Families in Waco earn a median $56,548 a year, and the typical owned home is worth $256,300. A simple rule puts the need for a typical family here at about $700,000. Term life is usually the lowest cost way to get there.
Waco by the numbers
- Median household income
- $56,548Lower than the Texas median of $79,721
- Typical home value
- $256,300Lower than the Texas median of $313,200
- Homes owned
- 48%52% of owned homes have a mortgage
- Households with kids
- 23%56,469 households in all
- Age 65 and older
- 14%Median age 30.8
- Veterans
- 6,4745.5% of adults
Living in Waco
Waco is one of 45 Texas cities with more than 100,000 people, with 146,603 residents and a median age of 30.8. That is younger than the state as a whole, so more families here are in the years when term life matters most.
The median household here earns $56,548, below the US median of $81,604. The typical home costs about 4.5 times that income.
Compared with nearby Killeen (46 miles away), homes in Waco are worth more ($256,300 vs $239,200), and fewer households have kids at home.
The biggest hands on job group here is health care, at 9.3% of workers. Health care workers on shifts and contracts can lose group coverage between jobs.
Who works in Waco
The biggest groups of hands on and front line jobs here, as a share of all workers. Some of these jobs can change your price, and some companies treat them better than others.
What fits families in Waco
52% of owned homes in Waco still have a mortgage. If your family would struggle to make that payment without you, size a policy to the loan. More on mortgage protection
23% of households here have kids under 18. Term life covers the years they depend on you for the lowest price. More on term life
14% of people in Waco are 65 or older, close to the Texas rate. A small policy keeps funeral costs off the family. More on final expense
About 6,474 veterans live in Waco. VGLI is not your only choice. More on veterans
Final expense and burial insurance in Waco
About 19,800 people in Waco are 65 or older. A small final expense policy, also called burial insurance, pays for the funeral so the family does not have to.
| Age | Women, $10,000 | Men, $10,000 |
|---|---|---|
| 60 | $33 | $43 |
| 70 | $53 | $70 |
| 80 | $98 | $134 |
National sample rates, Choice Mutual, Rates valid as of March 9, 2026. Not a quote. Funeral costs and help in Texas
Texas rules that protect you
- Free look: set by policy
- Grace period: one month if you miss a payment
- Guaranty protection: up to $300,000 in death benefits
- Help line: Texas Department of Insurance, 800-252-3439
Common questions in Waco
How much life insurance do I need in Waco?
A quick rule of thumb: 10 years of income plus what you owe on your home. With Waco's median household income of $56,548 and a typical home value of $256,300, that lands near $700,000 for a typical family. Your number depends on your debts, kids and savings. Our calculator does the math.
Can I get life insurance in Waco without a medical exam?
Often, yes. Many companies approve healthy people with health questions and records instead of an exam. Older buyers can also look at simplified issue or guaranteed issue final expense plans.
Do I need an agent licensed in Texas?
Yes. An agent must hold a Texas license to sell you a policy. You can check a license with the Texas Department of Insurance at 800-252-3439.
Source: Texas Department of Insurance
What does a funeral cost near Waco?
Local prices vary by funeral home. Nationally, the median funeral with viewing and burial was $8,300 in 2023, and $6,280 with cremation (NFDA). Under the FTC Funeral Rule, any funeral home in Waco must give you an itemized price list.
Source: FTC Funeral Rule · NFDA price study
What happens if my insurance company fails in Texas?
The Texas Life & Health Insurance Guaranty Association protects Texas policyholders up to $300,000 in death benefits, per insured person.
Source: Texas Life & Health Insurance Guaranty Association · NOLHGA: how you are protected
Near Waco
Killeen (46 mi), Georgetown (68 mi), Round Rock (77 mi), Grand Prairie (79 mi), Arlington (79 mi), Fort Worth (85 mi)
Sources
Local numbers are Census American Community Survey 2024 one year estimates for Waco, TX. The coverage figure is a rule of thumb, not advice.
