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Best Life Insurance Quotes in Waco, TX

Aug. 26, 2019, 5:03 p.m.

Having a life insurance policy gives your loved ones financial security when you pass. Benefits from life insurance also help your beneficiary cover the costs associated with your death and pay for other living expenses. Our partners at ConsumerAffairs researched the best life insurance companies in Waco to help find the best rates and most responsive customer service.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. KXXV may receive compensation from our partners. Learn more.

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#1
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Policygenius

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Policygenius
Policygenius
Features
  • Free coverage assessment tool
  • Apply in 5 minutes
  • Best rates all in one place
  • Available in Waco
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Location
Serves residents in
Waco, TX
(855) 695-2255
#2
EverQuote
EverQuote
Features
  • Insurers that fit your needs & budget
  • Get quotes 24/7 within minutes
  • Works directly with carriers
  • Available in Waco
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Location
Serves residents in
Waco, TX
(855) 522-3444
Secured First Financial: Joel Fuessel
Secured First Financial: Joel Fuessel
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • sfftexas.com
Location
7215 Bosque Blvd., Ste. 104
Waco, TX 76710
(254) 265-6655
Direct Auto & Life Insurance
Direct Auto & Life Insurance
Features
  • M-F: 9:30am - 6pm
  • Sat: 10am - 4pm
  • Closed Sun
  • local.directgeneral.com/texas/waco
Location
1428 Wooded Acres Dr., Ste. 110
Waco, TX 76710
(254) 399-6699
Allstate Insurance: Sue Berry
Allstate Insurance: Sue Berry
Features
  • M-Th: 8:30am - 5:30pm
  • F: 8:30am - 4:30pm
  • Closed Sat and Sun
  • agents.allstate.com/sue-berry-waco-tx.html
Location
331 W. Hwy. 6, Ste. F
Waco, TX 76710
(254) 772-2040
Farmers Insurance: Jeffrey Pechacek
Farmers Insurance: Jeffrey Pechacek
Features
  • M-F: 8:30am - 5:30pm
  • Closed Sat and Sun
  • agents.farmers.com/tx/waco/jeffrey-pechacek
Location
812 Lake Air Dr.
Waco, TX 76710
(254) 776-1599
State Farm Insurance: Terry Strickland Agency
State Farm Insurance: Terry Strickland Agency
Features
  • M-F: 9am - 5pm
  • Sat: By appointment
  • Closed Sun
  • terrystrickland.com
Location
4949 Franklin Ave.
Waco, TX 76710
(254) 776-7100
Texas Farm Bureau Insurance
Texas Farm Bureau Insurance
Features
  • M-F: 8am - 4pm
  • Closed Sat and Sun
  • txfb-ins.com/services/personal/life
Location
7420 Fish Pond Rd.
Waco, TX 76710
(877) 327-6287
American Income Life Insurance: Ryan Giddens
American Income Life Insurance: Ryan Giddens
Features
  • M-F: 8am - 4:30pm
  • Closed Sat and Sun
  • ailife.com/Products
Location
6801 Sanger Ave., Ste. 275B
Waco, TX 68154
(832) 857-0800
Pioneer Security Life Insurance
Pioneer Security Life Insurance
Features
  • M-F: 8am - 4:45pm
  • Closed Sat and Sun
  • pioneersecuritylife.com
Location
425 Austin Ave.
Waco, TX 76701
(800) 736-7311

How to choose life insurance in Waco

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Many Waco residents consider investing in a life insurance policy an essential part of financial planning. Upon your passing, your life insurance policy pays out a lump sum — also called a death benefit — to your beneficiaries that they can use at their discretion.

Your family can use this benefit for:

  • Final costs (funeral or medical bills)
  • Debt (mortgages or student loans)
  • Federal or state estate taxes
  • A tax-free inheritance
  • Replacement income

Types of life insurance in Waco

The two most common types of life insurance in Waco are term life and whole life policies. To determine which is right for you, consider a variety of factors, including length, premiums and your financial needs.

  • Term life insurance provides coverage for a set period, usually 10 to 30 years, with a fixed monthly premium. If you die after this period, your family doesn’t receive any benefits. You may be able to renew your policy at a higher rate when it expires. Term life insurance policies are generally less expensive because they do not provide a guaranteed return on investment.
  • Whole life insurance policies provide lifetime coverage and include a cash value that acts as a savings account and grows over time. This means that you can borrow against or surrender your account for payout if necessary. Whole life insurance policies are more expensive but have a guaranteed return on investment.

Here’s a further breakdown:

Term life Whole life
Covergage Typically 5, 10, 15, or 30-year terms Life
Payout Death benefit Death benefit + cash value accumulation
Cost Lower premiums Higher premiums
Pros Flexible & affordable Guaranteed return on investment
Cons Could outlive policy and be forced to renew contract at a higher cost More expensive

There are also several variations of life insurance that are becoming more popular in Waco. Universal life insurance is a variant of whole life insurance that includes an investment component and is more flexible. Many providers also provide burial insurance, a low-cost policy designed to cover funeral expenses.

The cost of life insurance in Waco

The cost of life insurance depends on many factors. Policies are cheaper for young, healthy individuals who have a lower risk of dying. Older Waco residents and those with health conditions pay higher premiums. Other factors that affect the price of your insurance premiums are:

  • Type of policy
  • Amount of death benefit
  • Gender
  • Family medical history
  • Having a hazardous profession or hobby
  • Driving record

Working with life insurance companies in Waco

Life insurance is a long-term solution, not a short-term investment, so it’s vital to know how much coverage you need before comparing prices. Choosing a cheaper plan that provides less coverage is not the best option for everyone. To understand the policy you need, meet with a financial planner to evaluate your assets and needs to create a personalized strategic plan.

You can also work directly with an insurance agent to help craft your life insurance policy. Working with large firms such as MetLife, State Farm and Prudential Financial is a safe bet because they offer a variety of plans and options. These companies also have a long history of financial stability. Northwestern Mutual, New York Life Insurance Group and MassMutual are other companies with firm foundations and reviews.

To review a firm’s financial strength, check its ranking with an independent credit agency such as Standard and Poor’s, AM Best or Moody’s. You can also check the Texas Department of Insurance’s complaint system to see if the company is listed as a possible scam.

Policygenius

Policygenius

Policygenius is an independent insurance broker that uses the customer’s needs to find the best policy for them. The company is dedicated to transparency and honesty, and it compares coverage and quotes from a variety of companies at one time. Waco reviewers recommend the company for its straightforward and stress-free experience.

EverQuote

EverQuote

EverQuote’s free online life insurance comparison system is quick and simple to use. Customers fill out a quote request, and EverQuote matches the customer with several companies that provide the best policies for their needs. Waco residents appreciate the variety of options, but some note excessive sales calls after submitting an application.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.