Updated: May 22, 2024
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There are many benefits to getting a life insurance policy. The most important is that a policy can help cushion the financial impact of your death, especially if you have dependents, such as young children.
MoneyGeek’s guide helps you find the best life insurance companies in Brownsville, Texas, using an extensive analysis of average rates from a wide range of providers based on various ages and genders, as well as those who smoke.
BestLife InsuranceBrownsville, TXBest Life Insurance Companies in Brownsville, TX, for 2023
Your gender and coverage amount largely determine how much your life insurance in Brownsville costs.
For $250,000 coverage in Brownsville, the cheapest life insurance company is MassMutual, with an average monthly premium of $8 for men and $7 for women.
You may pay less for a $250K policy, but it may not be enough. MoneyGeek recommends that you purchase a life insurance policy with Texas’ recommended coverage amount of $719,000. This was calculated using state-specific factors, such as cost of living, average income and average personal debt, which means it suits most people in Texas.
At this coverage amount, the lowest average monthly premium for men is from MassMutual at $14 and, for women, Nationwide at $11.
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Insurers factor in your gender when computing your life insurance policy premium. Males in Brownsville pay around 22% less than the average statewide premium in Texas. Meanwhile, women in Brownsville have rates that are around 30% lower than the state average.
A policy with $250,000 coverage in Brownsville costs $14 per month for men and $11 per month for women, on average.
A better alternative that is worth exploring is getting a policy with Texas’ state-recommended coverage amount of $719,000. It considers state-specific factors, such as per capita income from the U.S. Bureau of Economic Analysis, average personal and mortgage debt and average age.
Although this life insurance coverage option is more expensive at an average monthly cost of $31 for men and $23 for women, it is generally considered enough coverage for most people in Texas.
Regardless of the coverage amount, a 10-year term policy costs an average of $19 per month for men and $15 per month for women.
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $29 |
| Nationwide | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $11 |
| Mutual of Omaha | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $11 |
| MassMutual | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $11 |
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $17 |
| State Farm | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $23 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Brownsville 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.
One of the most important determinants of your life insurance cost is your gender. Most insurers charge higher rates for men because men’s life expectancy is typically shorter than women’s. Several reasons may help explain why women tend to outlive men, such as men being less socially connected and, therefore, more inclined to commit suicide, as well as being more likely to engage in risky behaviors or have more dangerous jobs.
Although women tend to live longer, studies have revealed that women are less likely than men to have life insurance. MoneyGeek strongly encourages women to purchase life insurance as a financial safety net that can protect their loved ones in the event of their passing.
The top three insurance companies by market share in Texas are Northwestern Mutual (around 7%), New York Life (over 6%) and Lincoln Financial (nearly 6%).
The seven most popular companies in Texas account for roughly 35% of the total market share in the state. You can see the most popular life insurance carriers in Texas and their market shares in the table below.
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
A good way to get an idea of a company’s popularity and size is through its market share. That is the percentage of sales that a company gets out of the total sales within its specific industry. For example, a life insurance company that holds a 50% market share earns half of the total sales for all life insurance products within the state or country.
MoneyGeek’s analysis used market share data based on total premiums in the 2020 state reports from S&P Global.
On average, young adults in Brownsville pay anywhere from $11 to $18 per month for life insurance.
The most affordable life insurance companies in Brownsville for young people, on average, are:
Below is MoneyGeek’s summary table with a complete list of the life insurance providers and their respective rates for young adults aged 25 and below in Brownsville.
| Transamerica | Monthly Cost$11 |
| Mutual of Omaha | Monthly Cost$12 |
| MassMutual | Monthly Cost$12 |
| AAA | Monthly Cost$13 |
| Prudential | Monthly Cost$14 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Brownsville who is 5 feet 10 inches tall and weighs 167 pounds with a 20-year term contract at the average coverage need of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Policies are substantially cheaper for people who are 25 years old and younger compared to other age groups. But, premiums get more expensive as the policyholder gets older and becomes more likely to develop age- and lifestyle-related illnesses. Therefore, one of the best financial strategies is to purchase life insurance at a young age. Doing so will let you enjoy the benefits of a lower rate for a longer period.
Life insurance for seniors in Brownsville costs roughly $30 to $62 a month.
MoneyGeek found that, on average, the cheapest life insurance companies for seniors in Brownsville are:
Our table below shows a complete list of the life insurance providers for seniors in Brownsville with their respective rates.
| MassMutual | Monthly Cost$30 |
| Mutual of Omaha | Monthly Cost$34 |
| Nationwide | Monthly Cost$35 |
| State Farm | Monthly Cost$40 |
| Progressive Life | Monthly Cost$54 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Brownsville who is 5 feet 10 inches tall and weighs 197 pounds with a 10-year term contract at the average coverage need of $82,000.
Insurance providers use age to determine how risky it is to cover an individual. Seniors get a higher risk label because their policy is likely to outlive them, so they pay more.
But seniors can save on their policies by getting less coverage. Most elderly individuals do not need a large amount of life insurance since their children are no longer financially dependent on them. Therefore, their policies are only meant to pay for funeral and burial arrangements, for example, which is not a substantial cost.
With this in mind, MoneyGeek’s sample coverage policy amount for seniors is less than the coverage for other ages.
Smokers in Brownsville pay anywhere from around $89 to $164 monthly for a life insurance policy.
MoneyGeek found that the following life insurance companies offer the average lowest rates for smokers in Brownsville:
The table below shows MoneyGeek’s complete list of the life insurance companies in Brownsville for smokers with their respective rates.
| MassMutual | Monthly Cost$89 |
| State Farm | Monthly Cost$90 |
| Nationwide | Monthly Cost$90 |
| Transamerica | Monthly Cost$100 |
| Mutual of Omaha | Monthly Cost$100 |
Rates were determined by analyzing quotes for a 28-year-old male smoker in Brownsville who is 5 feet 10 inches tall and weighs 197 pounds with a 20-year term contract at the average coverage need of $719,000.
Smokers are riskier to insure since the habit predisposes them to many serious and long-term health risks that could ultimately shorten their lifespan. To offset this increased risk, companies require them to pay more for life insurance.
There are options for cheap life insurance for individuals who smoke. MoneyGeek also recommends buying a longer-term policy — at least a 20-year term — to shield against the dramatic increases in rates that insurers typically charge smokers as they 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.
