Updated: May 22, 2024
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If something happens and you pass away unexpectedly, life insurance ensures that your beneficiaries will be financially taken care of and your debts will be paid off. This gives you peace of mind knowing that your loved ones are taken care of if something happens to you.
MoneyGeek evaluated life insurance companies in Irving, Texas, and analyzed their quotes to determine which ones are the most cost-effective for different buyers.
BestLife InsuranceIrving, TXBest Life Insurance Companies in Irving, TX, for 2023
In Irving, MassMutual offers the most affordable $250K life insurance policy for males (roughly $10 monthly) and females (around $9 monthly).
Even though $250,000 insurance is inexpensive, it may not be enough for everyone. Each state has a recommended coverage level based on state-specific factors.
The state of Texas's recommended coverage limit of $719,000 is the cheapest for men through MassMutual at roughly $18 monthly. Nationwide offers the cheapest premium for women at $14 per month.
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
MoneyGeek examined the average cost of life insurance in Irving for men and women depending on the amount of coverage, the term of the policy and the gender of the buyer. Life insurance premiums for males in Irving, Texas, are approximately 4% more than the statewide average. Women in Irving pay around 5% less for life insurance than the average statewide.
In Irving, males pay around $19 per month for a $250K life insurance policy, while females pay about $15 per month.
Buying the state-recommended coverage of $719,000, which is based on factors like average age, average personal debt, average mortgage debt and average per capita income from the U.S. Bureau of Economics, costs men in Irving roughly $40 monthly and women around $32 monthly.
10-year term insurance in Irving, regardless of the coverage amount, costs males an average of $26 a month. Women pay an average of $20 per month for the same term coverage.
| 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$10 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$10 | 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) $23 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $31 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Irving 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.
Life insurance costs more for men than for women. Women usually pay less than men because they tend to live longer than men. This is because men are more likely than women to do risky things, work in dangerous jobs and get heart disease. In Irving, as in many other U.S. cities, men pay more for life insurance than women.
Men are more likely than women to buy life insurance. Whether they are the primary source of income or stay-at-home caretakers, women make a big difference in their households' finances and are great candidates for life insurance.
Based on average market share, Northwestern Mutual (7%), New York Life (6%) and Lincoln Financial (6%) are the three most popular life insurance companies in Texas.
The seven largest life insurance companies in Texas own around 35% of the market as a whole. In the table below, you can see the market shares of the most popular life insurance companies in Texas.
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
Market share is the percentage of an industry or total sales that is accounted for by a particular company. In other words, it's a measure of how much of the market a company owns. Using 2020 market intelligence data from S&P Global, MoneyGeek compiled a list of the most well-known life insurance providers in Texas.
Life insurance premiums for young adults in Irving may range from around $14 to $24 per month, depending on the provider. Two of Irving's most cost-effective life insurance providers for young people are, on average:
In the table below, you can find an extensive list of Irving providers that offer low-cost rates for young adults.
| 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 Irving 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.
Life insurance is cheaper for young people because they are less likely to die than older people. However, life insurance gets more expensive over time as you get older and your risk of death increases. It is best to get a life insurance policy when you are younger so that it will be affordable. Make sure to do your research before buying any policy so that you can find the right fit for your needs.
In Irving, Texas, monthly life insurance rates for seniors range from around $40 to $82, according to MoneyGeek data. The top two most affordable companies for seniors in the city are, on average:
The most inexpensive Irving, Texas, life insurance companies for the elderly are shown in the following table.
| MassMutual | Monthly Cost$40 |
| Mutual of Omaha | Monthly Cost$45 |
| Nationwide | Monthly Cost$46 |
| State Farm | Monthly Cost$54 |
| Progressive Life | Monthly Cost$72 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Irving who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $82,000.
When it comes to life insurance, seniors are often viewed as high-risk and pay higher premiums. This is because they are more likely to have health issues that could lead to death. However, there are still some life insurance companies that offer cheap rates for seniors.
Since their children are usually grown and on their own, higher coverage amounts may not be necessary. Seniors above the age of 65 should make sure their life insurance policy covers funeral expenses and pays the debts they owe.
If you're a smoker, you're viewed as a higher-risk life insurance applicant and therefore pay higher premiums ranging from around $119 to $218.
The cheapest insurers in Irving for smokers are, on average:
Take a look at the table below to get a rundown of the Irving companies that provide affordable prices for smokers.
| MassMutual | Monthly Cost$119 |
| State Farm | Monthly Cost$119 |
| Nationwide | Monthly Cost$119 |
| Transamerica | Monthly Cost$132 |
| Mutual of Omaha | Monthly Cost$133 |
Rates were determined by analyzing quotes for a 28-year-old male smoker in Irving 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.
Insurance providers consider smokers high-risk and charge them higher premiums because they are more likely to die prematurely from a smoking-related illness such as lung cancer or heart disease. However, there are some companies that offer affordable life insurance for smokers in Irving.
When choosing a life insurance company, don't just focus on the monthly premium costs. Also, consider the coverage duration. MoneyGeek recommends buying 20-year term policies to provide extended coverage since rates for smokers increase with age.
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. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific 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.
