Best Life Insurance Companies in El Paso, TX for 2024

Life insurance acts as a financial safeguard for your dependents in the event of your passing. It can provide immediate income, pay for funeral expenses, cover college tuition and settle remaining debts. Choosing a policy can be overwhelming. MoneyGeek helped make the process easier by analyzing quotes and finding the best life insurance companies in El Paso, Texas, for different profiles.

Based on MoneyGeek’s analysis, MassMutual has the lowest life insurance quotes in El Paso for a $250,000 policy, at an average monthly premium of $9 for men and $8 for women.

While a policy with $250K in coverage is more affordable, it may not be enough for most people. It might be better to get your state’s recommended coverage, which considers the cost of living, average income, average personal debt, average age and other state-specific factors. For Texas, this amount is $719,000.

For the state’s recommended life insurance coverage amount, MassMutual is the cheapest company in El Paso for men at roughly $16 per month, and Nationwide is the cheapest for women at around $12 per month.

Gender can significantly influence life insurance costs in El Paso. MoneyGeek found that life insurance for men in El Paso is 11% lower than the Texas average. Meanwhile, women’s is 20% lower.

On average, life insurance with $250K coverage in El Paso costs $16 per month for men and $13 per month for women. However, rates may change if you get your state’s recommended coverage amount, which is $719,000 for Texas.

For a policy with $719K coverage, men in El Paso spend roughly $35 monthly, whereas women spend around $27 monthly.

Meanwhile, for policy length, the average cost of a 10-year term policy is $22 per month for men in El Paso and $17 per month for women.

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

Based on MoneyGeek’s analysis, the three most popular life insurance companies in Texas by market share are Northwestern Mutual, New York Life and Lincoln Financial.

Northwestern Mutual’s market share is the largest at roughly 7%. New York Life has around 6%, while Lincoln Financial has roughly 6%. Overall, the seven most popular insurers in Texas take up about 35% of the state’s life insurance industry.

Below, you can find the seven most popular insurance companies in Texas and their market shares.

For young people, the cost of life insurance in El Paso averages between $12 and $20 per month. Based on MoneyGeek’s research, the average cheapest life insurance in El Paso for young people is with:

• Transamerica: $12 per month
• Mutual of Omaha: $14 per month

Below, we list more of the most affordable life insurance companies in El Paso for young people.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in El Paso who is 5 feet 10 inches tall and weighs 167 pounds with a 20-year term contract with the average needed coverage amount of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

On average, the cost of life insurance for seniors in El Paso ranges from $34 to $71 per month. On average, MoneyGeek found the cheapest life insurance in El Paso for seniors is with:

• MassMutual: $34 per month
• Mutual of Omaha: $39 per month

Below, you can review the complete list of the most affordable life insurance companies in El Paso for seniors.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in El Paso who is 5 feet 10 inches tall and weighs 197 pounds with a 10-year term contract for the average needed coverage of $82,000.

In El Paso, the average cost of life insurance for smokers can be as low as $102 per month or as high as $187 per month. On average, the least expensive life insurance for smokers in El Paso is with:

• MassMutual: $102 per month
• State Farm: $102 per month

You can scan the table below to see more of the cheapest life insurance companies in El Paso for smokers.

Rates were determined by analyzing quotes for a 28-year-old male smoker in El Paso 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.

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.