Best Life Insurance Companies in Frisco, TX

For life insurance in Frisco, Texas, MoneyGeek recommends MassMutual to adults, seniors and smokers, while young adults can find the best rates from Transamerica. Buyers in Frisco can purchase life insurance policies starting at $18 per month for a policy with a $250K coverage limit and $32 per month for a policy with the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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If you pass away, your beneficiaries are financially protected by life insurance. Since it’s an investment in your loved one’s future, it’s important to choose a policy that best suits your needs. To accomplish this, you should shop around and compare quotes from several life insurance providers in Frisco. MoneyGeek's guide identified the best life insurance companies in Frisco based on age, gender and smoking history.

MoneyGeek Logo IconBestLife InsuranceFrisco, TX
2023

Best Life Insurance Companies in Frisco, TX, for 2023

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Best Cheap Life Insurance in Frisco

There are several factors influencing your premium cost, including your policy’s coverage amount and your gender. In Frisco, MassMutual provides the cheapest $250K policy, at an average cost of $18 per month for men and $13 per month for women.

A policy with a coverage limit of $250K may be less expensive, but it usually doesn’t offer enough coverage for most people. Policies that include the state-recommended coverage amount of $719K cost more, but account for state-specific factors like cost of living, household income, average debt and age.

To make sure your family is adequately covered, you should consider purchasing California’s recommended coverage amount. For the state-recommended coverage amount, men can get the cheapest policy from MassMutual for $32 per month, while women can get the least expensive policies from Nationwide for $22 per month.

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

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Frisco for Men and Women

Frisco life insurance prices were calculated by MoneyGeek based on coverage amount and policy length. Men in Frisco pay 81% more than the average cost of life insurance in Texas. Women in the city also pay 42% more than the state’s average cost for life insurance.

In general, men pay more for life insurance than women. For example, males in Frisco pay an average of $33 per month for a $250K policy, while females pay an average of $23 per month.

If you opt for a policy that includes the state’s recommended coverage amount, your rates will increase. In Frisco, policies with the state’s recommended coverage amount of $719K cost an average of $71 per month for men and $47 for women. The state-recommended coverage amount accounts for state-specific factors like per capita income, average mortgage debt, average personal debt and average age.

Policy terms also affect the cost of life insurance premiums. For a 10-year term policy, men in Frisco pay an average of $45 per month and women pay $31 per month, regardless of coverage amount.

Average Monthly Life Insurance Rates in Frisco: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $18
    $32
  • Nationwide
    $20
    $33
  • Mutual of Omaha
    $20
    $34
  • Transamerica
    $26
    $53
  • State Farm
    $33
    $66
  • AAA
    $35
    $79
  • Progressive Life
    $39
    $85
  • Prudential
    $46
    $100
Average Monthly Life Insurance Rates in Frisco: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $15
    $22
  • Mutual of Omaha
    $15
    $22
  • MassMutual
    $13
    $22
  • Transamerica
    $17
    $35
  • State Farm
    $28
    $47
  • AAA
    $24
    $52
  • Progressive Life
    $23
    $55
  • Prudential
    $26
    $72

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

In most cases, women pay less than men for life insurance. Since women reportedly live longer than men, insurance companies charge them lower premiums. Men have shorter life expectancies because they have riskier occupations and skip routine doctor visits.

Even though life insurance for women costs less, the majority of life insurance policyholders are men. Women should consider purchasing life insurance to financially protect their loved ones at a lower cost than men.

Most Popular Life Insurance Companies in Texas

Based on MoneyGeek’s analysis, Northwestern Mutual, New York Life and Lincoln Financial dominate the Texas life insurance industry, with respective market shares 7%, 6% and 6%.

A total of 35% of the Texas life insurance market is held by the top seven companies. The following are the top seven life insurance companies in Texas with their corresponding 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

A market share is the portion of a market or industry controlled by a particular company. A higher market share indicates that a company has sold more policies than its competitors.

MoneyGeek’s analysis was based on the total premiums written by each company that were included in the 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Frisco

The cost of life insurance for young adults in Frisco varies from $24 to $41 per month. In Frisco, MoneyGeek found the following two insurers to be the most affordable:

  • Transamerica: $24 per month
  • Mutual of Omaha: $28 per month

In the table below, MoneyGeek included other quotes from affordable life insurance companies for young people in Frisco.

Best Life Insurance Companies for Young People in Frisco, TX

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  • Company
    Monthly Cost
  • Transamerica
    $24
  • Mutual of Omaha
    $28
  • MassMutual
    $28
  • AAA
    $30
  • Prudential
    $33
  • Nationwide
    $34
  • State Farm
    $40
  • Progressive Life
    $41

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Frisco who is 5 feet 10 inches and 167 pounds that purchases a 20-year term contract at the average coverage need of $270K. 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

Generally, young adults under the age of 25 pay lower life insurance rates. With age and increased vulnerability to certain ailments, your insurance costs increase. As such, life insurance is cheapest when purchased at a young age. You'll spend less on life insurance each month if you're younger and healthier.

Cheapest Life Insurance for Seniors in Frisco

The average monthly cost of life insurance for seniors in Frisco is between $70 and $144. Seniors in Frisco can get the cheapest life insurance from the following two companies:

  • MassMutual: $70 per month
  • Mutual of Omaha: $79 per month

Below, we’ve included a comprehensive list of the best cheapest life insurance companies for seniors in Frisco.

Best Life Insurance Companies for Seniors in Frisco, TX

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  • Company
    Monthly Cost
  • MassMutual
    $70
  • Mutual of Omaha
    $79
  • Nationwide
    $80
  • State Farm
    $93
  • Progressive Life
    $125
  • AAA
    $131
  • Transamerica
    $143
  • Prudential
    $144

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Since it’s more likely that seniors will outlive their life insurance policies, insurers charge them higher premiums. However, seniors can save money by purchasing low coverage policies, since their beneficiaries are older and likely financially independent. Generally, life insurance policies are only necessary to cover funeral expenses, estate taxes and other costs. Thus, MoneyGeek's example policy for seniors offers significantly less coverage than similar policies for younger adults.

Cheapest Life Insurance for Smokers in Frisco

Life insurance in Frisco costs between $207 and $380 per month for smokers. The following two companies offer the cheapest life insurance policies for smokers in Frisco:

  • MassMutual: $207 per month
  • State Farm: $207 per month

You can find out which insurers in the city offer the most affordable policies for smokers by checking out the table below.

Best Life Insurance Companies for Smokers in Frisco, TX

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  • Company
    Monthly Cost
  • MassMutual
    $207
  • State Farm
    $207
  • Nationwide
    $208
  • Transamerica
    $231
  • Mutual of Omaha
    $232
  • Progressive Life
    $323
  • Prudential
    $344
  • AAA
    $380

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

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are more prone to life-threatening diseases, so insurers consider them riskier to insure. Accordingly, smokers pay more for life insurance. However, those that smoke can still find life insurance policies that fit their budgets. Since smokers' insurance rates increase exponentially with age, MoneyGeek also recommends purchasing a longer-term (20-year) policy to lock in rates.

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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 the Author


Mark Fitzpatrick headshot

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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