Best Life Insurance Companies in Texas of 2025
Life insurance is an essential component of a sound financial strategy, and residents of Texas have a multitude of options available. Whether you’re assessing your current needs or purchasing a policy for the first time, now is an opportune moment to secure the right life insurance coverage.
Based on a thorough evaluation of key metrics, Corebridge Financial, Pacific Life, Protective, and Symetra stand out as the leading life insurance companies in Texas.
Why You Can Trust Forbes Advisor
Our editorial team is dedicated to delivering unbiased ratings and information. Advertisers have no control over our ratings. We employ data-driven methodologies to evaluate insurance companies, ensuring a fair comparison across all providers. You can find more details about our editorial guidelines and the methodology behind our ratings below.
Table of Contents
- Our Expert Picks
- Best Life Insurance Companies in Texas Summary: Life Insurance Ratings
- What Is the Average Cost of Life Insurance for Companies in Texas?
- Best Term Life Insurance Companies in Texas
- Best Whole Life Insurance Companies in Texas
- Best Universal Life Insurance Companies in Texas
- Best Senior Life Insurance Companies in Texas
- Best No-Exam Life Insurance Companies in Texas
- How to Find the Best Life Insurance in Texas
- Texas Life Insurance Laws
- Methodology
- Best Life Insurance in Texas Frequently Asked Questions (FAQs)
Our Expert Picks
Corebridge Financial
- Great for Choices of Term Lengths
- Rating: 5.0
Corebridge Financial’s Select-a-Term policy is an excellent choice for Texas life insurance buyers due to its comprehensive range of term lengths.
Pros & Cons
- Ability to customize level term length, such as 18 years
- Competitive rates
- High maximum issue age of 80
- Accelerated death benefit rider with longer life expectancy (24 months)
- High customer complaint level
Life Insurance Riders Available
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Waiver of Premium Rider
Pacific Life
- Best Cost for $1 Million Term Life
- Rating: 5.0
Pacific Life is a solid option for Texans, offering particularly low rates, especially for $1 million in PL Promise Term coverage.
Pros & Cons
- Low average term life insurance rates
- Competitive pricing for $1 million term life insurance
- Renew up until age 95, with higher rates each renewal
- High maximum coverage amount of over $10 million for PL Promise Term
- Conversion limited to a universal life policy
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Children’s Term Life Insurance Rider
- Disability Waiver of Premium Rider
Protective
- Great for Long Level Term Lengths
- Rating: 5.0
Texas life insurance shoppers may find Protective’s Classic Choice term life policy appealing due to its extended level term lengths, which provide a guaranteed low rate for the duration of the term.
Pros & Cons
- Level term lengths up to 40 years.
- Policy can be renewed until age 95
- Multiple permanent life insurance policies to choose from upon term life conversion
- Strict requirements on its accelerated death benefit
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Children’s Term Life Rider
- Accidental Death Rider
- Waiver of Premium Rider
- Income Provider Option for Endorsement Rider
Symetra
- Best for Term Life Rates
- Rating: 5.0
Symetra offered the lowest average term life insurance rates in our analysis, making it a top choice for term life shoppers in Texas.
Pros & Cons
- Best term life rates in Texas
- SwiftTerm can be purchased online with no exam and instant approval for young, healthy applicants
- Renewal available until age 95 after the level term period.
- Low maximum issue age (60)
- Low maximum face amount of $3 million
- Limited company track record
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Accidental Death Benefit Rider
- Children’s Term Life Insurance Rider
- Waiver of Premium Rider
Banner Life/Legal & General
- Best for Highest Coverage Amount
- Rating: 4.5
Banner Life is a good choice for Texans seeking a high coverage amount – up to $65 million, which is higher than most competitors.
Pros & Cons
- Competitive term life rates
- Option to convert to permanent life until age 70.
- Maximum accelerated death benefit available is limited.
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Additional Term Insurance Rider
- Children’s Life Insurance Rider
- Disability Waiver of Premium Rider
Midland National
- Great for Living Benefits
- Rating: 4.5
Midland National’s Premier Term policy is worth considering thanks to ample living benefits combined with low rates.
Pros & Cons
- Low term life rates with living benefits.
- High maximum issue age
- Limited choice of riders
Life Insurance Riders Available
- Children’s Insurance
- Waiver of Premium for Disability
Penn Mutual
- Great for Older Buyers of 30-Year Term Life
- Rating: 4.5
Penn Mutual offers excellent term life insurance rates for Texans, especially for older buyers seeking a 30-year term.
Pros & Cons
- Excellent rates for non-convertible term life policy
- Online application available.
- Medical exam may be required
- Convertible policies are more expensive.
- No accelerated death benefit available
Life Insurance Riders Available
- Accidental Death
- Children’s Term Insurance
- Disability Waiver of Premium
- Disability Waiver of Premium with Automatic Conversion Rider
SBLI
- Great for Low Level of Complaints
- Rating: 4.5
SBLI’s had a very low level of complaints compared to competitors.
Pros & Cons
- Superior AM Best financial strength rating (A+)
- Term life rates are OK but not the lowest
Life Insurance Riders Available
- Children’s Term Life Insurance Rider
- Accidental Death Benefit Rider
- Waiver of Premium Rider
Transamerica
- Great for Buyers in Their 50s
- Rating: 4.5
Transamerica’s Trendsetter Super policy is worth consideration for its top-notch policy features and great rates for older buyers.
Pros & Cons
- Lowest average term life insurance rates for healthy buyers in their 50s
- Conversion to permanent life insurance is an option until age 75.
- Higher than average level of customer complaints could be cause for concern
Life Insurance Riders Available
- Accelerated Death Benefit Rider
- Income Protection Option Rider
- Disability Waiver of Premium Rider
- Children’s Term Life Insurance Rider
- Accidental Death Benefit Rider
Nationwide
- Great for Unlimited Coverage Amount
- Rating: 4.0
Nationwide’s YourLife GLT policy has no maximum death benefit.
Pros & Cons
- A+ AM Best financial strength rating
- Competitive term life rates for 50-year-olds.
- Some term rates for 30-year-olds are higher.
Life Insurance Riders Available
- Children’s Term Insurance Rider
- Chronic Illness Rider
- Critical Illness Rider
- Premium Waiver Rider
- Terminal Illness Rider
Summary: Life Insurance Ratings in Texas
What Is the Average Cost of Life Insurance for Companies in Texas?
Here’s an overview of the estimated annual costs for life insurance policies.
Best Term Life Insurance Companies in Texas
Best Whole Life Insurance Companies in Texas
Best Universal Life Insurance Companies in Texas
Best Senior Life Insurance Companies in Texas
Best No-Exam Life Insurance Companies in Texas
How to Find the Best Life Insurance in Texas
To secure the most suitable life insurance policy in Texas, consider these key steps:
- Compare quotes: Obtain and evaluate life insurance quotes from various providers to find the most competitive rates.
- Assess features: Carefully evaluate all policy features, including life insurance riders and living benefits, to identify those essential to your needs.
- Accelerated death benefit: Inquire about an accelerated death benefit, which provides access to a part of your death benefit if you become terminally ill.
- Conversion options: Explore term life insurance options that allow for conversion to a permanent policy, should you decide to do so in the future.
- Renewability: Clarify the terms of renewability once the level term period concludes.
Texas Life Insurance Laws
Here are some important regulations to be aware of when buying life insurance in Texas.
- Governing Codes: All Texas life insurance provisions are regulated by the Texas Administrative Code Title 28 and the 2005 Texas Insurance Code.
- Free Look Period: There’s a 10-day free look period for all Texas policies.
- Grace Period: A 31-day grace period is granted for all premium payments after the initial payment.
- Claim Payment: Claims must be settled within two months of the insurer receiving proof of death.
- Guarantees: Texas law provides coverage up to $300,000 for lost death benefits and $100,000 for lost cash surrender value.
- Interest on Delays: If there is a delay in paying a claim, the insurer may have to pay interest.
Methodology
To determine the best term life insurance options in Texas, we conducted our research, integrating data from AccuQuote, a nationwide online life insurance agency. AccuQuote, with over 30 years in the industry, exclusively partners with insurance companies that have top financial strength ratings.
We evaluated 20 companies based on the following criteria:
- Cost (80% of score): Due to the significance of price for many term life insurance shoppers, we prioritized this category. The cost was scored based on rates for 30- and 40-year-old men and women across 10-, 20-, and 30-year terms, with coverage amounts of $250,000, $500,000, $1 million, and $2 million.
- Guaranteed renewability (10% of score): Points were awarded if companies’ term life policies allow for renewal at the end of the level term period.
- Term life conversion (10% of score): Companies received points if their term life insurance policies could be converted to permanent life insurance.
Best Life Insurance in Texas Frequently Asked Questions (FAQs)
-
Is life insurance more expensive in Texas?
- No. Location is typically not a determining factor for life insurance premium calculations. Life insurance costs in Texas are similar to those in other states.
-
How much per month is a million-dollar life insurance policy in Texas?
- A 30-year, $1 million term life insurance policy generally costs around $45 a month, or $538 annually, for a healthy 30-year-old female Texan. For a healthy male, the same policy would cost about $57 per month, or $681 per year.
