Updated: May 22, 2024
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Life insurance is an investment that gives you peace of mind that your beneficiaries will be financially secure if you pass away. However, with so many insurance providers to choose from, it can be daunting to find the right life insurance provider for you.
MoneyGeek’s guide will help you compare different insurers to find the best life insurance company in Amarillo, Texas, based on your buyer profile.
BestLife InsuranceAmarillo, TXBest Life Insurance Companies in Amarillo, TX, for 2023
For policies with a coverage limit of $250K, MassMutual offers the cheapest rates for men and women at $10 and $8 per month, respectively.
While policies with this coverage limit are less expensive, it might not be enough coverage for your dependents. Texas’s recommended coverage amount of $719K is a better starting point to ensure that your beneficiaries are adequately covered. This amount was calculated based on the cost of living, average income, average personal debt and other state-specific factors.
As for policies that include the state-recommended coverage amount of $719K, MassMutual offers the cheapest rates to men at an average of $18 per month, while women can get the least expensive policies from Nationwide for approximately $13 per month.
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
In Amarillo, life insurance for men costs 1% less than the average cost of life insurance for men in Texas. Meanwhile, life insurance for women in Amarillo is 12% cheaper than the state average.
The cost of life insurance varies based on the buyer's gender. For a policy with a $250K coverage limit, men pay approximately $18 per month while women only pay $14 per month.
Policies with Texas’s recommended coverage amount of $719K cost more, since they include the higher state-specific coverage amount based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Males aiming to have this coverage should expect to pay about $40 per month, while women will likely pay around $30 per month.
For a 10-year term policy, regardless of coverage level, male buyers pay an average of $25 per month, while female buyers only pay $19 per month.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $29 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $36 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $21 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $29 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Amarillo using average buyer profile statistics, including the average age of 28, the average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $719,000.
Typically, women pay less than men for life insurance. Women have a longer average life expectancy, so insurers charge them lower monthly premiums. Men die earlier than women because they’re more likely to engage in risky activities, work in dangerous jobs and develop heart disease.
Despite the added cost, studies also reveal that men are more likely than women to purchase life insurance. Women contribute significantly to their households and are excellent candidates for life insurance, as they’ll likely be covered at a lower cost than their male counterparts.
The three most popular life insurance providers in Texas are Northwestern Mutual, New York Life and Lincoln Financial with market shares of 7%, 6% and 5%, respectively. The total combined market share of the top seven most popular companies in the state is 35%.
You can review the table below to find out the seven most popular companies in Texas and their respective market shares.
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
A company's market share is its percentage of sales in comparison to its competitors. A large market share in the life insurance industry indicates that a business has sold more policies than its competition.
For this study, MoneyGeek’s market share data is based on the total premiums written by each company as indicated in the 2020 S&P Global data reports.
In Amarillo, average life insurance rates for younger adults range from $13 to $23 per month. The following providers offer the most affordable life insurance to young people in the city:
| Transamerica | Monthly Cost$13 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$16 |
| Prudential | Monthly Cost$18 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Amarillo who is 5 feet 10 inches and 167 pounds that purchases a 20-year term contract at the average coverage need of $270K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Purchasing life insurance while you're young will help you save money, as young people, those under the age of 25, receive lower rates than older adults. Policy costs increase over time as people become more prone to age-related ailments, so obtaining a lower starting rate may reduce the overall cost of your life insurance policy.
For seniors based in Amarillo, life insurance costs between $38 and $79 per month. The top two most affordable life insurance providers for seniors in Amarillo are:
The table below includes more of the best and cheapest insurers in Amarillo for seniors.
| MassMutual | Monthly Cost$38 |
| Mutual of Omaha | Monthly Cost$43 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$51 |
| Progressive Life | Monthly Cost$69 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Amarillo who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $82K.
Because it's more likely that life insurance policies will outlive seniors, insurers charge them higher rates. However, seniors can save money by opting for a low-coverage policy. Typically, senior’s beneficiaries are more likely to be mature adults that are financially independent. As such, their life insurance policies typically only need enough coverage for funeral arrangements and estate taxes. Due to this, MoneyGeek's sample policy coverage for seniors is significantly lower than for other demographics.
The cost of life insurance for smokers in Amarillo ranges from $113 to $208 per month. The two companies in Amarillo that offer the cheapest rates for smokers are:
MoneyGeek provided more information on different insurance companies’ rates in the table below.
| MassMutual | Monthly Cost$113 |
| State Farm | Monthly Cost$114 |
| Nationwide | Monthly Cost$114 |
| Transamerica | Monthly Cost$127 |
| Mutual of Omaha | Monthly Cost$127 |
Rates were determined by analyzing quotes for a 28-year-old male smoker in Amarillo who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $719K. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.
Due to the negative long-term health consequences of smoking, insurers consider smokers high risk and charge them more for life insurance. The good news is that smokers can still acquire affordable life insurance. If you’re a smoker, MoneyGeek also advises purchasing a longer-term coverage of at least 20 years to avoid the exponential rate increase that accompanies age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
