Texas Life Insurance Review

Voluntary permanent coverage for employees with few riders and limited options

We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

Texas Life Insurance

Texas Life Insurance

Our Take

Texas Life Insurance Company only sells voluntary permanent coverage to employers, and it’s not our first recommendation if you’re in the market for employee life insurance. The coverage options are extremely limited, there are virtually no online tools and resources, and it’s difficult to find policy information online.

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
  • Some online policy management capabilities

  • Good financial strength rating

  • Very few company complaints

  • Doesn’t sell individual life policies

  • Limited policy information on the website

  • Only a few plans available

Key Takeaways
  • Texas Life only sells voluntary permanent life insurance to employers.
  • There are three riders available for added protection.
  • The company has excellent financial strength and fewer than the average number of complaints.
  • Texas Life lacks many of the tools and resources that bigger providers usually have.
Company Overview

Texas Life Insurance Company was founded in 1901 and with over 120 years in business, it is the oldest life insurance company headquartered in the Lonestar State. Texas Life is unique because it exclusively sells voluntary permanent life insurance to companies as an employee benefit. That means consumers cannot purchase individual life insurance through Texas Life.

Employers in all 50 states and Washington D.C. can offer Texas Life coverage to their employees. According to its website, Texas Life Insurance has nearly $35 billion of life insurance in force. Texas Life policies are only sold over the phone with an agent, and you also have to contact an agent to file a life insurance claim.

  • Year Founded 1901
  • Kinds of Plans Whole, universal life
  • Number of Plans 2
  • Payment Plan Options Monthly, bi-monthly, annually
  • Customer Service Phone: (800) 283-9233, online form, local office
  • Official Website www.texaslife.com

Texas Life Insurance is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Some online policy management capabilities: Texas Life policyholders can access basic policy management features through the online customer portal, like payments and beneficiary changes.
  • Good financial strength rating: Texas Life has an A+ financial strength rating from AM Best, which is impressive for a life insurance provider of its size.
  • Very few company complaints: According to the NAIC Company Complaint Index, Texas Life has very few complaints historically, which is an indicator of good customer service.

Cons Explained

  • Doesn’t sell individual life policies: You can only purchase life insurance from Texas Life if your employer offers coverage as part of your employee benefits package.
  • Limited policy information on the website: There is very little information online about the policies that Texas Life sells and how much coverage is available.
  • Only a few plans available: Texas Life only sells two life insurance policies and doesn’t offer term coverage, which may be a downside.

Available Plans

Texas Life Insurance Company only sells permanent coverage, so term life insurance is not available. We should also note that Texas Life Insurance is not a mutual company, and therefore, policyholders don’t have the opportunity to receive dividends. 

One of the biggest downsides to Texas Life is that there is very limited information online about what types of permanent coverage it offers. However, we combed through the website and eventually identified two policy offerings. Here are the two types of permanent life insurance that Texas Life sells:

Whole Life Insurance

Texas Life’s whole life insurance provides coverage for your lifetime, with a guaranteed death benefit paid up to age 121. This policy is available for people between the ages of 17 and 70, with up to $200,000 in coverage. It includes level premiums and a cash value component that grows at a fixed interest rate of 3%.

Once the cash value balance reaches a certain amount, you can withdraw some of the money and use it like a personal loan. If you surrender your policy, you will automatically receive the cash value funds less any surrender charges. 

The money you withdraw from your permanent policy’s cash value reserves can be used for any purchase, including college tuition, credit card debt, or a down payment on a house.

Universal Life Insurance

Universal life insurance offers permanent coverage, but it's more flexible than a whole life policy. Texas Life’s universal life policy is available for people between the ages of 17 and 70, with up to $200,000 in coverage, and a guaranteed death benefit paid up to age 121.

However, this policy has flexible premiums and an adjustable death benefit that can be increased or decreased as needed. It also has cash value that can be borrowed, or used to change the amount or frequency of your premiums. Like whole life insurance, you will get the cash value funds if you cancel the policy.

Available Riders

Texas Life offers a handful of life insurance riders that you can get for added protection:

Terminal Illness Rider

Every life insurance policy from Texas Life includes a free terminal illness rider, which allows the policyholder to use up to 92% of the funds from their death benefit to pay for end-of-life expenses if they get diagnosed with a qualifying terminal illness. To qualify for this rider, a medical professional needs to provide documentation and certify that the terminal illness is expected to result in a prognosis of 12 months or less. There is also a $150 administrative fee in most states if you use this rider.

Before you request to use a terminal illness rider, check to see which type of documentation your life insurance company needs, as every company has different medical certification requirements.

Waiver of Premium Rider

The waiver of premium rider is available for policyholders between the ages of 17 and 59. This rider will waive the premium if the policyholder becomes totally disabled for 180 days and is unable to work. It will also refund the premiums paid over the 180 days prior. This rider is not available in California or New York.

Accidental Death Benefit Rider

The accidental death benefit rider is available for people between the ages of 17 and 59. It pays the policyholder’s beneficiary double the death benefit if the policyholder dies of an accident within 180 days of the policy’s effective date. In California, Washington D.C., Delaware, Florida, North Dakota, and South Dakota, the qualifying time frame is 90 days from the policy’s effective date.

Customer Service

To reach the company, you’ll need to call (800) 283-9233 during business hours, which are Monday through Friday from 7 a.m. to 6 p.m. CST. You also have the option to submit the online form. Or, if you are local to Texas, you can visit the company’s headquarters in Waco to speak with an agent in person. 

Complaint Index 

Texas Life has very few complaints as reported in the National Association of Insurance Commissioners (NAIC) Company Complaint Index. In 2020, the company had a complaint score of 0.11, which is lower than the industry average of 1.0. Since 2018, Texas Life has only had one complaint per year. 

The NAIC Company Complaint Index scores insurance companies based on real customer feedback around claim settlement satisfaction, the price of premiums, agent interactions, policy cancellation issues, and more. If a company has fewer than average complaints, it’s a promising sign that the customer service is good.

Third-Party Ratings

Because Texas Life is a smaller life insurance company, it doesn’t have as many third-party ratings as the big industry players. However, Texas Life does have an impressive A+ financial strength rating from AM Best. That indicates that the company is financially stable and is able to repay its policyholders in full after a covered claim.

Texas Life is not rated in 2020 J.D. Power’s life insurance study, which scores the largest life insurance companies on overall customer satisfaction. The criteria used in the study include factors like communication, agent interactions, price, and product offerings.

Cancellation Policy

You can cancel a Texas Life insurance policy at any time, but keep in mind that there may be a surrender charge depending on how long your policy has been in force. When you cancel a permanent life insurance policy, the insurance company will write you a check for the policy’s cash value balance minus any surrender fees.


Life insurance premiums are different for every individual. Although Texas Life doesn’t have a detailed online quote tool, it does have a basic calculator that can help you determine how much you could pay based on your age and the amount of coverage you want.

For example, a 20-year-old who doesn’t smoke would pay $27.13 monthly for a policy with $200,000 in coverage. A 50-year-old who doesn’t smoke would pay $67.63 per month for $100,000 in coverage. A 40-year-old who does smoke would pay $96.13 every month for $200,000 in coverage.

Another factor that impacts your life insurance rate is your gender assigned at birth. Individuals who are transgender or nonbinary can still qualify for life insurance, but most insurance companies only include "male" and "female" on the application. If you identify as trans or nonbinary, we recommend contacting Texas Life to see how they handle pricing for gender non-conforming applicants.


Another life insurance company that is comparable to Texas Life is American-Amicable Life Insurance. Both companies are based in Waco, Texas, and have been in business for more than 110 years.

In terms of coverage, American-Amicable sells term, whole, and universal life insurance, whereas Texas Life only sells whole and universal life policies. Additionally, American-Amicable sells individual life insurance policies, while Texas Life only sells voluntary life insurance to employers. Both companies sell life insurance through agents and don’t offer many digital tools. Here's how they stack up:

  Texas Life Insurance American-Amicable Life Insurance
Market Share N/A N/A
Number of Plans 2 3
Dividends for 2020 Not applicable Not applicable
Wellness Program Discounts/Quit Smoking Incentives Not applicable  Not applicable 
Service Method Agents Agents
AM Best Rating A+ A
Price Rank About average About average
Complaints Trend 0.11 (below average) 2.65 (above average)
Final Verdict

Texas Life Insurance isn’t anything special as coverage is only available to employers, and there are only two policies to choose from. Texas Life does have excellent financial strength and fewer than average complaints, but there are much better providers out there that specialize in voluntary employee life insurance.


Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. NAIC. "Texas Life Ins Co National Complaint Index Report." Accessed May 4, 2021.