Best Life Insurance Companies in McKinney, TX

After researching numerous McKinney life insurance providers, MoneyGeek determined that MassMutual is the best overall for the average adult, senior citizens and smokers. On the other hand, Transamerica is the best insurer for young adults. The cheapest prices in McKinney range from $15 per month for a $250K policy to $27 per month for the $719K coverage recommended by the state.

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

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2023

Best Life Insurance Companies in McKinney, TX, for 2023

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Best Cheap Life Insurance in McKinney

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.

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

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in McKinney for Men and Women

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.

Average Monthly Life Insurance Rates in McKinney: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $15
    $27
  • Nationwide
    $16
    $27
  • Mutual of Omaha
    $16
    $28
  • Transamerica
    $21
    $44
  • State Farm
    $28
    $55
  • AAA
    $29
    $66
  • Progressive Life
    $33
    $71
  • Prudential
    $38
    $84
Average Monthly Life Insurance Rates in McKinney: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $13
    $19
  • Mutual of Omaha
    $13
    $19
  • MassMutual
    $11
    $19
  • Transamerica
    $15
    $30
  • State Farm
    $24
    $40
  • AAA
    $20
    $45
  • Progressive Life
    $20
    $47
  • Prudential
    $23
    $62

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The primary factor influencing your life insurance premiums is your gender. According to National Center for Health Statistics (NCHS) research, women have a longer expected lifespan and often pay the lowest premiums. Women typically live longer than men due to men's riskier jobs and tendency to visit the doctor less.

However, even though women live longer than men, data indicate that most people who get life insurance are men. Women should ensure that the financial value they provide to their households is protected, regardless of whether or not they are the primary breadwinner.

Most Popular Life Insurance Companies in Texas

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.

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

The percentage of sales or revenue a company generates compared to rivals in the same industry is known as its market share. Using S&P Global's 2020 market intelligence reports, MoneyGeek developed a list of the most popular Texas life insurance companies for this guide.

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Cheapest Life Insurance for Young People in McKinney

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.

Best Life Insurance Companies for Young People in McKinney, TX

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  • Company
    Monthly Cost
  • Transamerica
    $20
  • Mutual of Omaha
    $23
  • MassMutual
    $24
  • AAA
    $25
  • Prudential
    $27
  • Nationwide
    $28
  • State Farm
    $33
  • Progressive Life
    $35

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Purchasing life insurance at a younger age often results in lower premium costs, as insurance costs increase steadily with age. If you want to save money on life insurance in McKinney, you should obtain a policy when you are younger while rates are lower.

Cheapest Life Insurance for Seniors in McKinney

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.

Best Life Insurance Companies for Seniors in McKinney, TX

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  • Company
    Monthly Cost
  • MassMutual
    $58
  • Mutual of Omaha
    $66
  • Nationwide
    $67
  • State Farm
    $78
  • Progressive Life
    $104
  • AAA
    $109
  • Transamerica
    $119
  • Prudential
    $120

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Due to their lower life expectancy, elderly individuals typically pay higher life insurance premiums. One strategy for saving money on life insurance is to buy less coverage. Seniors need less coverage if their beneficiaries are mature adults who can support themselves.

Most senior adults need life insurance to cover funeral costs and financial commitments. Thus, we set the sample policy coverage for seniors in McKinney at $82,000.

Cheapest Life Insurance for Smokers in McKinney

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.

Best Life Insurance Companies for Smokers in McKinney, TX

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  • Company
    Monthly Cost
  • MassMutual
    $172
  • State Farm
    $173
  • Nationwide
    $174
  • Transamerica
    $193
  • Mutual of Omaha
    $193
  • Progressive Life
    $270
  • Prudential
    $287
  • AAA
    $317

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Life insurance companies consider smokers high-risk customers due to their higher vulnerability to illnesses that reduce life expectancy. Consequently, insurance premiums for smokers are often higher. Fortunately, there are low-cost life insurance options available to smokers.

Consider obtaining a 20-year policy if you are a smoker, as the prices for smokers increase tremendously with 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, personal debt and 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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