Best Life Insurance Companies in Laredo, TX, for 2024

No one likes to think about their own death, but it's important to have life insurance in case something happens to you. If you die without life insurance, your loved ones will have to bear the burden of your funeral costs and any debts you leave behind. A life insurance policy can give your loved ones the financial security they need to move on after you're gone.

The best life insurance company for you will depend on what you need. Comparing quotes is the easiest way to find the most affordable offer. Using MoneyGeek's analysis of the best and cheapest insurance providers in Laredo, Texas, you can determine which company is ideal for your needs.

The type of coverage you choose, your age and your gender all have a role in the price of your life insurance. For a $250K coverage, MassMutual charges men an average of $9 per month and women $7 per month, making it the most affordable provider in Laredo.

Despite the fact that $250,000 in coverage is relatively affordable, it may not be enough for many people. Considering the city’s cost of living, average income, average personal debt and average age, we recommend a $719K coverage level for Laredo residents.

For men in Texas, MassMutual has the lowest monthly premium at the $719K coverage level, averaging $16, while Nationwide offers the most affordable premium for women at an average of $11.

When determining the cost of life insurance, gender plays a major part. Compared to the average cost of life insurance in Texas, men in Laredo pay 10% less and women pay 29% less.

In Laredo, men pay a monthly average of $17 for a $250K life insurance policy, while women pay around $11.

If you decide to go with our higher recommended coverage level of $719K, your premiums will increase. For Laredo's recommended coverage level, men pay an average of $35 a month, while women pay an average of $24.

In addition, the average monthly premium for a 10-year term insurance policy in Laredo is $22 for men and $15 for women, regardless of the amount of coverage.

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

By market share, the three most popular life insurance companies in Texas are Northwestern Mutual (7%), New York Life (6%) and Lincoln Financial (6%).

In Texas, the top seven most popular life insurance providers control a combined 35% of the life insurance market. You can see a breakdown of Texas' top life insurance companies and their respective market shares in the table below.

Young people in Laredo can expect to pay an average of $12 to $21 per month for life insurance, depending on the provider. Two of the most affordable life insurance companies in Laredo for young individuals are:

• Transamerica: $12 per month
• Mutual of Omaha: $14 per month

A comprehensive list of all Laredo companies providing low-cost rates for young adults can be found in the table below.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Laredo 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.

Average monthly life insurance premiums for seniors in Laredo, Texas, vary from $35 to $72, according to MoneyGeek's data. The following companies provide the most affordable life insurance for Laredo seniors:

• MassMutual: $35 per month
• Mutual of Omaha: $39 per month

The following table lists the best and most affordable Laredo, Texas, life insurance companies for seniors.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Laredo who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $82,000.

Smokers in Laredo may expect to pay between an average of $103 and $190 per month for life insurance. According to MoneyGeek’s research, the following companies provide the best premiums for smokers in Laredo:

• MassMutual: $103 per month
• State Farm: $103 per month

You can also compare rates from different life insurance providers in the table below to find the best deals for Laredo smokers.

Rates were determined by analyzing quotes for a 28-year-old male smoker in Laredo 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.

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.