JD Power’s 2022 U.S. ranking of insurance companies, MassMutual ranked 9th out of 22 for customer satisfaction.

Benefits & Drawbacks

Benefits
  • Cheapest rates in Dallas overall
  • Online and in-person breakdown of policies
  • Online claims filing
Drawbacks
  • Term policies purchased online can’t be converted to permanent policies
  • No online application for permanent policies

How To Find The Best Life Insurance Company For You

We’ve reviewed several top insurance companies, and each has policies that can meet your needs. However, one company may be more beneficial to you than others based on your specific situation.

For instance, if you are 65 years old and looking to purchase $25,000 of whole life insurance, Mutual of Omaha may be the best option for you. On the other hand, if you are 35 years old, Nationwide might be a better choice for a life insurance policy.

Additionally, if you prefer working directly with an agent, a company like MassMutual might be more suitable than other companies selling their policies online. To find the top life insurance provider for you, consider asking yourself these five questions:

  1. What are the company’s financial ratings?
  2. Does the company offer the type of policy I need?
  3. Do I want assistance from a local agent, or do I prefer to search for policies online?
  4. Are the company’s rates competitive for my age group?
  5. Are most online reviews of the company positive?

Remember, your situation is unique and may differ from your friends or neighbors.

Largest Life Insurance Companies In Texas

There are dozens of life insurance companies doing business in Texas. These are the companies that are the largest as measured by market share:

Company Market Share
Northwestern Mutual 7%
Lincoln Financial 6%
New York Life 6%
Transamerica 4%
MassMutual 4%
Pacific Life 4%
State Farm 4%

Average Cost Of Life Insurance In Dallas, TX

Average Cost Of Life Insurance In Dallas For Females

(Average age 30, average weight of 153, average coverage need of $680,000)

Company Rates for $250,000 Life Insurance Coverage Rates for $926,000 Life Insurance Coverage (Recommended)
Nationwide $14 $16
Mutual of Omaha $14 $17
MassMutual $15 $17
Transamerica $16 $27
State Farm $22 $34
AAA $18 $39
Progressive $19 $41

Average Cost Of Life Insurance In Dallas For Males

(Average age 30, average weight of 193, average coverage need of $680,000)

Company Rates for $250,000 Life Insurance Coverage Rates for $926,000 Life Insurance Coverage (Recommended)
MassMutual $11 $18
Nationwide $11 $19
Mutual of Omaha $13 $19
Transamerica $14 $29
State Farm $20 $36
AAA $22 $44
Progressive $22 $47

Average Cost Of Life Insurance For Young People In Dallas, TX

(Male, average age of 25, average weight of 167, average coverage need of $270,000)

Company Rates for $270,000 Coverage
Nationwide $19
State Farm $23
Progressive $25

Average Cost Of Life Insurance For Seniors In Dallas, TX

(Average age 60, average weight of 197, average coverage need of $82,000)

Company Rates for $82,000 Coverage
MassMutual $38
Mutual of Omaha $43
Nationwide $45
State Farm $50
Progressive $68

Texas Life Insurance Laws To Know

Life insurance companies in Texas must adhere to state guidelines that protect policyholders and dictate how policies function.

Free Look Period

If a new policyholder decides to cancel their life insurance within 10 days of receiving the policy, they are entitled to a full refund of their initial premium payment.

Guaranty Fund Protection

When you make a premium payment, you can be assured that your coverage is protected by the Texas Life and Health Insurance Guaranty Association. In the rare event that a life insurance company fails, the association guarantees coverage of up to $300,000 in life insurance death benefits and $100,000 in life insurance cash surrender value.

Contestable Period

In Texas, life insurance policies have a contestability period of two years from the effective date. During this time, insurance companies may reject a claim if they discover that the policyholder provided false information on their application.

Time Allowable To Settle A Claim

Upon receiving proof of the insured’s death, life insurance companies in Texas must pay claims within two months. Interest on claims starts accruing on the day the company receives proof of death.

Grace Period For Missed Payments

If policyholders in Texas miss a payment, they have a grace period of 31 days to make the payment before the life insurance company cancels their coverage. This allows customers some extra time to pay their premiums.

Information About Dallas

Dallas, Texas, is a vibrant and diverse city in the southern United States. With a population of over 1.3 million people, Dallas is the ninth-largest city in the country and the third-largest in Texas. Known for its thriving business community, world-class museums and attractions, and bustling nightlife, Dallas is a popular destination for tourists and business travelers alike.

One of the most famous landmarks in Dallas is the Reunion Tower, an iconic 560-foot observation tower that offers stunning views of the city. Other popular attractions include the Dallas Museum of Art, the Sixth Floor Museum at Dealey Plaza (which chronicles the assassination of President John F. Kennedy), and the Dallas World Aquarium.

Dallas is also home to several major sports teams, including the Dallas Cowboys (NFL), Dallas Mavericks (NBA), and Dallas Stars (NHL). The city is also known for its excellent cuisine, with a wide variety of restaurants serving everything from traditional Tex-Mex dishes to international cuisine.

FAQs

How expensive is life insurance in Texas?

When it comes to life insurance in Texas, the cost is determined by various factors, including your age, health history, height, weight, and smoking habits. For example, there are options available for healthy young adults to get $270,000 worth of coverage for as little as $18 per month.

Do I need life insurance in Dallas?

If you live in Dallas and have family members who depend on your financial support, it’s crucial to consider getting life insurance. A life insurance policy can provide security and a death benefit that can help your loved ones keep their home, pay for their children’s college tuition expenses, and cover end-of-life costs.

How much life insurance do I need in Dallas?

Depending on your financial circumstances and family situation, the amount of life insurance coverage you need can vary. However, insurance agents and companies commonly recommend that working individuals obtain coverage 7-10 times their salary. This will ensure that their loved ones will be financially supported in the case of an unexpected passing. It can also aid in replacing lost income and providing for any surviving family members.

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