Best Life Insurance Companies in Laredo, TX

Are you looking for the best life insurance companies in Laredo, Texas? According to MoneyGeek's analysis, MassMutual is the top overall life insurance provider in Laredo. MassMutual also has the best options for seniors and smokers, while Transamerica has the best options for young adults.

The cost of life insurance in Laredo varies depending on the insurance company you choose. Average life insurance costs in Laredo vary from as low as $9 per month for a $250K policy to as little as $16 per month for the state's recommended coverage level of $719K.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

iconBestLife InsuranceLaredo, TX
2023

Best Life Insurance Companies in Laredo, TX, for 2023

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Best Cheap Life Insurance in Laredo

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.

Cheapest Life Insurance Companies for Males and Females in Laredo
  • Cheapest For
    $250K Coverage
    $719K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Laredo for Men and Women

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.

Average Monthly Life Insurance Rates in Laredo: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $9
    $16
  • Nationwide
    $10
    $16
  • Mutual of Omaha
    $10
    $17
  • Transamerica
    $13
    $26
  • State Farm
    $17
    $33
  • AAA
    $17
    $39
  • Progressive Life
    $19
    $43
  • Prudential
    $23
    $50
Average Monthly Life Insurance Rates in Laredo: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $8
    $11
  • Mutual of Omaha
    $8
    $11
  • MassMutual
    $7
    $11
  • Transamerica
    $9
    $17
  • State Farm
    $14
    $24
  • AAA
    $12
    $26
  • Progressive Life
    $12
    $28
  • Prudential
    $13
    $36

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Insurers may also take into account a person's age and income when calculating rates. Life insurance premiums are determined in large part by gender. Because women tend to live longer than men, they often pay less in life insurance premiums.

Research shows that men are more likely to take risks, avoid doctors, commit suicide and work in more dangerous professions than women.

Despite the fact that women have a higher life expectancy than men, a comprehensive review of the life insurance market shows that men buy more policies. Women should consider purchasing life insurance as well since they often provide the same financial assistance to their households as men do.

Most Popular Life Insurance Companies in Texas

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.

Most Popular Life Insurance Companies in Texas

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  • Company
    Market Share
  • Northwestern Mutual
    7%
  • Lincoln Financial
    6%
  • New York Life
    6%
  • Transamerica
    4%
  • MassMutual
    4%
  • Pacific Life
    4%
  • State Farm
    4%
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MONEYGEEK DICTIONARY

Market share is the percentage of an industry that is controlled by a particular company. In order to calculate market share, you need to know the total size of the market and the company's sales within that market.

MoneyGeek used S&P Global's 2020 market intelligence data to compile a list of the most popular life insurance companies in Texas for this guide.

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Cheapest Life Insurance for Young People in Laredo

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.

Best Life Insurance Companies for Young People in Laredo, TX

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  • Company
    Monthly Cost
  • Transamerica
    $12
  • Mutual of Omaha
    $14
  • MassMutual
    $14
  • AAA
    $15
  • Prudential
    $16
  • Nationwide
    $17
  • State Farm
    $20
  • Progressive Life
    $21

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance is less costly while you're young and more expensive as you become older. Purchasing life insurance as a young adult can save you a significant amount of money on premiums.

Cheapest Life Insurance for Seniors in Laredo

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.

Best Life Insurance Companies for Seniors in Laredo, TX

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  • Company
    Monthly Cost
  • MassMutual
    $35
  • Mutual of Omaha
    $39
  • Nationwide
    $40
  • State Farm
    $47
  • Progressive Life
    $63
  • AAA
    $65
  • Transamerica
    $71
  • Prudential
    $72

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

As you become older, the cost of your insurance increases. You'll pay extra for a life insurance policy if you're older when you apply for it. Due to the higher likelihood that their insurance policies may outlast them, the elderly are more at risk in the eyes of insurers. Life insurance for the elderly typically requires lower coverage limits since their children are usually grown and no longer financially reliant on them.

Most people over the age of 65 only require life insurance to cover funeral expenses and debts they owe. As a result, the sample insurance coverage is not as high as that of other demographic groups.

Cheapest Life Insurance for Smokers in Laredo

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.

Best Life Insurance Companies for Smokers in Laredo, TX

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  • Company
    Monthly Cost
  • MassMutual
    $103
  • State Farm
    $103
  • Nationwide
    $104
  • Transamerica
    $115
  • Mutual of Omaha
    $115
  • Progressive Life
    $161
  • Prudential
    $172
  • AAA
    $190

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Due to their increased potential for health issues, smokers are classed as high-risk and pay higher premiums. If you smoke, it's a good idea to shop around for life insurance rates since insurers charge much higher rates for smokers.

In order to help you find the best life insurance provider for smokers, take a look at our comprehensive guide. If you are a smoker, we recommend that you get long-term (20-year) insurance because your rates will increase significantly as you age.

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Methodology

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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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