Best Life Insurance Companies in Texas (2026)

Banner Life has the lowest term life rates in our analysis, with average rates of $37 per month for a 40-year-old woman and $46 for a man with a 20-year, $500,000 policy. It also has a 0.16 NAIC complaint index, well below the 1.0 industry benchmark, and an A+ AM Best financial strength rating.

Banner Life offers seven term lengths from 10 to 40 years, the widest term range among the insurers we reviewed. Coverage reaches $10 million through standard underwriting and $4 million through simplified underwriting, which is the second-highest no-exam limit in our review behind Penn Mutual. The 40-year term length option is especially useful for younger buyers who want to lock in a rate through a long mortgage, child-rearing period or other multidecade financial obligation.

USAA is our top choice for permanent life insurance in Texas, offering both whole and universal life policies with coverage up to $10 million. For a 40-year-old buying $500,000 in coverage, its whole life policies average $504 per month for women and $521 for men. That's 3% below the state average for women and 12% below average for men. For the same profile and coverage, its universal policies cost an average of $300 for women and $310 for men.

USAA also combines broad age eligibility with strong financial ratings. Whole life is available from ages 18 to 85, while universal life is available from three months through age 90. The insurer has the highest possible A++ AM Best rating and a low 0.12 NAIC complaint index. If you only need a small death benefit, you can also qualify for guaranteed whole life coverage up to $25,000 without a medical exam or health questions.

Pacific Life is the best life insurance provider for seniors in Texas. At age 65, a 10-year, $250,000 term policy averages $84 per month for women and $119 for men, 29% to 31% below the state average. You can purchase term coverage through age 80, the highest age eligibility in our analysis, with terms from 10 to 30 years and death benefits up to $10 million.

Pacific Life is a strong option for older adults who want to avoid a medical exam, with simplified underwriting available for up to $3 million in coverage. Term policies can also be converted to permanent coverage without another medical exam before age 70. The insurer has an A+ AM Best rating and a 0.05 NAIC complaint index, tied for the lowest complaint level among the companies in our review.

Nationwide has the lowest average life insurance rates for 25-year-olds among the insurers we reviewed. At $27 per month for women and $33 for men with a $500,000 term policy, you'll pay 10% to 13% below the state average. Young buyers can also apply entirely online for up to $1.5 million in term coverage without a medical exam, reducing both the cost and application friction for people who don't need multimillion-dollar coverage.

The tradeoff is Nationwide's $1.5 million coverage limit, which is among the lowest in our analysis. If you need more coverage, you may find Penn Mutual's $10 million simplified-underwriting limit or Banner Life's $4 million limit more suitable. Nationwide has an A+ AM Best rating, a 0.08 NAIC complaint index and ranked third in J.D. Power's most recent life insurance customer experience survey.

Guardian Life is the best term life insurance company for smokers in Texas. A 40-year-old woman who smokes pays $145 per month for a 20-year, $500,000 policy, 2% below the Texas average, while a man pays $170, 12% below average. Coverage reaches $5 million through standard underwriting and $3 million without a medical exam.

Guardian's underwriting rules can also benefit occasional tobacco users. People who smoke no more than 12 cigars per year and don't use cigarettes or vape products can qualify for Standard Nonsmoker rates, and existing policyholders can request lower nonsmoker rates after remaining tobacco-free for 12 months. Guardian has 10-, 15-, 20- and 30-year terms and accepts applicants from ages 18 to 75. It also holds the highest possible A++ AM Best financial strength rating.

Transamerica has the highest final expense coverage limit in our review at $50,000, which is $12,500 higher than the Texas median of $37,500. It also has the lowest final expense insurance rates in our review for a $10,000 policy. At age 60, premiums average $33 per month for women and $43 for men. Maximum coverage decreases with age, however, falling to $40,000 for ages 56 to 65, $30,000 for ages 66 to 75 and $25,000 for ages 76 to 85.

The main tradeoff is customer complaints. Transamerica holds an A financial strength rating from AM Best, but its 3.86 NAIC complaint index is nearly four times the 1.0 industry benchmark and the highest among the companies featured in our list. Buyers prioritizing low final expense premiums may still find its pricing attractive, but should weigh that savings against its complaint history.

Physicians Mutual is the top guaranteed-issue life insurance company in Texas. It offers policies with up to $30,000 in coverage to applicants ages 45 to 85 without medical underwriting or health questions. That's the highest guaranteed-issue coverage limit in our review, and AARP is the only other company in our analysis that matches it. For a 65-year-old buying $15,000 in coverage, average premiums are $72 per month for women and $92 for men, the lowest rates in our review.

The insurer's 3.49 NAIC complaint index, however, is the second highest among the companies featured on this page, behind Transamerica. Guaranteed-issue shoppers may have fewer alternatives because these policies don't require health questions or a medical exam, so it's especially important to compare Physicians Mutual's price and coverage limit against its complaint history.

Penn Mutual has the highest no-exam life insurance coverage limit in our Texas review at $10 million through simplified underwriting. That's $6 million higher than the next highest option, Banner Life, which offers up to $4 million in simplified-issue coverage. For a 40-year-old buying a 20-year, $500,000 term policy, Penn Mutual's simplified-underwriting rates average $42 per month for women and $51 for men. Its standard underwriting rates for the same policy average $38 and $47, respectively, so skipping the medical exam costs only about $4 more per month for this profile.

That relatively small price difference makes Penn Mutual particularly competitive for healthy applicants who value convenience but still need high coverage. Term lengths range from 10 to 30 years, and the company accepts applicants from ages 20 to 70. Penn Mutual also has a 0.05 NAIC complaint index, tied with Pacific Life for the lowest among the insurers we reviewed.

Gerber Life is the best life insurance in Texas for families that want coverage for parents, spouses and children through one insurer. Adults can purchase up to $2 million in term coverage with 10-, 20- or 30-year terms, while spouse coverage reaches $50,000 and child coverage reaches $10,000.

For younger children, Gerber's Grow-Up Plan is available from 14 days old with up to $50,000 in permanent coverage. The death benefit automatically doubles at age 18 without increasing the premium, which is a unique benefit that no other company provides. Adult whole life coverage is also available up to $1 million.

The tradeoff is price. A 40-year-old buying a 20-year, $500,000 term policy pays an average of $59 per month for women and $75 for men through Gerber Life, compared with overall state averages of $47 and $59. That's $12 more per month for women and $16 more for men, so families should weigh Gerber's household coverage options against its higher term premiums.

No life insurance company in Texas earns higher marks for customer experience than Mutual of Omaha. It holds an A+ from both AM Best and the BBB, and its NAIC complaint index of 0.51 is below the industry average. It also placed first in J.D. Power's 2025 U.S. Individual Life Insurance Study with a score of 707 out of 1,000.

Its term rates are slightly above the Texas averages. A 40-year-old pays $49 per month for women and $60 for men with a 20-year, $500,000 policy, $2 above the monthly average for women and $1 above average for men. That's a relatively small price to pay for stronger customer satisfaction results. Coverage reaches $10 million, although no-exam policies are limited to only $300,000, one of the lowest no-exam limits in our review.