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In the event of your unexpected passing, life insurance provides financial support to your beneficiaries. With a large number of life insurance providers in Grand Prairie, Texas, shopping around and comparing quotes help you find the best policy that suits your needs and lifestyle.

Review the best life insurance companies in Grand Prairie using MoneyGeek’s analysis of their average rates based on your gender, age and lifestyle.

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2023

Best Life Insurance Companies in Grand Prairie, TX, for 2023

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Best Cheap Life Insurance in Grand Prairie

MassMutual is the most affordable for men and women for $250K in coverage in Grand Prairie, Texas. Men pay an average of $10 per month, while women spend approximately $9 monthly.

A policy with $250K coverage is affordable but may not be sufficient. The state-recommended coverage amount is $719K. This is based on state-specific factors.

For the recommended coverage amount in Grand Prairie, MassMutual offers the cheapest life insurance for men at approximately $18 per month. Nationwide provides the cheapest coverage for women at around $15 per month.

Cheapest Life Insurance Companies for Males and Females in Grand Prairie
Cheapest For
$250K Coverage
$719K Coverage (Recommended)

Male

MassMutual

MassMutual

Female

MassMutual

Nationwide

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Life Insurance Costs in Grand Prairie for Men and Women

Gender affects the average cost of life insurance. Men in Grand Prairie pay around 4% more than the average for Texas. Women pay less than 1% more than the average in Grand Prairie, Texas.

For a $250K life insurance policy in Grand Prairie, men pay approximately $19 per month, while women pay around $16 monthly.

The state’s recommended coverage amount of $719K, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and age, costs an average of $40 per month for men and $33 per month for women.

The average cost of a 10-year term policy for women is $22 per month. Men pay around $26 per month. These costs are regardless of the coverage limit.

Average Monthly Life Insurance Rates in Grand Prairie: Men
Company
Rates for $250K Coverage
Rates for $926K Coverage (Recommended)

MassMutual

$10

$18

Nationwide

$11

$19

Mutual of Omaha

$11

$19

Transamerica

$15

$30

State Farm

$19

$38

AAA

$20

$45

Progressive Life

$22

$49

Prudential

$26

$57

Average Monthly Life Insurance Rates in Grand Prairie: Women
Company
Rates for $250K Coverage
Rates for $926K Coverage (Recommended)

Nationwide

$11

$15

Mutual of Omaha

$11

$15

MassMutual

$9

$15

Transamerica

$12

$24

State Farm

$20

$33

AAA

$17

$37

Progressive Life

$17

$39

Prudential

$19

$51

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

Gender plays a vital role in the cost of life insurance. Usually, women pay less than men because they tend to have a longer average life expectancy. Men statistically engage more in risky behaviors, work dangerous jobs and acquire illnesses throughout their lifetime.

Studies show that men buy life insurance more than women. Whether stay-at-home caretakers or breadwinners, women are critical contributors to their household economies and ideal candidates for life insurance.

Most Popular Life Insurance Companies in Texas

Reviewing their average market share, the three most popular life insurance companies in Texas are Northwestern Mutual (7%), New York Life (6%) and Lincoln Financial (6%). Texas's seven most popular companies make up approximately 35% of the market share.

Below, MoneyGeek shows Texas's most popular life insurance providers and their market shares.

Most Popular Life Insurance Companies in Texas
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 company’s market share represents the portion of a market dominated by a specific product within its industry. The higher the company’s market share, the more it has sold its products.

MoneyGeek used the data derived from each company’s total premiums written in 2020 from the state reports by S&P Global.

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Cheapest Life Insurance for Young People in Grand Prairie

Average life insurance costs in Grand Prairie for young adults range between $14 and $24 per month. On average, the two most affordable life insurance providers for young people in Grand Prairie are:

  • Transamerica: $14 per month,
  • Mutual of Omaha: $16 per month

You can look through other life insurance quotes in Texas for young people in the table below.

Best Life Insurance Companies for Young People in Grand Prairie, TX
Company
Monthly Cost

Transamerica

$14

Mutual of Omaha

$16

MassMutual

$16

AAA

$17

Prudential

$19

Nationwide

$19

State Farm

$23

Progressive Life

$24

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Grand Prairie 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 more extended coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

For young adults below the age of 25, life insurance costs are more affordable. Policy costs increase over time as you age and become prone to certain illnesses. Therefore, buying life insurance while still young is one of the best strategies to save money on a policy. The younger and healthier you are, the less you pay on your monthly premiums.

Cheapest Life Insurance for Seniors in Grand Prairie

Life insurance in Grand Prairie costs between $40 and $82 per month. The top two most affordable life insurance providers in Grand Prairie for the elderly are, on average:

  • MassMutual: $40 per month
  • Mutual of Omaha: $45 per month

In the table below, you’ll see more of the best insurance providers in Grand Prairie for seniors.

Best Life Insurance Companies for Seniors in Grand Prairie, TX
Company
Monthly Cost

MassMutual

$40

Mutual of Omaha

$45

Nationwide

$46

State Farm

$53

Progressive Life

$71

AAA

$75

Transamerica

$81

Prudential

$82

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

Seniors pay more for their insurance premiums because their policy may outlive them as they mature. However, seniors don’t often need as much coverage since their beneficiaries are financially-independent adults. Their life insurance amounts only need to cover expenses such as funeral and burial costs, outstanding debts and estate tax.

For this reason, MoneyGeek’s sample policy coverage for seniors is much lower than for other groups.

Cheapest Life Insurance for Smokers in Grand Prairie

For people who smoke in Grand Prairie, the average cost of life insurance quotes goes from $118 to $216 per month. MoneyGeek found that, on average, the most affordable life insurance companies for smokers in Grand Prairie are:

  • MassMutual: $118 per month
  • State Farm: $118 per month

Check out the table below to see the other most affordable insurers in the city for people who smoke.

Best Life Insurance Companies for Smokers in Grand Prairie, TX
Company
Monthly Cost

MassMutual

$118

State Farm

$118

Nationwide

$118

Transamerica

$131

Mutual of Omaha

$132

Progressive Life

$184

Prudential

$196

AAA

$216

Rates were determined by analyzing quotes for a 28-year-old male smoker in Grand Prairie 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 more extended coverage as rates for smokers increase as you age.

girlThinking icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smoking brings long-term adverse health effects. Insurance companies see smokers as high risk and charge them higher premiums. However, it’s possible to find cheap life insurance for people who smoke. MoneyGeek suggests buying a longer-term policy for at least 20 years. Being a smoker compounds the increase in your rates as you get older.

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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. Remember that each buyer is unique and may need more or less coverage depending on their circumstances.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.


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