Global News One’s analysis reveals that MassMutual stands out as the premier life insurance provider in El Paso. With rates starting at approximately $9 per month for a $250,000 coverage policy and about $16 per month for the state-recommended coverage, MassMutual offers affordable options for securing your family’s future.
Life insurance serves as a crucial financial safety net for your loved ones if you pass away. It can offer immediate financial support, cover funeral costs, pay for college, and settle any outstanding debts. Selecting the right policy can be daunting, but Global News One simplifies this process. They’ve reviewed various quotes and identified the top life insurance providers in El Paso, Texas, tailored to diverse needs and profiles.
Top Best Cheapest Life Insurance in El Paso,TX, USA (Global News One)
According to Global News One’s analysis, MassMutual offers the most affordable life insurance rates in El Paso for a $250,000 policy, averaging $9 per month for men and $8 per month for women.
However, while a $250K policy is budget-friendly, it may fall short for most individuals. It’s often more prudent to opt for coverage that aligns with your state’s recommendations, which take into account factors like cost of living, average income, personal debt levels, and the average age of residents. In Texas, this recommended coverage amount is $719,000.
For this higher coverage amount, MassMutual remains the most cost-effective option for men in El Paso, with premiums around $16 per month. For women, Nationwide offers the best rates at approximately $12 per month.
Top Best Cheapest Life Insurance Companies for Males and Females in El Paso, TX, USA (Global News One)
Cheapest For | $250K Coverage | $719K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Top Best Life Insurance Costs in El Paso, TX, USA for Men and Women (Global News One)
Gender plays a significant role in determining life insurance rates in El Paso. According to Global News One, men in El Paso pay 11% less for life insurance compared to the Texas state average, while women pay 20% less.
For a standard $250,000 coverage policy, the average monthly premium in El Paso is $16 for men and $13 for women. However, these rates can vary if you opt for the recommended coverage amount for Texas, which is $719,000.
For a $719,000 coverage policy, men in El Paso typically pay about $35 per month, while women pay around $27 per month.
When it comes to policy duration, a 10-year term policy costs men in El Paso an average of $22 per month, whereas women pay approximately $17 per month.
Average Monthly Life Insurance Rates in El Paso, TX, USA (Global News One) : Men
| MassMutual | $9 | $16 |
| Nationwide | $10 | $16 |
| Mutual of Omaha | $10 | $17 |
| Transamerica | $13 | $26 |
| State Farm | $16 | $33 |
| AAA | $17 | $39 |
| Progressive Life | $19 | $42 |
| Prudential | $23 | $49 |
Average Monthly Life Insurance Rates in El Paso, TX, USA (Global News One) : Women
| Nationwide | $8 | $12 |
| Mutual of Omaha | $8 | $12 |
| MassMutual | $8 | $12 |
| Transamerica | $10 | $19 |
| State Farm | $16 | $26 |
| AAA | $13 | $29 |
| Progressive Life | $13 | $31 |
| Prudential | $15 | $41 |
Global News One evaluated life insurance policy costs by collecting 10-year term quotes from leading insurers in El Paso. The assessment used an average buyer profile, featuring a typical age of 28, an average weight of 197 pounds for men and 156 pounds for women, and an average coverage requirement of $719,000.
Top Best Life Insurance Companies in Texas, USA ( Global News One )
According to an analysis by Global News One, Northwestern Mutual, New York Life, and Lincoln Financial are the leading life insurance providers in Texas based on market share.
Northwestern Mutual leads with a market share of approximately 7%. New York Life and Lincoln Financial both hold about 6% each. Combined, the top seven life insurance companies account for about 35% of the market in Texas.
Below is a list of the seven most prominent life insurance companies in Texas along with their respective market shares.
Top Best Life Insurance Companies in Texas, USA ( Global News One )
| Northwestern Mutual | 7% |
| New York Life | 6% |
| Lincoln Financial | 6% |
| State Farm | 4% |
| Pacific Life | 4% |
| MassMutual | 4% |
| Transamerica | 4% |
Top Best Cheapest Life Insurance for Young People in El Paso, Texas, USA ( Global News One )
For young adults in El Paso, the typical monthly cost for life insurance ranges from $12 to $20. According to research by Global News One, the most economical life insurance options for young individuals in El Paso are:
- Transamerica: $12 per month
- Mutual of Omaha: $14 per month
Below, we’ve highlighted additional affordable life insurance providers for young adults in El Paso.
Top Best Life Insurance Companies for Young People in El Paso, TX, USA ( Global News One )
| Transamerica | $12 |
| Mutual of Omaha | $14 |
| MassMutual | $14 |
| AAA | $15 |
| Prudential | $16 |
| Nationwide | $17 |
| State Farm | $20 |
| Progressive Life | $20 |
Global News One evaluated life insurance rates by obtaining quotes for a 25-year-old male non-smoker in El Paso. This individual, standing 5 feet 10 inches tall and weighing 167 pounds, was considered for a 20-year term policy with an average coverage requirement of $270,000. A 20-year term was selected to ensure extended protection for a younger policyholder.
Top Best Cheapest Life Insurance for Seniors in El Paso, TX, USA ( Global News One )
In El Paso, the typical monthly premium for life insurance for seniors varies between $34 and $71. According to Global News One, the most budget-friendly options for seniors in El Paso are:
- MassMutual: $34 per month
- Mutual of Omaha: $39 per month
For a comprehensive overview of the most economical life insurance providers in El Paso for seniors, see the list below.
Top Best Life Insurance Companies for Seniors in El Paso, TX, USA ( Global News One )
| MassMutual | $34 |
| Mutual of Omaha | $39 |
| Nationwide | $39 |
| State Farm | $46 |
| Progressive Life | $62 |
| AAA | $65 |
| Transamerica | $70 |
| Prudential | $71 |
Rates were calculated based on quotes for a 60-year-old male non-smoker residing in El Paso, standing 5 feet 10 inches tall and weighing 197 pounds. These rates were for a 10-year term policy providing the typical coverage amount of $82,000. This analysis was conducted by Global News One.
Top Best Cheapest Life Insurance for Smokers in El Paso, TX, USA ( Global News One )
In El Paso, smokers can expect to pay anywhere from $102 to $187 per month for life insurance. Currently, the most affordable options for smokers in El Paso are:
- MassMutual: $102 per month
- State Farm: $102 per month
For a comprehensive list of other cost-effective life insurance providers for smokers in El Paso, check out the table below.
Top Best Life Insurance Companies for Smokers in El Paso, TX, USA ( Global News One )
| MassMutual | $102 |
| State Farm | $102 |
| Nationwide | $103 |
| Transamerica | $114 |
| Mutual of Omaha | $114 |
| Progressive Life | $159 |
| Prudential | $169 |
| AAA | $187 |
These rankings were established by evaluating quotes for a 28-year-old male smoker in El Paso, who is 5 feet 10 inches tall and weighs 197 pounds. The assessment was based on a 20-year term policy with an average coverage amount of $719,000. This analysis was conducted by Global News One.
Methodology
Global News One identified the optimal life insurance coverage by considering factors such as per capita income from the U.S. Bureau of Economic Analysis, typical mortgage and personal debt, and average age. However, it’s important to remember that individual needs vary, so coverage amounts may need to be adjusted based on personal situations.
