Best Life Insurance Companies in Plano, TX, for 2023

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.

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.

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.

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.

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.

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:

• Transamerica: $20 per month
• Mutual of Omaha: $22 per month

We listed other companies offering affordable life insurance for young people in Plano in the table below.

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.

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:

• MassMutual: $55 per month
• Mutual of Omaha: $63 per month

In the table below, we have listed other companies offering cheap policies for seniors in Plano.

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.

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:

• MassMutual: $165 per month
• State Farm: $165 per month

The table below lists other cheap insurers to help you explore alternative options.

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.

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.