Best Life Insurance Companies in Garland, TX, for 2023

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.