Best Life Insurance Companies in Garland, TX

If you're searching for the best life insurance companies in Garland, Texas, MoneyGeek suggests MassMutual as the top overall insurer. It’s also the best option for seniors and smokers. Transamerica is the best provider for young adults. The city's most affordable average prices range from $9 per month for a policy with $250K of coverage to $17 per month for the minimum amount of coverage recommended by the state.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Life insurance can help support your loved ones by leaving them with funds in the event of your passing. MoneyGeek’s guide can help you find the ideal life insurance provider for your specific buyer profile by letting you compare life insurance quotes in Garland for young adults, elderly residents and smokers.

iconBestLife InsuranceGarland, TX
2023

Best Life Insurance Companies in Garland, TX, for 2023

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Best Cheap Life Insurance in Garland

The cheapest life insurance you can get for both men and women in Garland for $250K coverage is provided by MassMutual, priced at around $9 and $8 monthly, respectively.

While it’s less expensive, insurance with a $250K limit may not be sufficient. The state's average recommended coverage amount, which is determined by state-specific factors, is $966K.

On average, the least expensive life insurance for males and females for $966K in coverage is offered by MassMutual ($17) and Nationwide ($14), respectively.

Cheapest Life Insurance Companies for Males and Females in Garland
  • Cheapest For
    $250K Coverage
    $966K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Garland for Men and Women

Based on the amount of coverage and length of the policy, MoneyGeek analyzed the average cost of life insurance in the city for men and women. Garland life insurance rates for males are 7% less expensive than the state's average, according to our data. Similarly, women in Garland pay 10% less for life insurance than the state average.

The average monthly cost for $250K in coverage in the city is $14 for women and $17 for men.

The monthly rates for Garland’s state-recommended $719K level, which is based on personal wealth, average age, personal and mortgage debt and per capita income as reported by the U.S. Bureau of Economics, is around $36 for men and approximately $30 for women.

Males in Garland pay around $23 a month for 10-year term coverage. Women spend approximately $19 a month for the same term. This is regardless of the coverage limit.

Average Monthly Life Insurance Rates in Garland: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $9
    $17
  • Nationwide
    $10
    $17
  • Mutual of Omaha
    $10
    $18
  • Transamerica
    $13
    $27
  • State Farm
    $17
    $34
  • AAA
    $18
    $41
  • Progressive Life
    $20
    $44
  • Prudential
    $24
    $52
Average Monthly Life Insurance Rates in Garland: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $14
  • Mutual of Omaha
    $10
    $14
  • MassMutual
    $8
    $14
  • Transamerica
    $11
    $22
  • State Farm
    $18
    $30
  • AAA
    $15
    $33
  • Progressive Life
    $15
    $35
  • Prudential
    $17
    $46

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

Life insurance costs are influenced by gender. Since women often live longer than men, they also tend to have to pay less for life insurance. Statistics show that men are more likely than women to work in hazardous environments, engage in risky activities and suffer heart disease, which consequently makes insurance firms charge males more money.

Men are more likely to purchase life insurance than women. That said, women are essential contributors to their families' finances, whether they are the primary wage earners or stay-at-home mothers. This makes them excellent candidates for life insurance.

Most Popular Life Insurance Companies in Texas

In Texas, the largest average market share in the state is held by Northwestern Mutual with 7%, followed by New York Life and Lincoln Financial at 6% and 6%, respectively.

The top seven companies in Texas account for approximately 35% of the state's life insurance market when you add together their market shares. See the seven most well-known life insurance providers in the state listed below.

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 the portion of a company's business that represents the entire revenue or sales in a market. As a company's market share rises, so does its market dominance.

Market share data is gathered for our analysis according to each company's total premiums disclosed in the 2020 state reports from S&P Global.

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Cheapest Life Insurance for Young People in Garland

Young adults in Garland may expect to pay between $14 and $21 a month in premiums for life insurance. According to our data, the following companies offer life insurance at the lowest average rates for young adults in Garland:

  • Transamerica: $13 per month
  • Mutual of Omaha: $14 per month

The list of Garland's most cost-effective life insurance providers is shown in the table below.

Best Life Insurance Companies for Young People in Garland, TX

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  • Company
    Monthly Cost
  • Transamerica
    $13
  • Mutual of Omaha
    $14
  • MassMutual
    $15
  • AAA
    $15
  • Prudential
    $17
  • Nationwide
    $17
  • State Farm
    $21
  • Progressive Life
    $21

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Garland 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

Younger people who are 25 years or younger typically pay less for life insurance. Then, as they get older, the price increases. The best time to purchase a life insurance policy in Garland is when you are young because the rates are typically lower. This method can help save you money in the long run.

Cheapest Life Insurance for Seniors in Garland

The average monthly premium for senior life insurance in Garland is between $36 and $74. According to MoneyGeek's study, these businesses in the city offer the best average value for senior citizens:

  • MassMutual: $36 per month
  • Mutual of Omaha: $41 per month

More life insurance providers in Garland with the most affordable rates for seniors may be seen in the table below.

Best Life Insurance Companies for Seniors in Garland, TX

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  • Company
    Monthly Cost
  • MassMutual
    $36
  • Mutual of Omaha
    $41
  • Nationwide
    $41
  • State Farm
    $48
  • Progressive Life
    $65
  • AAA
    $68
  • Transamerica
    $74
  • Prudential
    $74

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Garland 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

Because they are closer to their life expectancy, older folks frequently pay higher life insurance rates. Getting less coverage is one approach to reducing the cost of life insurance. Seniors who have grown kids who can support themselves are typically okay with purchasing less life insurance.

Most older citizens just require life insurance to pay for last expenses and clear any outstanding debts. For this reason, we chose $82K as the sample policy coverage amount for seniors in Garland.

Cheapest Life Insurance for Smokers in Garland

The average price of life insurance in Garland for smokers may range from $107 per month to $196 per month. MoneyGeek found the following life insurance companies offer the best average prices for smokers in the city:

  • MassMutual: $107 per month
  • State Farm: $107 per month

The list of providers in the city that give smokers low pricing can be seen in the table below.

Best Life Insurance Companies for Smokers in Garland, TX

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  • Company
    Monthly Cost
  • MassMutual
    $107
  • State Farm
    $107
  • Nationwide
    $107
  • Transamerica
    $119
  • Mutual of Omaha
    $119
  • Progressive Life
    $167
  • Prudential
    $177
  • AAA
    $196

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

Smokers are charged higher rates because they are considered to be at a greater risk of contracting a condition linked to smoking. The good thing is that smokers can still access reasonably priced life insurance policies. MoneyGeek suggests getting a policy with a minimum 20-year term because smoking exacerbates the risks associated with aging.

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Insurance Rates

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


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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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