Best Life Insurance Companies in Dallas, TX for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.