Best Life Insurance Companies In Texas

After conducting thorough research, it’s clear that MassMutual stands out as the top choice for life insurance in Texas.

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Updated: 23 September 2023
Written by
Bob Phillips

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Like most people, Texas residents want to save precious time and money searching for the best life insurance. My aim is to simplify the process and help you secure the best policy that suits your needs.

Based on my findings, MassMutual emerges as the leading life insurance provider in Texas. It’s not just about market share; it’s about their exceptional coverage and service, all at a cost-effective rate—a winning combination.

Our research also highlights other notable companies: Mutual of Omaha is the top choice for seniors, Transamerica is ideal for young individuals, State Farm excels in customer service, and Nationwide is a strong option for smokers. MassMutual also earns praise for offering the most budget-friendly life insurance in Texas.

Reading the results of our analysis won’t take you very long at all.  However, it would be time well spent. Without the right life insurance in place, your loved ones may face financial challenges if the unexpected occurs. Purchasing life insurance is a meaningful way to show your dedication to those you care about.

Best Life Insurance Companies In Texas, 2023

mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People: - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, Texas 2023

Comparison Of The Best Life Insurance Companies In Texas

In your quest to assess the leading life insurance companies in Texas, we've assembled a table showcasing our top picks based on key criteria.

A.M. Best Rating Best For Overall Rating Online Experience J.D. Power Rating Get A Quote
Mutual of Omaha

A+

Seniors

4.6

9.7

801

Instant Quote
MassMutual

A++

Best Overall

4.8

9.7

780

Instant Quote
Transamerica

A

Young Adults

4.7

9.8

740

Instant Quote
State Farm

A++

Best For Customer Service

4.8

9.5

839

Instant Quote
MassMutual

A++

Best for Cheapest Life Insurance

4.8

9.7

780

Instant Quote
Nationwide

A+

Best For Smokers

4.6

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

Our method for picking the best life insurance companies was thorough. We looked at things like customer service, product options, pricing, and online experience. I've also gained insights from selling life insurance and working with agents from other companies.

Our choices weren't solely based on offering the cheapest life insurance, except for the "Best for Cheapest Life Insurance" category. We believe each of these companies excels in their niche, and price isn't the only factor to consider when picking a life insurance policy or company.

31

Quotes Analyzed

15+

Years of experience

15

Brands reviewed

32+

Research hours

Reviews Of The Best Life Insurance Companies In Texas


Best Overall

Overall Rating
4.8

Key Statistics

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

Why We Like Them

MassMutual earns the title of “Best Overall” for numerous reasons. They offer a wide range of top-tier life insurance products, including term, whole, and universal life insurance, all at highly competitive rates. Furthermore, their policies provide a diverse selection of riders to tailor coverage to your needs.

MassMutual’s sales agents, known as “career agents,” are exceptionally well-trained and knowledgeable. They’ve undergone extensive training in the company’s life insurance product lineup and exclusively sell MassMutual products. This exclusive focus benefits life insurance buyers seeking a deeper understanding of different life insurance types.

Additionally, MassMutual’s outstanding financial strength played a pivotal role in our decision-making. It boasts the highest possible rating from AM Best (A++ Superior) due to its exceptional financial stability and claims-paying capability.

Earning the “Best Overall” designation underscores MassMutual’s commitment to offering a broad range of products coupled with a knowledgeable sales team, rather than solely relying on having the lowest rates. While MassMutual might not enjoy the same widespread brand recognition or market share as some competitors in Texas, it remains a highly esteemed brand within the state.

Benefits & Drawbacks

Benefits
  • Excellent financial ratings
  • Comprehensive product selection with numerous rider options
  • Most cost-effective rates in Texas
Drawbacks
  • Inability to purchase whole life products online
  • Slightly lower J.D. Power rating compared to certain major competitors
  • Limited availability, only accessible through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

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

Why We Like Them

Mutual of Omaha is well-known for its expertise in addressing the insurance needs of seniors. Over the years, seniors have placed their trust in the company, not just because of their famous show, “Mutual of Omaha’s Wild Kingdom,” but also due to the extensive training their agents undergo in serving the senior market.

This insurance company has gained fame for its senior life insurance product lineup, which includes two types of policies tailored to seniors with health conditions. One is a guaranteed-issue policy, which doesn’t require a medical examination or health history questions, making it a suitable choice for seniors dealing with serious medical conditions like cancer, stroke, or heart issues.

The other option is a simplified-issue policy, which entails answering medical history questions but skips the need for a medical exam. It’s an excellent choice for seniors with minor health issues like high blood pressure or type 2 diabetes who prefer to avoid a medical examination.

Seniors typically pay higher premiums for life insurance, and when it comes to trust, they often turn to Mutual of Omaha. Mutual of Omaha has built a strong reputation in the insurance industry, particularly with its offerings tailored for seniors, such as Medicare supplements and life insurance. Baby Boomers and their parents are familiar with and have confidence in the company due to its longstanding presence in their lives.

Furthermore, Mutual of Omaha stands out as one of the most recognized and respected names in senior insurance products. This reputation is bolstered by its robust direct mail program, specifically targeting the senior market, and the extensive training provided to its agents in understanding the product line.

Benefits & Drawbacks

Benefits
  • Seniors in Texas can benefit from competitive rates.
  • Well-trained agents offer peace of mind to seniors.
  • The company maintains strong financial stability.
Drawbacks
  • The company has a higher ratio of complaints compared to certain competitors.
  • Texas has fewer agents representing this insurer compared to many other major insurance companies.

Best Life Insurance Companies For Seniors In Texas

Company Monthly Cost
MassMutual $34
Mutual of Omaha $41
Nationwide $41
State Farm $49
Progressive Life $67

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.7

Key Statistics

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

Why We Like Them

Transamerica acknowledges its strengths as a company, and one of these strengths lies in offering affordable life insurance rates tailored to young adults. They recognize that many young individuals are cautious with their finances, especially when it comes to life insurance. Therefore, Transamerica has priced its policies to be accessible for budget-conscious younger consumers who aim to maximize their coverage without stretching their budget.

Furthermore, Transamerica’s website has been thoughtfully designed with young buyers in mind. This demographic values clear and concise information that’s easy to find and understand. To meet these expectations, Transamerica has ensured that its website is informative and user-friendly, enabling customers to navigate their options effortlessly. Transamerica firmly believes that everyone, regardless of age or budget, should have access to the protection and peace of mind that life insurance offers.

Life insurance companies encounter challenges in attracting younger buyers. Many young adults often delay recognizing the need for life insurance, typically waiting until marriage or having children. Nevertheless, companies like Transamerica persist in targeting this demographic due to their lower mortality rates, which translate to increased profits.

Among the companies we assessed, Transamerica received the lowest customer service rating. This could be linked to their reliance on independent insurance agents for both sales and service. Some independent agents, working solo, may need to enhance their customer service efforts in this regard.

Benefits & Drawbacks

Benefits
  • Term life insurance can be conveniently purchased online.
  • Policy face amounts extend as high as $10 million.
  • Qualifying applicants can secure coverage of up to $2 million without a medical exam.
Drawbacks
  • The minimum face amount for term life insurance is set at $25,000.
  • Customer service satisfaction scores are comparatively lower than those of competitors.

Best Life Insurance Companies For Young Adults In Texas

Company Monthly Cost
Mutual of Omaha $11
MassMutual $13
Transamerica $13
Nationwide $16
Progressive Life $19

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best For Smokers

Overall Rating
4.6

Key Statistics

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

Why We Like Them

Nationwide is a well-respected company, boasting numerous local offices for both sales and service. Their motto, “Nationwide is on your side,” particularly resonates with smokers in Texas who are in search of life insurance. While Nationwide’s rates for smokers are slightly higher compared to leading competitors, our evaluation suggests that it remains the top choice for smokers. This is because of its competitive rates, accessible agents, and outstanding customer service.

For smokers seeking life insurance, it’s important to note that you’ll typically pay higher premiums than non-smokers. However, there’s a chance to reduce your rates to a level similar to non-smokers if you can show that you’ve refrained from smoking for 12-24 months, depending on the specific insurance company. To do this, you’ll likely need to undergo a paramedical examination and a blood test to confirm the absence of nicotine in your bloodstream.

Benefits & Drawbacks

Benefits
  • Nationwide policies are sold through a vast network of well-trained agents.
  • Offers a comprehensive range of life insurance products.
  • Boasts numerous offices conveniently located throughout Texas.
Drawbacks
  • The absence of online applications for life insurance products.
  • The exclusive option to purchase through Nationwide agents.

Best Life Insurance Companies In Texas For smokers

Company Average Monthly Cost
MassMutual $102
State Farm $102
Nationwide $106
Transamerica $111
Mutual of Omaha $111

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

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

Why We Like Them

J.D. Powers has consistently acknowledged State Farm as a life insurance company with outstanding customer satisfaction ratings. This recognition underscores State Farm’s dedication to providing top-notch service to its policyholders, which is no surprise given that it boasts more agents in the field than any other insurance company in the United States.

State Farm is widely respected for its unwavering commitment to exceptional customer service, a quality that its policyholders deeply value. What sets the company apart is its extensive network of local neighborhood offices, seemingly located everywhere. This allows policyholders to have face-to-face meetings with their local agent, ensuring they receive all the sales assistance and policyholder service they may need.

State Farm is widely recognized for its outstanding customer service and efficient claims processing, a vital aspect in the life insurance industry. This becomes particularly crucial during times of family grief when dependents rely on their life insurance provider for swift and compassionate support.

Benefits & Drawbacks

Benefits
  • Records significantly fewer customer complaints than the industry average.
  • Earns top financial ratings for its claims-paying capability.
  • Boasts the largest agent network, surpassing any other insurer.
Drawbacks
  • Policies can only be purchased through State Farm agents.
  • Offers a restricted selection of riders.

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

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

Why We Like Them

MassMutual, Texas’s top life insurance provider, is also a financial frontrunner, offering highly competitive rates across the state. Even with various low-cost term insurance companies in Texas, MassMutual maintains the most favorable rates.

While we don’t recommend basing your life insurance decision solely on price, affordability is undoubtedly a significant consideration for buyers. Surprisingly, MassMutual stands out with the best rates in Texas, despite its reputation for professionalism over affordability. Nevertheless, MassMutual is actively working to grow its presence in Texas by employing aggressive pricing strategies to achieve this objective.

In today’s economy, the cost of life insurance is a key consideration. MassMutual stands out as an excellent option due to its combination of affordable premiums and substantial coverage. While their whole and universal life policies may not be as price-competitive, MassMutual generally provides generous coverage amounts for term life insurance. This is because permanent life insurance tends to come with higher costs.

Benefits & Drawbacks

Benefits
  • Features a vast network of well-trained agents dedicated to selling MassMutual policies.
  • Provides a comprehensive range of life insurance products.
  • Offers the most competitive rates among the options we assessed for life insurance in Texas.
Drawbacks
  • Lacks the option for online applications when purchasing life insurance products.
  • Limits purchases to MassMutual agents exclusively.

Cheapest Life Insurance Companies In Texas

Company Average Monthly Cost
MassMutual $10
Mutual of Omaha $11
Nationwide $12
Transamerica $14
State Farm $16

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker

How To Find The Best Life Insurance Company For You

When seeking life insurance in Texas, it’s vital to understand that there’s no universal solution that fits everyone. At Insuranceopedia, we recognize the uniqueness of each individual’s situation. That’s why we assess multiple insurers and present awards in various categories. To find the best life insurance tailored to your specific needs, we recommend these three steps:

  1. Determine your coverage needs: Many life insurance companies offer “life insurance calculators” on their websites to help you figure out the right amount of coverage for you.
  2. Compare three companies: It’s wise to compare not only rates but also the financial stability of insurance companies. Low rates matter, but they won’t help if your insurer can’t fulfill your claim.
  3. Apply for coverage: Don’t delay when purchasing life insurance. Many shoppers don’t complete the process, so acting promptly is crucial. Your family’s financial future is at stake.

Largest Life Insurance Companies In Texas

A large number of life insurance companies operate in Texas. Here, we list the five largest ones based on their market share:

Company Market Share
New York Life 9.77%
State Farm 7.58%
Northwestern Mutual 6.80%
Primerica 3.85%
Southern Farm Bureau Life Insurance 3.68%

Average Cost Of Life Insurance In Texas

Best Cheap Life Insurance Companies In Texas For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12 $16
MassMutual $11 $17
Nationwide $12 $23
Transamerica $15 $28
State Farm $21 $32

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Best Cheap Life Insurance Companies In Texas For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10 $15
Nationwide $11 $16
Mutual of Omaha $11 $16
Transamerica $16 $31
State Farm $19 $33

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Texas

The cost of life insurance in Texas is shaped by various factors:

  • Your chosen insurance provider
  • Your age
  • Gender
  • Health condition
  • Smoking habits
  • Credit score
  • The inclusion of riders in your policy

It’s worth noting that men often pay higher premiums than women due to their typically shorter lifespans. Similarly, smokers face increased costs because of their shorter life expectancies. In Texas, insurance companies may also factor in your credit score when determining your insurance rate. Additionally, adding riders like disability waiver of premium or child riders can raise the overall cost of your insurance policy.

How Much Life Insurance Do You Need In Texas?

The amount of life insurance you should get depends on your unique situation. For instance, homeowners in Texas typically need more coverage compared to renters. Individuals with dependents, like children, may also require higher protection levels.

Insurance agents typically suggest getting coverage that’s 10 to 20 times your annual income to adequately safeguard your loved ones. So, if you earn $75,000 annually, you might need coverage ranging from $750,000 to $1.5 million.

Texas Life Insurance Laws To Know

When considering life insurance in Texas, it’s crucial to be aware of the state’s specific regulations designed to protect policyholders. These laws encompass:

Contestable Period

Texas law permits life insurance companies to contest a claim if they uncover false or misleading information on the policyholder’s application within two years of the policy becoming effective. However, after this two-year period, insurers cannot contest the application based on any inaccuracies.

Free Look Period

Once you receive your life insurance policy from the company or agent, you have a 10-day period to review it. During this time, if you decide you don’t want the policy, you can return it without any penalties and receive a full refund of any premiums already paid to the insurance company.

Grace Period For Missed Payments

If you miss a payment, Texas law allows for a 30-day grace period during which you can still make the payment without losing your coverage.

Time Allowed For Claim Settlement

Beneficiaries are required to file a claim with the insurer to receive benefits. Once a claim is submitted, all life insurance companies in Texas must settle the claim within 30 days.

FAQs

Is life insurance more expensive in Texas?  

The cost of life insurance in Texas is similar to rates in other states. Insurers might charge higher premiums when they’ve paid out more claims than they initially expected.

What is the average monthly cost of life insurance in Texas?  

The typical monthly expense for life insurance in Texas, covering a 30-year-old male, can start as low as $9.99 for $250,000 of coverage. For a female of the same age, it can be as affordable as $9.40 per month.

How much per month is a million-dollar life insurance policy in Texas?  

Our research reveals that MassMutual presents the most attractive rate for a $1 million 10-year term life policy in Texas, with a monthly premium of $25.

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