Best Life Insurance Companies in McKinney, TX, for 2023

Life insurance is a wise investment that helps ensure your beneficiaries are financially secure after your passing. In this guide, MoneyGeek analyzes rates and evaluates insurance providers to determine which life insurance companies in McKinney, Texas, offer the best policies for various types of purchasers.

MassMutual offers men the most affordable life insurance coverage in McKinney (about $15 per month). MassMutual is also the most affordable insurance company in McKinney for women (about $11 per month).

Even though it costs less, a policy with maximum coverage of $250K might not be enough for most people. States use specific data, such as average living costs, earnings, personal debt and life expectancy, to determine the recommended amount of coverage for their residents.

Consider acquiring the $719K in coverage suggested by the state of Texas to provide enough financial support for your family. At this coverage level, MassMutual offers the most inexpensive life insurance for men in McKinney, Texas, at $27 per month. Meanwhile, Nationwide has the most affordable policy for women, which costs $19 per month.

MoneyGeek analyzed the average price of life insurance in McKinney for both men and women, based on the policy’s duration and the coverage amount. We determined that life insurance premiums for men in McKinney are 51% higher than the state average. Similarly, women in McKinney pay 22% more for life insurance than their counterparts in Texas.

Coverage level and gender significantly impact life insurance costs. Men in McKinney pay approximately $28 per month for a $250K life insurance policy, while women spend around $19 per month for the same coverage.

The monthly premium for men in McKinney averages $59 for the standard recommended coverage in Texas ($719K). In comparison, the same insurance costs women $41 on average. The coverage recommended in Texas depends on several variables, including average age, mortgage debt, personal debt and per capita income information from the U.S. Bureau of Economic Analysis.

For a 10-year term policy, men in McKinney pay an average of $37 per month, while women pay an average of $26 per month.

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

According to MoneyGeek's analysis, Northwestern Mutual, New York Life and Lincoln Financial are the three most popular life insurance providers in Texas based on market share. Northwestern Mutual holds the largest market share in the state with 7.02%, followed by New York Life with 6.41% and Lincoln Financial with 5.57%.

The market shares of the seven largest life insurance companies in Texas total 35.12% of the state's life insurance industry. Below are the seven most popular life insurance carriers in the state.

Life insurance premiums for young adults in McKinney range between $20 and $35 per month. MoneyGeek identified the most affordable life insurance carriers for this age group as:

• Transamerica: $20 per month
• Mutual of Omaha: $23 per month

Below is a comprehensive list of the best life insurance providers in McKinney for young adults.

MoneyGeek analyzed quotes for a 25-year-old male non-smoker in McKinney who is 5 feet 10 inches tall and weighs 167 pounds with 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.

The monthly cost of life insurance for seniors in McKinney is between $58 and $120. MoneyGeek's research indicates the following companies offer the most cost-effective policies for seniors in McKinney:

• MassMutual: $58 per month
• Mutual of Omaha: $66 per month

See the table below for a list of other life insurance companies in McKinney offering the best pricing for older citizens.

MoneyGeek analyzed quotes for a 60-year-old male non-smoker in McKinney who is 5 feet 10 inches tall and weighs 197 pounds with a 10-year term contract at the average coverage need of $82,000.

The monthly cost of life insurance for a smoker in McKinney ranges from $172 to $317. According to MoneyGeek, the following offer the most inexpensive policies for smokers in McKinney:

• MassMutual: $172 per month
• State Farm: $173 per month

See the table below for a complete list of insurers that provide McKinney smokers with affordable prices.

MoneyGeek analyzed quotes for a 28-year-old male smoker in McKinney who is 5 feet 10 inches tall and weighs 197 pounds with a 20-year term contract at the average coverage need of $719,000.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, personal debt and age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.