Updated: May 22, 2024
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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.
BestLife InsuranceGrand PrairieBest Life Insurance Companies in Grand Prairie, TX, for 2023
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 For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
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.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $30 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $38 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $24 |
| State Farm | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $33 |
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.
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.
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.
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
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.
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:
You can look through other life insurance quotes in Texas for young people in the table below.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$16 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$19 |
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.
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.
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:
In the table below, you’ll see more of the best insurance providers in Grand Prairie for seniors.
| MassMutual | Monthly Cost$40 |
| Mutual of Omaha | Monthly Cost$45 |
| Nationwide | Monthly Cost$46 |
| State Farm | Monthly Cost$53 |
| Progressive Life | Monthly Cost$71 |
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.
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.
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:
Check out the table below to see the other most affordable insurers in the city for people who smoke.
| MassMutual | Monthly Cost$118 |
| State Farm | Monthly Cost$118 |
| Nationwide | Monthly Cost$118 |
| Transamerica | Monthly Cost$131 |
| Mutual of Omaha | Monthly Cost$132 |
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.
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.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 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.
