--- title: Life Insurance in Waco, TX: Free Quotes and Local Facts url: https://coverfolk.com/states/texas/waco updated: 2026-10-08 --- # Life insurance in Waco, TX Get a free price from a Texas agent, and see what families in Waco usually need. [Local facts](#local) Updated October 8, 2026[Fact checked](/editorial-standards) Waco146,603 people The short answer 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. **Health care**9.3%[Nurses](/jobs/nurses)[EMTs and paramedics](/jobs/emts-paramedics)[Doctors](/jobs/doctors) **Driving and moving goods**8.4%[Truck drivers](/jobs/truck-drivers)[Rideshare and delivery](/jobs/rideshare-drivers)[Warehouse workers](/jobs/warehouse-workers) **Teaching**7.8%[Teachers](/jobs/teachers) **Sales**7%[Real estate agents](/jobs/real-estate-agents)[Self employed](/jobs/self-employed) ## What fits families in Waco **Mortgage protection** 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](/coverage/mortgage-protection) **Term life for parents** 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](/coverage/term-life) **Final expense** 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](/coverage/final-expense) **Veterans** About 6,474 veterans live in Waco. VGLI is not your only choice. [More on veterans](/jobs/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](/funeral-costs/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 [All Texas rules](/states/texas) ## 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](https://www.tdi.texas.gov) 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](https://consumer.ftc.gov/articles/ftc-funeral-rule) · [NFDA price study](https://content.nfda.org/news/media-center/nfda-news-releases/id/8134/2023-nfda-general-price-list-study-shows-inflation-increasing-faster-than-the-cost-of-a-funeral) 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](http://www.txlifega.org) · [NOLHGA: how you are protected](https://nolhga.com/policyholders/how-youre-protected/) ## Near Waco [Killeen](/states/texas/killeen) (46 mi), [Georgetown](/states/texas/georgetown) (68 mi), [Round Rock](/states/texas/round-rock) (77 mi), [Grand Prairie](/states/texas/grand-prairie) (79 mi), [Arlington](/states/texas/arlington) (79 mi), [Fort Worth](/states/texas/fort-worth) (85 mi) ## Sources 1. [Census ACS 2024 1 year estimates, table based summary file](https://www2.census.gov/programs-surveys/acs/summary_file/2024/table-based-SF/) 2. [Census 2024 Gazetteer place file](https://www.census.gov/geographies/reference-files/time-series/geo/gazetteer-files.html) 3. [2023 NFDA General Price List Study Shows Inflation Increasing Faster than the Cost of a Funeral (NFDA)](https://content.nfda.org/news/media-center/nfda-news-releases/id/8134/2023-nfda-general-price-list-study-shows-inflation-increasing-faster-than-the-cost-of-a-funeral) 4. [Texas Department of Insurance](https://www.tdi.texas.gov) 5. [Texas Life & Health Insurance Guaranty Association](http://www.txlifega.org) Local numbers are Census American Community Survey 2024 one year estimates for Waco, TX. The coverage figure is a rule of thumb, not advice.