Updated: May 22, 2024
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A life insurance policy can save your loved ones from financial hardship after you pass away. Since many insurers offer life insurance in Plano, it might seem challenging to choose the one that best fits your needs.
MoneyGeek researched the best life insurance companies based on age, gender, lifestyle and other important factors to help you find the right insurer.
BestLife InsurancePlano, TXBest Life Insurance Companies in Plano, TX, for 2023
Your gender and policy amount significantly affect your insurance cost. According to MoneyGeek’s research, MassMutual offers the cheapest $250K coverage policy for men and women at $14 per month and $12 per month, respectively.
While a $250K coverage policy costs less, it may not provide you with the coverage that you need. For added coverage, you should consider purchasing a policy with the state’s recommended coverage amount of $719K. The recommended coverage amount in Texas was determined based on factors like average cost of living, income, personal debt, age and other state-specific factors.
MoneyGeek found that MassMutual offers the most affordable $719K coverage policy for men, charging an average of $26 per month. For women, Nationwide is the cheapest insurer, costing an average of $19 per month.
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
The gender of the policyholder significantly influences the cost of life insurance. Compared to the average cost of a policy in Texas, men in Plano pay about 45% more for a policy while women pay only 25% more.
The average cost of a $250K coverage policy for men in Plano is $26 per month. On the other hand, women pay an average of $20 per month for the same policy.
However, your insurance cost will be different if you opt for a policy with the state’s recommended coverage amount. MoneyGeek’s data shows that men in Plano pay an average of $56 per month for a policy with the state’s recommended coverage amount, while women pay an average of $42 per month for the same policy. Several state-specific factors, including per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age, were used to calculate the recommended coverage amount in Texas.
In Plano, a 10-year term policy for men costs an average of $36 per month, while women pay approximately $27 per month for the same policy.
| MassMutual | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $26 |
| Nationwide | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $26 |
| Mutual of Omaha | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $27 |
| Transamerica | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $42 |
| State Farm | Rates for $250K Coverage$27 | Rates for $926K Coverage (Recommended) $53 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $19 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $31 |
| State Farm | Rates for $250K Coverage$24 | Rates for $926K Coverage (Recommended) $41 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Plano 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.
Insurance companies generally charge lower rates to insure women because they have longer lifespans than men. Men often die earlier than women due to several factors, including dangerous jobs, risky behaviors and a high suicide rate.
However, studies show that men buy more life insurance policies than women. More women should consider purchasing a life insurance policy, as they can financially protect their families at a lower cost than men.
MoneyGeek's data shows that the three most popular companies in Texas are Northwestern Mutual, New York Life and Lincoln Financial, with respective market shares of 7%, 6% and 6%. We found that the seven most popular companies in the state make up 35% of the insurance market.
See the table below for the complete list of Texas's seven most popular insurance companies.
| Northwestern Mutual | Market Share7% |
| New York Life | Market Share6% |
| Lincoln Financial | Market Share6% |
| State Farm | Market Share4% |
| Pacific Life | Market Share4% |
An insurance company’s market share percentage helps us understand how many policies it has sold compared to other companies in the industry. An insurer with a high market share will be popular among its customers and will have sold more policies than its competitors.
The market share data used in MoneyGeek’s analysis is based on total premiums written in the state and taken from 2020 S&P Global data reports.
In Plano, life insurance premiums for young people range from $20 to $33 per month. The following companies offer the cheapest policies for young people in Plano:
We listed other companies offering affordable life insurance for young people in Plano in the table below.
| Transamerica | Monthly Cost$20 |
| Mutual of Omaha | Monthly Cost$22 |
| MassMutual | Monthly Cost$23 |
| AAA | Monthly Cost$24 |
| Prudential | Monthly Cost$26 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Plano who is 5 feet 10 inches and 167 pounds that purchases a 20-year term contract at the average coverage need of $270K. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Insurance companies charge young people — 25 years old or younger — lower premiums because they’re less risky to insure. However, the cost of premiums will increase with your age. That’s why MoneyGeek recommends buying a policy at a young age, as it’s one of the best ways to save on policy costs.
In Plano, seniors can expect to pay between $55 and $115 per month for a life insurance policy. The following insurers offer the most affordable policies for seniors in the city:
In the table below, we have listed other companies offering cheap policies for seniors in Plano.
| MassMutual | Monthly Cost$55 |
| Mutual of Omaha | Monthly Cost$63 |
| Nationwide | Monthly Cost$64 |
| State Farm | Monthly Cost$74 |
| Progressive Life | Monthly Cost$100 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Plano who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $82K.
Since seniors’ life insurance policies may outlive them, insurers charge them higher rates. To save money, seniors can opt for policies with lower coverage. Typically, this age demographic has beneficiaries that are financially independent, so the coverage amount goes to funeral expenses and final arrangements. MoneyGeek’s lower sample policy coverage for seniors is sufficient for these purposes.
For smokers in Plano, life insurance costs will generally range from $165 to $303 per month. MoneyGeek’s research shows the following companies offer the cheapest policies for smokers in the city:
The table below lists other cheap insurers to help you explore alternative options.
| MassMutual | Monthly Cost$165 |
| State Farm | Monthly Cost$165 |
| Nationwide | Monthly Cost$166 |
| Transamerica | Monthly Cost$184 |
| Mutual of Omaha | Monthly Cost$185 |
Rates were determined by analyzing quotes for a 28-year-old male smoker in Plano who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $719K. 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.
Smokers are generally more prone to lung disease and certain cancers. Because of this, insurance companies charge smokers higher rates for life insurance. If you’re a smoker, you can find cheaper rates by shopping around and comparing quotes. MoneyGeek recommends that smokers buy a 20-year term policy, as their rates will increase significantly with 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.
