Best Life Insurance Companies in Houston, TX For April, 2024

Nationwide is best life insurance company choice in Houston due to their exceptional service, providing a wide range of products – each at a reasonable rate.

min read
Updated: 05 January 2024
Written by
Bob Phillips
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Guaranteeing your family’s financial security after you pass is important, which is why selecting the best life insurance policy to suit you can feel a little overwhelming, especially when there are so many options available on the market. To make your decision a little easier, we did some extensive research on a number of life insurance companies in Houston and concluded that Nationwide was the best choice due to their exceptional service, providing a wide range of products – each at a reasonable rate.

Throughout this analysis, we will draw comparisons between variable universal life policies, term life, and whole life policies, with the typical cost of life insurance in Houston. Our thorough evaluation will benefit you when it comes to your decision-making, as opting for the wrong insurance company or policy can be extremely detrimental to your family.

Throughout my career as a career agent, I became acquainted with many of the companies that we will be looking at during this evaluation. Although the target demographic for each of these companies may vary, their ability to deliver fantastic customer service is second to none, as well as being reliable financially.

Best life insurance providers in Houston, TX 2024

Best life insurance providers in Houston 2024

Compare the best life insurance providers in Houston, TX

The table below has been put together to support your decision when it comes to life insurance providers in Houston. We’ve highlighted companies that we would highly recommend, each showcasing different key criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience 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

Our in-depth research of Houston’s life insurance providers involved a number of different factors. These factors include online experience, the variety of products on offer, costs, and overall customer service. Add to this my personal knowledge of the industry, as well as direct communication with some of the companies during my time as a career agent.

78

Quotes Analyzed

15+

Years of Industry

18

Brands Reviewed

39+

Research Hours

Best Life Insurance Companies In Houston


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 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.

Nationwide are top players within the insurance industry, aptly using a blanket as their choice of marketing symbol to represent an added layer of security. Highly qualified career agents make up the team at Nationwide, along with a network of independent agents who have been purposefully chosen to represent them as a company.

Offering a complete line of life insurance products, Nationwide provides both term and permanent life insurance policies, in which a customer can opt for whole life, universal life, and variable universal life insurance. There is also a plan available that doesn’t ask for a medical examination.

Purchasing life insurance from Nationwide is a seamless transaction. Local branches are available around Houston, for an in-person discussion, or they will refer you to a Nationwide career agent after a phone call to their home office, depending on your individual needs.

Nationwide’s financial ratings are exceptional, along with the satisfactory levels of their customers, further proving them to be one of the best life insurance providers available on the market. Highly competitive rates are also a factor in their success.

Benefits & Drawbacks

Benefits
  • Complete line of life insurance products
  • One of the least expensive providers
  • Exceptional network of trained agents
Drawbacks
  • Online quotes unavailable for permanent products
  • Age limit restricted to 70 and younger for term life applicants

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

MassMutual is regarded as the second-best life insurance provider overall in Houston. Despite having their head office in Massachusetts, MassMutual has provided the people of Houston with life insurance for many years.

The team at MassMutual are highly qualified and have received a lot of training throughout their careers. Their method of determining the best type and face amount of life insurance for clients involves a comprehensive life insurance needs analysis.

MassMutual offers various life insurance products. These include universal life insurance, whole life insurance, and term life insurance. They also offer a variable universal life policy, combining mutual funds with a death benefit to increase cash value.

Their overheads are slightly higher than competitors due to the maintenance of their Class A offices located up and down the country, as well as funding the training of their employees. Regardless, their rates are competitive across all products.

Benefits & Drawbacks

Benefits
  • Online claims filing
  • Permanent and term policy options available
  • Option for either in-person or online breakdown of policies
Drawbacks
  • Online application unavailable for permanent policies
  • Term policies purchased online cannot be changed to a permanent policy

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

Transamerica is notable in San Francisco for its famous pyramid building; however, they are also well represented in Houston with a large network of independent life insurance agents that sell its policies. They are renowned for their affordable term life insurance, including its term life product available for young adults.

On top of their great rates, the company also offers a fantastic online experience to encourage young people to purchase life insurance, given that it is a more popular method for the younger generations, as well as providing quotes through their website.

For those who prefer an in-person discussion, Transamerica has a ‘Locate an Agent’ feature on its website, helping you to find a nearby agent who represents the company.

Benefits & Drawbacks

Benefits
  • Face amounts for policies go up to $10 million
  • Term life insurance can be purchased online
  • For qualifying applicants, a medical examination is not required for up to $2 million
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

Earning an A+ (Superior) rating from A.M. Best, USAA are financially strong, having exceptional claims payment ability. The company’s property and casualty products cater to active military members, veterans, and their families, however, all U.S citizens or permanent residents can purchase their life insurance policies – even if they have no military connections.

Their dedicated ‘Survivor Relations’ team supports loved ones of the deceased policy owner, helping them in settling claims across all accounts and policies. On top of this, USAA offers a guaranteed issue life insurance product that is issued by Mutual of Omaha. This product is available in Houston, with no medical exam necessary.

Benefits & Drawbacks

Benefits
  • Products available to non-military citizens and permanent residents
  • A medical examination is not required for selected term life policies
  • A complete line of line insurance products available
Drawbacks
  • Fewer term life plans than its competitors
  • Essential Term only available to customers aged between 21 and 35

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

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

Why We Like Them

For more affordable premiums in Houston, we recommend MassMutual – offering the most competitive rates for both men and women and beating other established insurers such as State Farm, Prudential, Nationwide, and Mutual of Omaha. Their understanding of the profitability of the term life insurance marketplace for providers means that they have priced their products accordingly.

MassMutual is a great choice for those seeking term life insurance, offering policies that last 1, 10, 15, 20, 25, or 30 years – with coverage starting at $100,000. If policy owners decide they need permanent coverage at a later date, then the majority of term life policies are able to be converted to permanent life insurance policies, such as whole life or universal life.

Additionally, their reputation for customer service is second to none – receiving fewer complaints than expected, according to the National Association of Insurance Commissioners. MassMutual also ranked 9th out of 22 for customer satisfaction in JD Power’s 2022 U.S ranking of insurance companies.

Benefits & Drawbacks

Benefits
  • Lowest overall rates in Houston
  • Online claims filing
  • In-person and online breakdown of products
Drawbacks
  • If a term policy is purchased online, it cannot be converted to a permanent policy
  • Online applications for permanent policies are not available

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

I personally worked with Mutual of Omaha as a licensed agent for over five years. Because of my association with the company, I witnessed first-hand their in-depth knowledge of the senior market. For instance, as part of their senior life product line, a guaranteed issue whole life product is included, which is issued – no matter what your health history is. What this means is that you will not be denied coverage, however, the rates do tend to be higher because of the financial risk that comes with it.

Paying the higher rates expected of a guaranteed issue policy can be avoided, with their simplified issue product for seniors. As part of the application for this simplified issue product, applicants are required to answer a few medical questions, however, a medical examination is not necessary. Rates for this product are lower, but coverage is not always guaranteed. Your application may be rejected if you have a history of heart problems or cancer.

Benefits & Drawbacks

Benefits
  • Highly skilled sales force selling senior life policies
  • A complete line of senior products that includes life insurance and Medicare Supplements
  • A medical examination is not required for senior applicants
Drawbacks
  • Fewer term life plans when compared to its competitors
  • Limited face amounts for senior life products

How to find the best life insurance company for you

After a comprehensive and detailed analysis of the top insurance providers, we can safely say that each has a policy/product that will be suited to your needs. It’s important to recognize, however, that some companies may benefit you more than others – depending on your circumstances.

If you are aged 65 and are looking to buy a whole life policy of $25,000, Mutual of Omaha may be the best choice for you. In contrast, if you are aged 35 – then Nationwide may be better suited to you.

MassMutual is a better option for those who prefer to discuss life insurance policies in-person, as opposed to looking to buy their life insurance online. When it comes to deciding on the best suited provider for you, ask yourself the following five questions:

  1. Is the company financially strong?
  2. Does the company offer the type of policy I’m looking for?
  3. Do I want to discuss policies in-person, or do I prefer to search for policies online?
  4.  Does the company offer competitive rates for my age?
  5. Does the company have positive online reviews overall?

One additional thing to note – your circumstances are totally unique to you, meaning quotes, rates, products available, may differ from your family or neighbor’s.

Largest life insurance providers in Texas

There are a large number of life insurance providers operating in Texas. Below are companies that are the biggest 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 Houston, TX

Best Cheap Life Insurance Companies in Houston for Females

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

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
Nationwide $11 $15
Mutual of Omaha $11 $14
MassMutual $10 $16
Transamerica $12 $23
State Farm $20 $31
AAA $16 $36
Progressive $15 $36

Best Cheap Life Insurance Companies in Houston for Males

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

Company Rates for $250,000 Coverage Rates for $926,000 Coverage(Recommended)
MassMutual $11 $18
Nationwide $12 $18
Mutual of Omaha $12 $20
Transamerica $16 $29
State Farm $19 $37
AAA $18 $43
Progressive $20 $45

Best life insurance companies for young people in Houston, TX

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

Company Rates for $270,000 Coverage
Nationwide $17
State Farm $20
Progressive $23

Best life insurance companies for seniors in Houston, 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 $42
Nationwide $43
State Farm $51
Progressive $68

Texas life insurance laws to be aware of

Insurers in Texas have state guidelines that they must adhere to, in order to protect policyholders and outline 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.

If after 10 days of receiving the policy, a new policyholder decides that they want to cancel, then a full refund of their initial premium payment will be issued.

Guaranty Fund Protection

When a premium payment is made, you can rest assured that coverage is protected by the Texas Life and Health Insurance Guaranty Association. Should a life insurance company fail, the association guarantees coverage of up to $300,00 in life insurance death benefits, as well as $100,00 in life insurance cash value.

Contestable period

A contestability period of up to two years from the original date is given in Texas. Within this period, insurers have the ability to reject claims on discovering that the application contained incorrect information.

Time allowed to settle a claim

On receiving evidence of the policyholder’s death, Texan life insurance companies must pay claims within two months. Interest will begin to accrue on the day the insurer receives the proof that the policyholder is now deceased.

Grace period for missed payments

A grace period of 31 days is given for Texan policyholders who miss a payment, before their coverage is canceled by the provider. This grace period allows the customer additional time to ensure that they pay their premiums.

Information about Houston

Houston is the largest city in its state of Texas and the fourth most populated city in the whole of the United States. A multicultural city that is home to the renowned Houston Space Center.

With its rich art culture, theaters and museums are found scattered across the city – with some being prominent centers for live performances and exhibitions. Houston is also globally recognized for its sports teams – winning a number of national championships over the years. These include the Houston Astros, Houston Texans, and the Houston Rockets.

FAQs

How expensive is life insurance in Texas?

The cost of life insurance in Texas is determined by a number of factors including age, height, weight, smoking habits, and health history. Coverage of up to $270,000 is available for young adults, with a small monthly payment of $18 per month.

Do I need life insurance in Houston?

If you live in Houston and have family members who are reliant on you for financial support, then considering life insurance is crucial. Policies can help your family to keep their home, cover college expenses, and cover end-of-life costs.

How much life insurance do I need in Houston?

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.

The amount of life insurance coverage needed depends solely on your family situation, as well as your financial situation. With that being said, many insurance agents and providers typically recommend that a working individual obtains coverage of up to 7-10 times their annual salary. This ensures that loved ones will be supported financially should a passing happen unexpectedly. It will also act as a replacement for any lost income.

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