Best Life Insurance Companies in Texas of 2024 – Life insurance is a must-have in any healthy financial plan, and there is no shortage of life insurance options for Texans. Whether you’re reevaluating your needs or buying for the first time, it is always a good time to get your life insurance needs squared away.
We evaluated key metrics and found that Corebridge Financial, Pacific Life, Protective, and Symetra are the best life insurance companies in Texas.
Best Life Insurance Companies in Texas
Here are Forbes Advisor’s picks for the best term life insurance companies in Texas:
- Corebridge Financial – Great for Choices of Term Lengths
- Pacific Life – Best Cost for $1 Million Term Life
- Protective – Great for Long Level Term Lengths
- Symetra – Best for Term Life Rates
- Banner Life/Legal & General America – Best for Highest Coverage Amount
- Midland National – Great for Living Benefits
Corebridge Financial
Corebridge’s Select-a-Term policy will appeal to any Texas life insurance buyer because of its excellent choice of term lengths.
Pros
- Ability to customize a level term length, such as 18 years.
- Rates are very competitive.
- Maximum issue age of 80 is higher than most competitors.
- The accelerated death benefit rider permits a longer life expectancy (24 months) than most competitors (12 months).
Cons
- High customer complaint level because of problems such as claim handling delays, billing issues and surrender problems.
Life Insurance Riders Available
- Accidental Death Benefit Rider
- Child Life Insurance Rider
- Waiver of Premium Rider
Pacific Life
Pacific Life is a strong choice for Texans thanks to its low rates, especially for $1 million in PL Promise Term coverage.
Pros
- Low average term life insurance rates.
- $1 million term life insurance is especially low priced.
- Renew up until age 95, at higher rates with each renewal.
- PL Promise Term has a high maximum coverage amount of over $10 million.
Cons
- You can only convert 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
Texas life insurance shoppers may appreciate Protective’s Classic Choice term life policy because it chooses long-level term lengths during which you lock in a low rate.
Pros
- Level term lengths include 35- and 40-year choices.
- The policy can be renewed until age 95 (at higher rates with each renewal).
- Up to 8 permanent life insurance policies to choose from if you convert term life.
Cons
- Strict requirements on its accelerated death benefit. You can access only 60% or $1 million (whichever is less) of the death benefit. And you must have a life expectancy of no more than six months, while many competitors use 12 months.
Symetra
Symetra had the lowest average term life insurance rates in our analysis, making it a top option for Texas term life shoppers.
Pros
- Best term life rates in Texas among the insurers in our analysis.
- SwiftTerm can be purchased online with no exam and instant approval if you’re young and healthy.
- Can be renewed until age 95 after the level term period (at a higher rate with each renewal).
Cons
- Maximum issue age is quite low (60.)
- The maximum face amount of $3 million is low compared to competitors.
- Founded in 1957, Symetra lacks a long track record of demonstrating its ability to pay claims.
- The accelerated death benefit money available is limited to $500,000 (or 75% of your death benefit, whichever is lower).
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 America
Banner Life is an attractive option for Texans seeking a high amount of coverage—up to $65 million, which is higher than competitors.
Pros
- Competitive term life rates.
- Excellent choice of level term lengths.
- The policy can be converted to permanent life until age 70.
Cons
- Nonrenewable after the level term period ends.
- The maximum accelerated death benefit available is only $500,000 or 75% of your death benefits, whichever is less.
Midland National
Midland National’s Premier Term policy deserves serious consideration because of the ample living benefits and low rates. Policyholders can access an accelerated death benefit after a diagnosis of a terminal illness, chronic illness, or critical illness.
Pros
- Low term life rates that include living benefits.
- High maximum issue age (55) for a 30-year term life is available for buyers who do not use tobacco.
Cons
- Limited choice of riders.
- Life Insurance Riders Available
- Children’s Insurance
- Waiver of Premium for Disability