Best Life Insurance Companies In Texas For 2024

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 For Seniors In Texas

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

Best Life Insurance Companies For Young Adults In Texas

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

Best Life Insurance Companies In Texas For smokers

*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.

Cheapest Life Insurance Companies In Texas

*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:

Average Cost Of Life Insurance In Texas

Average Cost Of Life Insurance In Texas For Females

*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

**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.