BestLife InsuranceSan Antonio, TXBest Life Insurance Companies in San Antonio, TX, for 2023
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Life insurance provides your family and those who rely on you with financial stability in the event of your death. You can find the best life insurance company in San Antonio for your needs by shopping around and comparing rates.
MoneyGeek identified the best life insurance companies in San Antonio based on average prices depending on your age, gender and smoking history.
BestLife InsuranceSan Antonio, TXBest Life Insurance Companies in San Antonio, TX, for 2023
Most Popular in Texas - Northwestern Mutual
Best for Young People - Transamerica
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Best Cheap Life Insurance in San Antonio
The amount of coverage and your gender determine life insurance costs. For coverage of $250K, MassMutual offers the cheapest policies in San Antonio at $9 per month for men and $8 for women.
While a policy with a $250K coverage limit is less expensive, it may not be enough for your dependents. The state of Texas recommends residents purchase life insurance with a value of $719K. This recommended coverage level was calculated using cost of living, average income, average personal debt, average age and other state-specific factors.
For those who want the state-recommended coverage of $719,000, Nationwide offers the cheapest life insurance in San Antonio for women at an average monthly cost of $14. Mass Mutual offers the cheapest for men, at $16 per month.
Cheapest Life Insurance Companies for Males and Females in San Antonio
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Life Insurance Costs in San Antonio for Men and Women
Prices for life insurance differ depending on your gender. Both men and women pay 10% less than the state average in San Antonio.
Men in San Antonio pay an average of $16 per month for $250K in coverage, while women pay $14. These rates substantially vary if you utilize Texas' recommended coverage level based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.
The average monthly cost of a policy with the state-recommended $719K coverage is $30 for women and $25 for men. Meanwhile, notwithstanding the coverage limit, 10-year term insurance for women costs $17 per month and $22 per month for men.
Average Monthly Life Insurance Rates in San Antonio: Men
Average Monthly Life Insurance Rates in San Antonio: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in San Antonio 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.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender has a significant impact on the cost of life insurance. Based on a report by the National Center for Health Statistics (NCHS), women live longer on average than males. Men have shorter lifespans due to various factors, such as working dangerous jobs, risk of heart disease and a tendency to avoid doctors. As a result, insurance rates for women are lower.
Despite this data, studies show that men buy life insurance more often than women. Yet life insurance is just as important for women because they play a crucial role in their family’s financial security.
Most Popular Life Insurance Companies in Texas
According to market share, the three most popular life insurance companies in Texas are Northwestern Mutual (7%), New York Life (6%) and Lincoln Financial (6%). The top seven insurers in Texas collectively comprise 35% of the market.
The MoneyGeek table below shows the most popular life insurance providers in Texas and their market shares.
Most Popular Life Insurance Companies in Texas
MONEYGEEK DICTIONARY
Market share refers to how much money a company makes compared to the rest of the industry. A company's profit margin is expected to improve as its market share grows. A significant life insurance market share indicates that a company has sold more policies than its competitors.
MoneyGeek's market share data comes from each company's total premiums as written in the S&P Global 2020 state reports.
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Cheapest Life Insurance for Young People in San Antonio
In San Antonio, life insurance premiums for young adults can range from $12 to $21 monthly. According to MoneyGeek's research, the two cheapest life insurance companies in San Antonio for young people are:
- Transamerica: $12 monthly
- Mutual of Omaha: $14 monthly
You may compare other life insurance quotes for young people in San Antonio in the MoneyGeek table below.
Best Life Insurance Companies for Young People in San Antonio, TX
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Texas who is 5 feet 10 inches and 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 CHEAPER FOR YOUNG PEOPLE
Life insurance is less expensive for people under the age of 25. Your insurance costs will rise as you age and become more vulnerable to certain ailments. When purchase life insurance while you're young, you save money on premiums in the long run.
Cheapest Life Insurance for Seniors in San Antonio
In San Antonio, life insurance premiums for seniors typically range from $35 to $72 per month. The following are the two most affordable life insurance providers for seniors in San Antonio:
- MassMutual: $35 monthly
- Mutual of Omaha: $39 monthly
In the MoneyGeek table below, you'll find some of the best and cheapest insurers for seniors in San Antonio.
Best Life Insurance Companies for Seniors in San Antonio, TX
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Texas who is 5 feet 10 inches and 197 pounds and purchases a 10-year term contract at the average coverage need of $82,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Life insurance rates for seniors are higher since the policy is more likely to outlive them. Seniors require less coverage because their beneficiaries are more likely to be financially independent adults. MoneyGeek used $82K for its sample senior policy coverage because life insurance policies for seniors usually only need to cover expenses like burial costs and inheritance taxes.
Cheapest Life Insurance for Smokers in San Antonio
Life insurance for smokers in San Antonio costs between $103 and $189 per month. The cheapest life insurance companies in San Antonio for smokers, according to MoneyGeek, are:
- MassMutual: $103 monthly
- State Farm: $103 monthly
For additional information on San Antonio’s most affordable insurers for smokers, see the MoneyGeek table below.
Best Life Insurance Companies for Smokers in San Antonio, TX
Rates were determined by analyzing quotes for a 28-year-old male smoker in Texas who is 5 feet 10 inches and 197 pounds and purchases a 20-year term contract at the average coverage need of $719,000.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Because smoking has long-term health consequences, insurers consider smokers a serious risk and charge them increased premiums. A smoker's average monthly life insurance cost is significantly higher than a non-smoker's. Even so, you can still find affordable life insurance if you are a smoker.
If you are a smoker, MoneyGeek suggests buying a longer-term (20-year) policy while you’re younger, because rates for smokers dramatically increase as you 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, 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
sources
- Harvard Business Review. "Market Share — a Key to Profitability." Accessed May 26, 2022.
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed May 26, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 26, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 26, 2022.
- S&P Global. "2020 Annual Report." Accessed May 26, 2022.
- U.S. Department of Commerce. "U. S. Bureau of Economic Analysis." Accessed May 26, 2022.