Best Life Insurance Companies in Dallas, TX

According to MoneyGeek research, MassMutual is the best overall life insurance company in Dallas for adults, seniors and smokers. Transamerica is the best for young people. The cheapest average cost of life insurance ranges from $10 per month for a $250K coverage policy to $17 per month for the recommended coverage level.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Having life insurance can help financially support your beneficiaries after you pass away. The proceeds from your policy may provide security for a young family member or help pay off your outstanding debts. If you have dependents or financially support others, having sufficient life insurance is crucial for long-term financial security.

The best life insurance company for you depends on your insurance needs. It is best to shop around and compare quotes to determine the best option for you. MoneyGeek can help in your search since we analyzed the best and cheapest life insurance providers for various buyer profiles.

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2023

Best Life Insurance Companies in Dallas, TX, for 2023

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Best Cheap Life Insurance in Dallas

The cost of life insurance is influenced by many factors, including the type of coverage you choose, your age and gender. MassMutual is the cheapest carrier in Dallas for $10 for males and $9 for females for $250K coverage life insurance.

Even though $250,000 in coverage is more affordable, it may not be adequate for most individuals. Therefore, Texas advises a minimum of $719K coverage amount, determined by state-specific factors such as the cost of living, average income, average personal debt and the state's average age.

MassMutual offers the cheapest premium for men in Texas for the recommended coverage amount at $17 per month, while Nationwide provides the lowest monthly premium for women at $15.

Cheapest Life Insurance Companies for Males and Females in Dallas
  • Cheapest For
    $250K Coverage
    $719K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Dallas for Men and Women

The average cost of life insurance differs based on the gender of the insured. For instance, Men in Dallas pay 3% less than the Texas average life insurance cost, while women pay slightly less than the state average.

A life insurance policy with standard coverage of $250K costs an average of $18 for men and $16 for women in Dallas.

If you acquire a higher coverage level that is recommended based on several factors in your state, such as per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. In that case, the costs for these premiums might dramatically rise. Men, for example, spend an average of $38 per month for the Texas state-recommended coverage level of $719K, while women pay $33 per month.

Furthermore, irrespective of the coverage limit, the average monthly cost of a 10-year term insurance policy for men is $24, while it costs $21 for women.

Average Monthly Life Insurance Rates in Dallas: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $10
    $17
  • Nationwide
    $11
    $18
  • Mutual of Omaha
    $11
    $18
  • Transamerica
    $14
    $28
  • State Farm
    $18
    $36
  • AAA
    $19
    $42
  • Progressive Life
    $21
    $46
  • Prudential
    $25
    $54
Average Monthly Life Insurance Rates in Dallas: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $15
  • Mutual of Omaha
    $11
    $15
  • MassMutual
    $9
    $15
  • Transamerica
    $12
    $24
  • State Farm
    $20
    $33
  • AAA
    $17
    $37
  • Progressive Life
    $16
    $39
  • Prudential
    $19
    $51

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Dallas 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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

One thing that affects life insurance rates is gender. The average male usually pays more for life insurance than the average female because women are statistically more likely to live longer.

Meanwhile, women tend to outlive men because men take bigger risks, have more dangerous jobs, die of heart disease more often and at a younger age, avoid doctors and engage in other risky behaviors more frequently.

Although women live longer, studies show that more men buy life insurance than women. Women should consider buying life insurance so their families won't suffer financially if something happens to them.

Most Popular Life Insurance Companies in Texas

According to MoneyGeek's data, the three most popular life insurance companies in Texas by market share are Northwestern Mutual, New York Life and Lincoln Financial. Northwestern Mutual has the largest stake in Texas with 7%, followed by New York Life at 6% and Lincoln Financial at 6%.

The combined market share of the top seven most popular life insurance companies in Texas is 35%. In the table below, MoneyGeek compiled a list of the most popular life insurance firms in Texas and their market shares.

Most Popular Life Insurance Companies in Texas

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  • Company
    Market Share
  • Northwestern Mutual
    7%
  • Lincoln Financial
    6%
  • New York Life
    6%
  • Transamerica
    4%
  • MassMutual
    4%
  • Pacific Life
    4%
  • State Farm
    4%
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MONEYGEEK DICTIONARY

Market share is a term used to refer to how large a percentage of an industry or market a given company’s products hold. Usually, it’s calculated by taking all company's sales of products or services (company revenues), dividing them by total sales within that industry (total industry revenues) and multiplying by 100. Market share will be expressed as a number from 0 to 100% in most cases.

MoneyGeek created a list of the top popular life insurance providers in Texas for this guide using S&P Global's 2020 market intelligence data.

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Cheapest Life Insurance for Young People in Dallas

The cost of life insurance for young adults in Dallas varies by provider, with premiums ranging from approximately $13 per month to $21 per month. On average, the top two cheapest life insurance providers in the state for young individuals are:

  • Transamerica: $13 per month
  • Mutual of Omaha: $15 per month

The table below includes a comprehensive list of all companies in Dallas that provide affordable rates for young people.

Best Life Insurance Companies for Young People in Dallas, TX

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  • Company
    Monthly Cost
  • Transamerica
    $13
  • Mutual of Omaha
    $15
  • MassMutual
    $15
  • AAA
    $16
  • Prudential
    $18
  • Nationwide
    $18
  • State Farm
    $21
  • Progressive Life
    $22

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Texas who is 5 feet 10 inches and 167 pounds that purchases 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is less expensive for young people and gets more expensive as you age due to the increased risk of disease. To save money on monthly premiums, it is advisable to get life insurance while you are young.

Cheapest Life Insurance for Seniors in Dallas

According to MoneyGeek data, the cost of life insurance for seniors in Dallas ranges from $37 to $77 a month. On average, the following are the cheapest life insurance providers for seniors:

  • MassMutual: $37 per month
  • Mutual of Omaha: $42 per month

The table below provides a complete overview of the top and most affordable life insurance carriers in Dallas for seniors.

Best Life Insurance Companies for Seniors in Dallas, TX

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  • Company
    Monthly Cost
  • MassMutual
    $37
  • Mutual of Omaha
    $42
  • Nationwide
    $43
  • State Farm
    $50
  • Progressive Life
    $67
  • AAA
    $70
  • Transamerica
    $77
  • Prudential
    $77

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Texas who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $82,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

The cost of your coverage is heavily influenced by your age. The older you are when you apply for life insurance, the more expensive your policy will be. This is because elderly persons are more vulnerable since their policies are more likely to outlive them. And, since their children are frequently grown and no longer financially dependent on them, life insurance to cover future income for seniors is usually unnecessary.

Most elderly individuals just need life insurance to cover funeral costs and outstanding debts. Hence, the sample senior insurance coverage is set lower than other profiles.

Cheapest Life Insurance for Smokers in Dallas

The average monthly cost of life insurance for smokers in Dallas ranges from $111 to $204. MoneyGeek identified the following companies as the most affordable on average for smokers in Dallas:

  • MassMutual: $111 per month
  • State Farm: $111 per month

To further help you compare quotes, other affordable life insurance companies in Dallas for smokers are listed in the table below.

Best Life Insurance Companies for Smokers in Dallas, TX

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  • Company
    Monthly Cost
  • MassMutual
    $111
  • State Farm
    $111
  • Nationwide
    $112
  • Transamerica
    $124
  • Mutual of Omaha
    $124
  • Progressive Life
    $174
  • Prudential
    $185
  • AAA
    $204

Rates were determined by analyzing quotes for a 28-year-old male smoker in Texas who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $719,000.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are classified as high-risk because they are more likely to develop health issues and, as a result, pay higher rates. You should shop around for life insurance rates if you smoke because some companies charge more premiums for smokers than others.

MoneyGeek developed a guide to help you find the best cost-effective life insurance company for smokers. 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.

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Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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 the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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