Updated: May 22, 2024
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When you pass away, life insurance gives financial support to your beneficiaries. With the number of life insurance providers in Killeen, Texas, shopping around and reviewing quotes will help you find the best policy for your needs.
You can review the best life insurance companies in Killeen using MoneyGeek’s analysis of their average rates based on your age, gender and lifestyle.
BestLife InsuranceKilleen, TXBest Life Insurance Companies in Killeen, TX, for 2023
MassMutual provides the cheapest coverage for a $250K life insurance policy in Killeen, Texas. Men pay an average of $9 monthly, while women spend around $8 monthly.
A policy with a $250K coverage could be cheap. However, it might not be sufficient. The state’s recommended coverage amount of $719K is based on various state-specific factors.
For the recommended amount of $719K, MassMutual offers the cheapest life insurance for men in Killeen at around $16 per month. Nationwide provides the most reasonable rates for women at roughly $12 per month.
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Gender plays a vital role in determining the average cost of life insurance. Men in Killeen pay around 9% less than the state’s average. Women pay roughly 18% less than the average in Killeen, Texas.
On average, for $250K in coverage, men in Killeen pay $17 per month and women pay $13 monthly.
Choosing the state’s recommended coverage amount of $718K, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and age, costs men in Killeen around $36 per month and women roughly $27 per month.
The average cost of a 10-year term policy for women is $18 per month. For men, it’s approximately $23 per month. This is regardless of the coverage limit.
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $27 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $33 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $12 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $20 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $27 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Killeen 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.
As gender affects the cost of life insurance, women pay less than men because they tend to have a longer average life expectancy. Statistically, men engage more in risky behaviors, pursue dangerous jobs and acquire diseases throughout their lifetime.
Moreover, research shows that men are more likely to get life insurance than women. Nevertheless, women are critical contributors to their household economies and ideal candidates for life insurance.
Analyzing their average market share, the three most well-known life insurance companies in Texas are Northwestern Mutual (7%), New York Life (6%) and Lincoln Financial (6%). Texas’s seven most popular companies comprise approximately 35% of the market share.
Below, MoneyGeek shows Texas’s most popular life insurance providers and 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 shows how it dominates the market with a specific product in its industry. The higher the company’s market share, the more it has sold its products in comparison to its competitors.
MoneyGeek used the data derived from each company’s total premiums written in 2020 state reports by S&P Global.
Average life insurance costs in Killeen for young adults range between $12 and $21 per month. On average, MoneyGeek discovered that the two most affordable life insurance companies for young people in Killeen are:
Browse through the other life insurance quotes in Texas for young people in the table below.
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$15 |
| Prudential | Monthly Cost$17 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Killeen 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.
Life insurance premiums are more affordable for young adults ages 25 and below. Policy costs increase over time as you mature and become prone to 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 lower you pay your monthly premiums.
Life insurance in Killeen costs between $35 and $73 per month. On average, the top two most affordable life insurance companies in Killeen for the elderly are:
In the table below, you’ll see more of the best and cheapest insurance providers in Killeen for seniors.
| MassMutual | Monthly Cost$35 |
| Mutual of Omaha | Monthly Cost$40 |
| Nationwide | Monthly Cost$40 |
| State Farm | Monthly Cost$47 |
| Progressive Life | Monthly Cost$63 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Killeen 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 because they may outlive it as they age. However, seniors don’t generally need as much coverage since their beneficiaries are financially-capable adults. Their life insurance amounts only need to cover expenses such as funeral and burial costs, estate tax and outstanding debts.
For this reason, MoneyGeek’s sample policy coverage for seniors is much lower than for other groups.
For people who smoke in Killeen, the average range of life insurance quotes ranges from $104 and $192 per month. MoneyGeek discovered that the most affordable life insurance companies for smokers in Killeen are, on average:
Check the table below to know the other most affordable insurers in Killeen for people who smoke.
| MassMutual | Monthly Cost$104 |
| State Farm | Monthly Cost$105 |
| Nationwide | Monthly Cost$105 |
| Transamerica | Monthly Cost$117 |
| Mutual of Omaha | Monthly Cost$117 |
Rates were determined by analyzing quotes for a 28-year-old male smoker in Killeen 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 various long-term adverse health effects. Insurance companies view smokers as high risk and charge them higher premiums. However, it’s still possible to find cheap life insurance for people who smoke. MoneyGeek recommends buying a longer-term policy for a minimum of 20 years. Being a smoker compounds the increase in your rates as you 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. 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.
