Updated: May 22, 2024
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Life insurance helps your beneficiaries financially after you pass away. It is vital if you have dependents or support others financially.
Keep in mind that your needs determine the best life insurance provider for you. To get the best insurer, shop around and compare quotes. MoneyGeek found the best life insurance carriers in Lubbock for different buyer profiles to help you determine the right provider for you.
BestLife InsuranceLubbock, TXBest Life Insurance Companies in Lubbock, TX, for 2023
MassMutual is the cheapest life insurance provider in Lubbock, with average rates of $10 for men and $8 for women for a $250K policy.
Although coverage for $250,000 is cheaper, it may not be sufficient. Texas recommends $719K in coverage, calculated by buyer profiles and state-specific factors.
MassMutual has the lowest premium for males in Texas at $18 per month for the required coverage level, while Nationwide offers the lowest rate for women at $14.
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
The average cost of life insurance varies based on the insured's gender. For example, men in Lubbock pay approximately 1% more than the average cost of life insurance in Texas, while women pay approximately 11% less.
On average, men pay $18 for a $250K policy in Lubbock, while women pay $14 for the same policy coverage.
Purchasing the $719K coverage amount that is recommended by the state based on average age, average personal debt, average mortgage debt and average per capita income from the U.S. Bureau of Economics costs an average of $39 per month for males and $30 per month for females.
Additionally, regardless of the coverage level, a 10-year term insurance policy for males costs $25 per month on average, compared to $19 for women.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $29 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $37 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $22 |
| State Farm | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $29 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Lubbock 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.
Gender is a major factor in the cost of life insurance. Women often pay less for life insurance than men since women live longer. According to research, males die earlier than women because they take greater risks, avoid doctors, commit suicide more often and work in riskier jobs.
Despite the fact that women live longer lives, one major life insurance research study found that males bought life insurance more regularly than women. Women should consider getting life insurance since their contributions to their families are just as important as what men contribute.
The three most popular life insurance providers in Texas by average market share are Northwestern Mutual (7%), New York Life (6%) and Lincoln Financial (6%), according to MoneyGeek's data.
The top seven most well-known life insurance providers in Texas own around 35% of the market. The most popular life insurance companies in Texas, along with their market shares, are shown in the table below.
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
Market share is calculated by taking a company’s sales for a specific period and dividing it by the total sales of all companies in the same industry for that same period.
For this guide, MoneyGeek created a list of the most well-known life insurance companies in Texas using 2020 market intelligence data S&P Global.
Life insurance premiums for young people in Lubbock range from around $14 per month to $23 per month, depending on the provider. On average, the top two companies in the city that provide life insurance at the lowest rates for young people are:
A list of all Lubbock companies offering young people inexpensive rates are shown in the table below.
| Transamerica | Monthly Cost$14 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$16 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$18 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Lubbock who is 5 feet 10 inches, 167 pounds and 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 more affordable while you're young since you aren’t as likely to get ill. However, your premiums will rise as you get older. Get life insurance when you're young to save money on monthly payments.
Depending on the coverage amount and provider, monthly life insurance premiums for Lubbock seniors may vary from around $39 to $80. According to our research, the following companies provide the most affordable life insurance for seniors on average:
The table below provides a complete overview of the top and most affordable life insurance carriers in Lubbock for seniors.
| MassMutual | Monthly Cost$39 |
| Mutual of Omaha | Monthly Cost$44 |
| Nationwide | Monthly Cost$44 |
| State Farm | Monthly Cost$52 |
| Progressive Life | Monthly Cost$70 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Lubbock who is 5 feet 10 inches, 197 pounds and purchases a 10-year term contract at the average coverage need of $82,000.
As you get older, the cost of your insurance goes up. Due to the higher likelihood that their insurance may outlast them, the elderly pay higher rates. However, elderly people don’t need high coverage levels 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 senior insurance coverage is set lower than that of other demographic groups.
Life insurance premiums for smokers in Lubbock typically vary from around $115 to $211 per month. According to MoneyGeek's data, the following Lubbock-based companies provide the most affordable life insurance premiums for smokers in the city on average:
Other inexpensive life insurance providers in Lubbock for smokers are shown below.
| MassMutual | Monthly Cost$115 |
| State Farm | Monthly Cost$115 |
| Nationwide | Monthly Cost$116 |
| Transamerica | Monthly Cost$128 |
| Mutual of Omaha | Monthly Cost$129 |
Rates were determined by analyzing quotes for a 28-year-old male smoker in Lubbock who is 5 feet 10 inches, 197 pounds and 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 as you age.
Smokers are considered high-risk since they are more likely to develop health complications and, as a result, pay higher premiums. If you smoke, you should shop around for life insurance rates. It’s possible to find cost-effective life insurance for smokers. If you smoke, we recommend purchasing a longer-term (20-year) insurance to give extended coverage since premiums rise as smokers 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.
