Best Life Insurance In Texas

When it comes to protecting your loved ones and securing their financial future, life insurance is an essential investment. However, with so many options available, it can be overwhelming to choose the right policy and provider. If you’re a resident of Texas, you’re in luck! In this blog post, we’ll be discussing the best life insurance companies in Texas that offer reliable coverage, competitive rates, and excellent customer service. Whether you’re looking for term life insurance, whole life insurance, or universal life insurance, we’ve got you covered. So, let’s dive in and explore the top life insurance providers in the Lone Star State!

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Texas Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Texas

Condition Deaths in 2021
Heart Diseases 67,347
Cancer 43,575
Nervous System Diseases 22,927
External Causes 22,175
Lung Diseases 17,836

Life Insurance Laws In Texas

Texas’s life insurance laws are governed by Title 28 of the Texas Administrative Code.

  • 10-day free look period (28 TX Admin Code 3.804)
  • 31-day grace period for all payments after the first (28 TX 3.5106)
  • Insurers must pay claims within two months after receiving proof of death (28 TX 3.5106); Claims are subject to interest from the date proof of loss is received (TX 542.058)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Utah’s life insurance laws and Vermont’s life insurance laws are nearly identical to those of Texas).

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Top Life Insurance Companies In Texas

In the state of Texas, there are several prominent life insurance companies that dominate the market. According to the table provided, these are the top 50 companies in Texas based on their 2022 premiums and market share percentage.

Ranking first on the list is New York Life Group, with an impressive $1,017,280,928 in premiums for 2022. They hold a substantial market share of 7.1% in the Texas life insurance industry. Following closely behind is Northwestern Mutual Group, with $810,141,664 in premiums and a 5.7% market share.

Metropolitan Group secures the third rank, with $784,576,358 in premiums and a 5.5% market share. Prudential Of America Group is ranked fourth, boasting $651,828,827 in premiums and a 4.6% market share. Lincoln National Group, at fifth place, has $643,241,172 in premiums and a 4.5% market share.

The sixth-ranking company is Mass Mutual Life Insurance Group, generating $541,952,175 in premiums with a 3.8% market share. State Farm Group takes the seventh spot with $472,923,350 in premiums and a 3.3% market share. Pacific Life Group follows closely with $468,338,261 in premiums and the same market share percentage.

Minnesota Mutual Group claims the ninth position with $451,369,021 in premiums and a 3.2% market share, while Aegon US Holding Group rounds up the top ten with $382,986,921 in premiums and a 2.7% market share.

It is interesting to note that these top 50 companies dominate the Texas insurance market, collectively capturing a significant portion of the total premiums and market share. The competition among these companies is undoubtedly intense, as they strive to attract and retain customers through competitive pricing and comprehensive coverage options. Texas residents have a range of reputable options to choose from when it comes to selecting their life insurance provider, ensuring their financial security and protection.

Rank Company 2022 Texas Premiums Texas Market Share %
1New York Life Group$1,017,280,9287.1%
2Northwestern Mutual Group$810,141,6645.7%
3Metropolitan Group$784,576,3585.5%
4Prudential Of America Group$651,828,8274.6%
5Lincoln National Group$643,241,1724.5%
6Mass Mutual Life Insurance Group$541,952,1753.8%
7State Farm Group$472,923,3503.3%
8Pacific Life Group$468,338,2613.3%
9Minnesota Mutual Group$451,369,0213.2%
10Aegon US Holding Group$382,986,9212.7%
11American International Group$328,436,4652.3%
12John Hancock Group$289,060,4172.0%
13Sammons Enterprises Group$253,619,4981.8%
14Nationwide Corporation Group$245,147,8641.7%
15Mutual Of Omaha Group$244,748,7701.7%
16Unum Group$244,640,8381.7%
17Primerica Group$244,165,6641.7%
18Zurich Insurance Group$242,896,1851.7%
19National Life Group$235,944,3121.7%
20Cuna Mutual Group$229,286,9981.6%
21Guardian Life Group$220,533,9911.5%
22Dai‐Ichi Life Holdings Group$212,654,3651.5%
23American National Financial Group$209,428,8631.5%
24Globe Life Group$209,384,6271.5%
25Southern Farm Bureau Life Insurance Company$191,333,5691.3%
26Equitable Holdings Group$184,389,2631.3%
27Penn Mutual Group$173,132,9281.2%
28Principal Financial Group$164,909,3161.2%
29HCSC Group$160,476,0451.1%
30United Services Automobile Association Group$149,171,2431.0%
31Allianz Insurance Group$144,725,9781.0%
32Brighthouse Holdings Group$143,048,5641.0%
33Hartford Fire Cas Group$137,878,4971.0%
34West Southern Group$125,402,3090.9%
35Voya Financial Group$114,477,7060.8%
36Kuvare Group$107,504,1330.8%
37Wilton Re Group$96,286,2470.7%
38Ameriprise Financial Group$94,484,0160.7%
39Kemper Corporation Group$94,109,8720.7%
40Everlake Holdings Group$89,504,9380.6%
41Sun Life Assurance Company Of Canada Group$88,837,8270.6%
42Ohio National Life Group$86,337,3150.6%
43Cigna Health Group$85,862,2540.6%
44Knights Of Columbus$82,615,5800.6%
45Banner Life Group$82,519,8910.6%
46Oneamerica Financial Partners Group$81,165,5230.6%
47Genworth Financial Group$80,346,7630.6%
48Global Atlantic Group$79,536,9530.6%
49Thrivent Financial For Lutherans$70,056,3480.5%
50Meiji Yasuda Life Insurance Group$66,757,6710.5%