Best Life Insurance Companies in Texas (2026)

Banner Life has the cheapest term insurance in Texas, averaging $37 per month for a 40-year-old woman and $46 for a man on a 20-year, $500,000 policy. It carries an A+ AM Best rating and an NAIC complaint index of 0.16, well below the industry average of 1.0.

Term options include seven lengths from 10 to 40 years, with coverage up to $10 million and no-exam options up to $4 million. Riders include conversion, waiver of premium, accidental death benefit and a child rider. The 40-year term is the longest among companies we reviewed, best suited for younger buyers who want guaranteed rates locked in for decades.

USAA is our top pick for permanent life insurance in Texas, offering whole and universal policies with coverage up to $10 million. Average monthly premiums for a $500,000 whole life policy are $504 for a 40-year-old woman and $521 for a man. Universal life is more affordable, averaging $300 for women and $310 for men at the same coverage level.

The company holds an A++ rating from AM Best and has low customer complains with an NAIC complaint index of 0.12. Whole life policies are available for ages 18 to 85, while universal coverage starts as early as three months and goes up to 90 years old. USAA also offers guaranteed whole life plans with up to $25,000 in coverage, which don't require a medical exam or health questions to get approved.

Pacific Life is the best life insurance provider for seniors in Texas, combining competitive rates, flexible coverage and reliable customer service. Applicants can qualify for term life insurance through age 80, with terms from 10 to 30 years and coverage up to $10 million. No-exam coverage is available up to $3 million, and policies can be converted to permanent coverage without another medical exam before age 70.

For a 10-year, $250,000 term policy, 65-year-olds pay an average of $84 per month for women and $119 for men. Pacific Life also holds an A+ AM Best rating and an NAIC complaint index of 0.05, the lowest among the insurers we reviewed.

Nationwide has the lowest average life insurance premiums for 25-year-olds among the companies we analyzed, with rates averaging at $27 per month for women and $33 for men with a $500,000 policy. The insurer also has strong customer service, placing 3rd in J.D. Power's 2025 Individual Life Insurance Study and maintaining an NAIC complaint index of 0.08, much lower than the industry benchmark of 1.0.

Nationwide lets you apply online for up to $1.5 million in term life coverage without a medical exam. That limit should meet the needs of most young adults but is lower than what many competitors provide.

Guardian Life has the best term life insurance for smokers in Texas, with coverage up to $5 million through standard underwriting or $3 million without a medical exam. For a 40-year-old smoker with a 20-year, $500,000 term policy, average monthly premiums are $170 for men and $145 for women, among the cheapest in our analysis. The company may qualify you for Standard Nonsmoker rates if you smoke no more than 12 cigars per year and don’t use cigarettes or vape. You can also reapply for lower nonsmoker rates after being tobacco-free for 12 months.

Guardian has term lengths of 10, 15, 20 and 30 years, and it accepts applicants from age 18 to 75. Available features include term conversion, guaranteed renewability, waiver of premium, accelerated living benefits, accidental death coverage and guaranteed insurability. The insurer also holds an A++ AM Best financial strength rating as well as an A+ BBB rating and an average NAIC complaint index of 1.02.

Transamerica has the highest final expense coverage limit in our review at $50,000 and the lowest rates for a $10,000 policy, averaging $33 per month for a 60-year-old woman and $43 for a man. Eligibility runs from birth through age 85, though coverage limits decrease with age: up to $40,000 for ages 56 to 65, $30,000 for ages 66 to 75 and $25,000 for ages 76 to 85.
The company holds an A rating from AM Best. Its NAIC complaint index of 3.86 is the highest among the top-rated carriers in our analysis, which is worth weighing against its pricing advantage for people who prioritize cost over service reliability.

Physicians Mutual is the best life insurance provider in Texans for guaranteed acceptance whole life policies. The company accepts applicants from ages 45 to 85 with policy amounts up to $30,000, the highest guaranteed issue limit in our review. Its average monthly premiums for $15,000 in coverage are the lowest in our analysis at $72 for women and $92 for men at age 65. The insurer also carries A+ ratings from both AM Best and the Better Business Bureau.

Its NAIC complaint index of 3.49 is the second-highest among carriers we reviewed, behind only Transamerica. Guaranteed issue applicants often have limited alternatives, so weigh that complaint history alongside the company's pricing and coverage limits before buying.

Penn Mutual has the best no-exam life insurance in Texas, allowing up to $10 million in coverage through simplified underwriting. For a 20-year, $500,000 term policy, average monthly premiums are $38 for a 40-year-old woman and $47 for a man through standard underwriting. With simplified underwriting for the same coverage level, women pay $42 and men pay $51. Term lengths range from 10 to 30 years, with eligibility for ages 20 to 70.

The company holds an A+ AM Best rating and an NAIC complaint index of 0.05, tied with Pacific Life for the lowest in our review. Penn Mutual also lets you convert from term to permanent coverage without a new medical exam.

Gerber Life has the best family-focused life insurance options in Texas, allowing you to insure multiple household members under a single provider. Adults can purchase term life coverage of up to $2 million with 10-, 20- or 30-year terms, while spouses can be added for up to $50,000 in coverage and children for up to $10,000 each. 

The company's Grow-Up Plan is available for children as young as 14 days old and provides up to $50,000 in coverage that automatically doubles at age 18. This is a unique benefit we haven't found with any other company. Families seeking permanent protection can also choose whole life policies with coverage amounts up to $1 million.

These family-oriented benefits come with higher premiums. For a 40-year-old purchasing a 20-year, $500,000 term policy, Gerber Life's average rates are $59 per month for women and $75 for men, which is above the average cost of $47 for women and $59 for men.

No life insurance company in Texas earns higher marks for customer experience than Mutual of Omaha. It holds an A+ from both AM Best and the BBB, and its NAIC complaint index of 0.51 is below the industry average. It also placed first in J.D. Power's 2025 U.S. Individual Life Insurance Study with a score of 707 out of 1,000.

Rates average $49 per month for a 40-year-old woman and $60 for a man on a 20-year, $500,000 policy. Four term lengths run from 10 to 30 years, with coverage up to $10 million and a maximum issue age of 80. You can qualify for up to $300,000 in coverage without a medical exam, though that limit is lower than what many of our top-rated providers allow. Simplified underwriting also helps most Texas applicants get approved faster.