Best Life Insurance Companies In Texas For 2024

My research has shown that MassMutual is the best life insurance company in Texas.

min read
Updated: 17 March 2024
Written by
Bob Phillips
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During my research into life insurance companies in Texas, I came to the opinion that the best life insurance overall in the state is MassMutual. I didn’t make this decision on cost or market share by itself, but also by MassMutual’s other positives. Areas such as superior customer service, low prices, and above average coverage combined to show MassMutual as the hands down winner. In my opinion, all of those areas make this company a viable choice for anyone who wants to have the best life insurance at a reasonably low price.

Other companies that ranked at the top in my ratings were: Transamerica for young people, Nationwide for smokers, Mutual Of Omaha for seniors and MassMutual again for the cheapest option.

If you’ve been considering buying life insurance, but putting it off because it seems like a lot of trouble to wade through technical terms and unfamiliar words, don’t worry, I’m here to help. Life insurance is probably one of the most important purchases you’ll make in your lifetime. If you fail to  have adequate life insurance in place, your family might not be able to afford the comfortable lifestyle you want for them in the event you pass away. Making sure there’s enough coverage to provide  protection, peace of mind, and security for your loved ones shows your dedication to them, too.

Best Life Insurance Companies In Texas, 2024

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 2024

Compare The Best Life Insurance In Texas

To assist you in reviewing the top life insurance providers in Texas, the table below has my preferred companies across several areas.

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

My approach was to undertake extensive examinations of top insurers within the state, and compare them one to another. Multiple factors were considered, including: cost, online user experience, product offerings, and customer service ratings. With years of personal experience as an insurance sales agent, I entered into this with an advantage because life insurance is familiar to me. My life and career experiences in life insurance products gave me an edge that the majority of consumers shopping for life insurance wouldn't have. That experience, combined with the years I spent in interaction with agents from different insurance companies, came in handy while conducting these reviews. It provided me with valuable insights into assorted insurance products, and to services that are major facets of the insurance industry, as well.

31

Quotes Analyzed

15+

Years of experience

15

Brands reviewed

32+

Research hours

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

Research led me to the opinion that MassMutual was most qualified to earn the title “Best Overall” due to its many strong points. The company has a wide range of high quality insurance products, including universal life, term life, and whole life, all at competitive rates. MassMutual has a  sizable collection of available riders, also, that you can add to your policy.

MassMutual’s sales agents are thoroughly trained in all aspects of life insurance, and they only represent MassMutual’s insurance products, nobody else’s. So they’re specialists in MassMutual insurance, which is beneficial to policyholders and anyone looking for life insurance. These agents are sometimes called “career agents” due to their thorough knowledge of the insurer’s life insurance products.

MassMutual’s strong financial standing and stability are other key factors in my ratings. The company has consistently received the highest possible rating from AM Best (A++ Superior) founded on its robust financial strength, as well as its ability to pay claims.

Benefits & Drawbacks

Benefits
  • Cheapest rates in Texas
  • Diverse product portfolio with many riders
  • Superior financial rating
Drawbacks
  • Lower J.D. Power rating than some competitors
  • Cannot buy whole life products online
  • Must buy through MassMutual agents only

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 has been serving the life insurance needs of seniors since 1909. America’s older group of consumers place their trust in Mutual of Omaha, not because of its television show “Mutual of Omaha’s Wild Kingdom,” but due to its many strong points, chief among them the comprehensive training its agents receive on how to best serve the life insurance needs of the senior niche market.

This company is known for its wide variety of senior life insurance products, especially the following two that were designed especially for older people with health problems. One of these is a guaranteed-issue policy, meaning that you don’t have to undergo a medical examination or produce your health records. This makes it a favorite among seniors with serious health issues such as heart disease, cancer, or stroke.

The second product is a simplified-issue policy that, while you will have to provide your medical history, you won’t need to undergo a medical exam. This policy is ideal for seniors with minor health issues such as hypertension (high blood pressure) or Type 2 Diabetes.

Benefits & Drawbacks

Benefits
  • The company is strong financially
  • Gives seniors peace of mind through well trained agents
  • Competitive rates for seniors in Texas
Drawbacks
  • Fewer agents in Texas than some other major insurance providers
  • Higher ratio of complaints than some insurers

Best Life Insurance Companies For Seniors In Texas

Company Monthly Cost
MassMutual $39.02
Mutual of Omaha $44.05
Nationwide $46.02
State Farm $53.03
Progressive Life $67.01

*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 is a company that knows its own strengths, and one of those is delivering low cost life insurance for young adults. This insurer is aware, too, that a lot of younger people tend to be cautious with their expenditures, especially when it’s an intangible product like life insurance.

With this in mind, Transamerica strives to keep rates within the budgetary guidelines of a demographic that wants maximum benefits with a minimum price.

Transamerica also understands that with this age group, doing business online is what they’re familiar with and prefer. The company’s website is designed to fulfill the expectations of younger adults. It’s fast, smooth and easy to navigate, transitioning from one section to another with ease.

It is Transamerica’s sincere opinion that everyone, no matter their age or financial circumstances, deserves the protection and security of life insurance.

Life insurance companies sometimes find marketing to a younger age group challenging, which may be attributed to the fact that many younger people don’t feel any urgency to purchase life insurance. This age group is marrying and starting families later in life, so they often postpone getting life insurance until they make that transition.

Providers like Transamerica are focused on marketing life insurance to this age group because it’s a smart business move. Younger policyholders have lower mortality rates, which means more profits for a life insurance company.

Of all the companies I reviewed for this research, Transamerica was the lowest in customer service. This may well have a lot to do with Transamerica using independent agents for sales and service. Some independent agents, working with no company supervision, probably have plenty of room for improvement in those areas. This would account for the less than perfect ratings in customer service.

Benefits & Drawbacks

Benefits
  • Policy face amounts go to as much as $10 million
  • No medical examination for up to $2 million for qualifying applicants
  • You can purchase term life insurance online
Drawbacks
  • Has a lower customer service satisfaction rating than some competitors
  • $25,000 is the minimum term life insurance face amount you can buy

Best Life Insurance Companies For Young Adults In Texas

Company Monthly Cost
Transamerica $14.02
Mutual of Omaha $15.04
MassMutual $16.02
Nationwide $19.03
Progressive Life $25.01

*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 an esteemed company with numerous local sales and service offices, making its customer service easy along with convenience for policyholders or potential policyholders. The company’s famous slogan: “Nationwide is on your side,” is nothing but the truth for smokers who live in Texas and are planning to buy life insurance at a rate that won’t break their budget. Nationwide’s premiums for smokers might be higher than some of its competitors, but I believe it’s still a good choice for smokers because of its easy access to agents, great customer service, and local offices, along with competitive rates.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells and services Nationwide policies
  • Has numerous offices located throughout Texas
  • Offers a full range of life insurance products
Drawbacks
  • Can only buy through a Nationwide agent
  • No online applications for life insurance product

Best Life Insurance Companies In Texas For smokers

Company Average Monthly Cost
MassMutual $116.02
State Farm $117.06
Nationwide $117.03
Transamerica $130.02
Mutual of Omaha $131.05

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

If you’re a smoker who wants to purchase life insurance, you’ll soon see that your rates are going to be  higher than those of nonsmokers. If you have not smoked for 1-2 years or longer, you might manage to save money by comparing rates of different life insurance carriers.

This is entirely up to the insurance company, but be aware that some insurers charge higher rates if you’ve ever smoked at all, even if you’ve quit. By researching insurers in your state, and comparing their rates along with coverage, you can at least be sure you’re getting the best deal available.

You’ll almost certainly be required to have a paramedical examination as well as a blood test to show that you have no nicotine in your bloodstream.


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 is a prestigious marketing research firm in the United States that was founded in 1909. This reputable firm has long recognized State Farm as a life insurance company with excellent customer satisfaction.

This is a result of State Farm’s commitment to superlative customer service and it’s hardly surprising, since State Farm has more agents in the field than any other insurance company in the nation.

State Farm is frequently commended for its superior customer service, an area that is appreciated by policyholders. The company also stands out by having numerous local offices where consumers can meet in person with local agents for the assistance they need in a timely manner.

State Farm receives a lot of recognition for its excellent customer service and fast claims process. Claim processing is a vitally important element in a life insurance company, especially so when loved ones are mourning, looking to an insurance company for help that’s timely and compassionate.

Benefits & Drawbacks

Benefits
  • Has fewer customer complaints than the industry average
  • More agents to provide service than any other insurer
  • Carries top financial ratings for claims-paying ability
Drawbacks
  • Can only purchase policies through State Farm agents
  • A limited number of riders are offered

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, a leader in Texas life insurance, offers the solid financial footing that consumers want in an insurance company. It has cost-effective premiums, too, yet another plus that consumers find appealing. Other providers might have low-cost term life insurance, but MassMutual’s rates are your best bet if you want superior coverage at a reasonable price.

While it isn’t smart to choose your life insurance on price by itself, be aware that MassMutual offers the most wallet-friendly premiums in Texas. MassMutual is better known for professionalism rather than low costs, but is committed to expanding its market share in Texas, using aggressive price strategies to attain this goal.

Benefits & Drawbacks

Benefits
  • Offers a full portfolio of life insurance products
  • Least expensive of any I evaluated for Texas life insurance
  • A wide network of well-trained agents sell MassMutual policies
Drawbacks
  • You can only purchase through a MassMutual agent
  • Doesn't allow online applications for life insurance

Cheapest Life Insurance Companies In Texas

Company Average Monthly Cost
Nationwide $10.02
MassMutual $11.01
Mutual of Omaha $12.01
Transamerica $14.04
State Farm $20.03

*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

For those who reside in Texas and want to purchase life insurance, you should know that in the matter of life insurance, there’s no one-size-fits-all policy. Insuranceopedia understands that each individual’s situation is unique to that person and no one else.

I was careful to keep this in mind when reviewing various insurance companies and assigning awards for the different categories, based on my research. The ideal coverage for one person might not work at all for another person. So, it  makes sense to shop around before buying. To make sure you’re getting the best life insurance for your particular situation, I advise you to follow these 3 steps:

  1. First, determine how much life insurance coverage will meet your needs. Most life insurance companies have “life insurance calculators” on their websites that come in handy to figure how much is adequate for your situation.
  2. Select 3 companies that seem favorable for your circumstances, then make comparisons between them. Comparing life insurance is a savvy move, but don’t make the mistake of only comparing price and no other areas of coverage. You need to compare customer reviews, financial strength, coverage, and other important factors. Low premiums are nice, but low premiums won’t benefit your family if your life insurance company is unable to settle a claim.
  3. When you’ve narrowed your choices down to just one company, it’s time to submit an application for coverage. Most companies accept online applications, but if you run across one that won’t you’ll have to meet with an agent. Too many life insurance shoppers don’t go on to become life insurance buyers, telling themselves they’ll get it later, at some unspecified date. But, the thing about life insurance is that by the time it’s needed, it’s too late to get it. Your family’s financial security is up to you, so don’t postpone purchasing life insurance.

Largest Life Insurance Companies In Texas

There are many life insurance companies operating in Texas. Here are the five largest, measured by market share:

Company Market Share
New York Life 9.8
Northwestern Mutual 6.7
MassMutual 4.2
Primerica 1.9
Southern Farm Bureau Life Insurance 1.8

Average Cost Of Life Insurance In Texas

Average Cost Of Life Insurance In Texas For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mass Mutual $10.02 $16.05
Transamerica $15.01 $26.02
Nationwide $12.03 $17.01
Mutual of Omaha $12.04 $16.06
State Farm $21.03 $35.02

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

Average Cost Of Life Insurance In Texas For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $9.98 $19.03
Nationwide $11.04 $20.02
Mutual of Omaha $11.01 $20.02
Transamerica $16.02 $31.04
State Farm $18.98 $38.01

**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 price of life insurance in Texas is affected by a number of factors, including:

  • Gender
  • Age
  • Smoking habits
  • Health status
  • Riders added to your policy
  • Credit score

As a general rule, men have higher life insurance rates than women because on average, males have shorter life spans than females. This is a lot like insurance rates for smokers. Male and female smokers typically pay more for life insurance because they average having shorter life spans than those who don’t smoke.

Insurers in Texas will look into other areas, also, such as your health status or credit score, when they’re calculating your rates. If you add riders to your policy, perhaps for a child or a disability waiver of premium, this will cause higher rates, too.

How Much Life Insurance Do You Need In Texas?

The amount of life insurance that is adequate for your needs depends on your particular circumstances. For instance, homeowners typically need more life insurance coverage than those renting their homes. People with dependents usually need more coverage, also.

Most life insurance agents will advise you to purchase coverage of ten to twenty times your annual income in order to make sure there’s enough for your family. For example, if your yearly income is $75,000, you might need coverage ranging from $750,000 to $1.5 million for your family to live comfortably.

Texas Life Insurance Laws To Know

If you’re a resident of Texas who is looking around at life insurance, you might find it helpful to acquire some knowledge of the state’s guidelines that were written to protect policyholders. These laws include:

Contestable Period

Life insurance companies in Texas can deny paying a claim if they learn that the policyholder gave false or misleading information on the application, within the first 2 years of the policy’s effective date. But, when those two years have passed, the insurer can’t contest the application because of errors or discrepancies.

Free Look Period

Once you receive your new life insurance policy, you will have a ten day window of opportunity to review it. If you decide that you don’t want it after all within this ten day period, you can return it with no penalty, and get a full refund of any premiums you’ve paid.

Grace Period For Missed Payments

If you miss a payment, Texas law says you have a thirty day grace period. During this time frame, you can still pay the late  payment without losing your insurance.

Time Allowable To Settle A Claim

Beneficiaries must file a claim with the insurance company to receive benefits. After the claim has been filed, life insurance companies in Texas are required to settle the claim within 30 days.

FAQs

Is life insurance more expensive in Texas?

No, it’s on par with rates in other states across the country. If companies charge higher rates, it could be because they’ve paid out more claims than they initially anticipated.

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

Based on my research, MassMutual has the best rates for a ten year term life policy of $1 million in Texas, with a premium of around $25 per month.

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

Life insurance premiums for the average thirty year old male in Texas are about $9.99 per month for $250,000 of coverage. The same coverage amount for a thirty year old female in Texas will cost about $9.50 per month.

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