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.
Best Life Insurance Companies in El Paso, TX for 2024
Updated: May 22, 2024
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BestLife InsuranceEl Paso, TXBest Life Insurance Companies in El Paso, TX, for 2023
Most Popular in Texas - Northwestern Mutual
Best for Young People - Transamerica
Best Cheap Life Insurance in El Paso
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.
Cheapest Life Insurance Companies for Males and Females in El Paso
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Life Insurance Costs in El Paso for Men and Women
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.
Average Monthly Life Insurance Rates in El Paso: Men
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $26 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $33 |
Average Monthly Life Insurance Rates in El Paso: Women
| Nationwide | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $12 |
| Mutual of Omaha | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $12 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $12 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $26 |
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.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
How much you pay for life insurance depends on your gender. Women usually have lower rates because they tend to outlive men. Reasons why women have longer life expectancies include men performing more dangerous jobs and developing heart disease at a younger age, so men face higher life insurance rates.
Studies show that more men buy life insurance than women. But, whether they’re breadwinners or not, it’s a good idea for women to invest in life insurance and financially protect their households in the event of their passing.
Most Popular Life Insurance Companies in Texas
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.
Most Popular Life Insurance Companies in Texas
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
MONEYGEEK DICTIONARY
Market share is the percent of total sales made by a company in its industry. In terms of life insurance, a higher market share means more policies sold. For this analysis, MoneyGeek found market share data by companies in Texas from S&P Global’s 2020 market intelligence reports.
Cheapest Life Insurance for Young People in El Paso
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.
Best Life Insurance Companies for Young People in El Paso, TX
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$15 |
| Prudential | Monthly Cost$16 |
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.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Age is one influencing factor in the cost of a life insurance policy. Insurance rates for young adults (25 and under) tend to be cheaper but get more expensive as policyholders age. That’s why it's better to buy life insurance at a younger age, so you can save a significant amount of money on the premium.
Cheapest Life Insurance for Seniors in El Paso
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.
Best Life Insurance Companies for Seniors in El Paso, TX
| MassMutual | Monthly Cost$34 |
| Mutual of Omaha | Monthly Cost$39 |
| Nationwide | Monthly Cost$39 |
| State Farm | Monthly Cost$46 |
| Progressive Life | Monthly Cost$62 |
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.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors usually face higher life insurance rates because the expectation is that their policies will outlive them. However, most of them are okay with less coverage since their children are often non-dependent adults who don’t need life insurance to cover future income. Furthermore, the coverage amount for seniors only needs to cover funeral costs and other after-life expenses. That is why our sample policy coverage for seniors was set at $100K.
Cheapest Life Insurance for Smokers in El Paso
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.
Best Life Insurance Companies for Smokers in El Paso, TX
| MassMutual | Monthly Cost$102 |
| State Farm | Monthly Cost$102 |
| Nationwide | Monthly Cost$103 |
| Transamerica | Monthly Cost$114 |
| Mutual of Omaha | Monthly Cost$114 |
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.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers pay more expensive premiums due to higher risks of smoking-related diseases that can impact their lifespans. But you can save money by shopping around for the cheapest life insurance for smokers.
If you’re a smoker, MoneyGeek recommends buying a longer-term (20-year) policy to extend coverage as rates for smokers increase dramatically with 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 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.
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed May 30, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 30, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 30, 2022.
- S&P Global. "2020 Annual Report." Accessed May 30, 2022.