Best Life Insurance Companies in Florida

A life insurance policy guarantees that even after you die, your family receives financial support. Most life insurance companies in Florida quote premiums differently, and the policy that best meets your requirements may not be easy to find. MoneyGeek analyzed life insurance premiums from various insurers in Florida based on gender, age and smoking history. To assist you in finding the best policy, MoneyGeek ranked the best life insurance companies in Florida. Our data on insurers' average monthly premiums will also help you find the most affordable insurance plan.

tip icon

Best Cheap Life Insurance in Florida

You will get lower monthly premiums if you choose a life insurance policy with lesser coverage. Transamerica has the most affordable average premium for men in Florida purchasing $250,000 in life insurance coverage, with a rate of roughly $9.68 per month. Transamerica also has the lowest average rates for women, at a monthly average of $8.82.

Although a policy offering less coverage may be more affordable, it may not cover all the costs incurred after the policyholder's death. Furthermore, if your beneficiaries are young, you may need to financially secure them by choosing enough coverage to meet their living expenses or pay any outstanding debts and bills. Before buying your life insurance policy, you need to examine your financial situation and choose the right level of coverage for you. This ensures that the insurer will financially protect your loved ones after your death.

MoneyGeek proposes an average life insurance coverage of $736,000 in Florida to cover the expenses incurred after death, regardless of the policyholder's gender. This recommendation is based on the state's cost of living, average income, personal debt, age and other crucial considerations.

Transamerica offers Florida's cheapest life insurance quotes for both men and women for policies offering the MoneyGeek-recommended coverage of $736,000. The company charges a monthly average of $19.04 for men and $16.51 for women in the state.

Best Cheap Life Insurance Companies in Florida: Males

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $736k
  • Transamerica
    $9.68
    $19.04
  • Nationwide
    $11.81
    $20.34
  • MassMutual
    $11.32
    $20.62
  • Mutual of Omaha
    $12.47
    $21.83
  • AAA
    $13.42
    $25.08
  • State Farm
    $18.27
    $33.62
  • Prudential
    $30.45
    $40.33
  • Progressive Life
    $16.75
    $57.86
Best Cheap Life Insurance Companies in Florida: Females

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $736k
  • Transamerica
    $8.82
    $16.51
  • Nationwide
    $11.59
    $17.06
  • Mutual of Omaha
    $12.69
    $18.03
  • MassMutual
    $10.45
    $18.06
  • AAA
    $11.88
    $23.10
  • Prudential
    $21.91
    $29.24
  • State Farm
    $17.84
    $31.70
  • Progressive Life
    $16.10
    $48.72

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Florida using average buyer profile statistics in Florida, including average age of 34, average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $736,000.

What Is the Average Cost of Life Insurance for Companies in Florida?

Gender is one of the factors that can influence your insurance costs. In Florida, women pay considerably lower rates than men due to their longer life expectancy.

Female policyholders in Florida, for example, pay about $15.49 per month for a $250,000 insurance policy. Male policyholders, on the other hand, pay an average of $17.51 per month for a comparable life insurance policy, a difference of $2.02.

In Florida, choosing the MoneyGeek-recommended coverage of $736,000 for your policy will result in higher monthly premiums. For women, it may cost around $30.52, which is $15.03 more than what they typically pay for a $250,000 policy, whereas men usually pay roughly $35.66 a month, which is $18.15 more than what they pay for a $250,000 policy.

Most Popular Life Insurance Companies in Florida

Always choose an insurance provider that is financially stable and capable of paying your loved ones’ claim promptly and equitably. Consider the market share of the insurers before choosing one. This figure represents the company's financial strength.

In Florida, a life insurance company's market share is determined by dividing the number of premiums written by the company by the total number of policies sold in the state. The written premium is the total amount of insurance premiums that customers must pay on policies issued by a company over a specified time period.

The top seven life insurance companies in Florida control nearly 37% of the market. With an 8.45% market share, Northwestern Mutual is the most popular insurer in the state.

Most Popular Life Insurance Companies in Florida

Scroll for more

swipe icon
  • Company
    Market Share
  • Northwestern Mutual
    8.45%
  • Lincoln Financial
    5.74%
  • MassMutual
    5.17%
  • Transamerica
    5.10%
  • John Hancock
    4.33%
  • New York Life
    4.14%
  • Pacific Life
    3.77%

Life insurance market share data for Florida is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Florida?

The risk of death for younger buyers is considered low by most insurers. As age affects the cost of life insurance policies, young policyholders in Florida enjoy lower premiums for life insurance. You can save a significant amount of money by purchasing a life insurance plan at a young age.

The following two companies provide the cheapest average life insurance quotes to young people in Florida:

  • Transamerica: $13.90 per month
  • Mutual of Omaha: $15.73 per month
Best Life Insurance Companies for Young People in Florida

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $13.90
  • Mutual of Omaha
    $15.73
  • MassMutual
    $16.03
  • AAA
    $18.74
  • Prudential
    $18.76
  • State Farm
    $19.25
  • Nationwide
    $21.00
  • Progressive Life
    $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Florida who is 5 ft 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Florida?

While Florida's life insurance companies offer lower rates to younger customers, seniors in the state most often pay higher monthly premiums for comparable life insurance policies. This is because insurers consider seniors to be high-risk customers. Remember that your life insurance premiums rise as you get older.

Seniors often have grown-up children and rarely need to support them financially. As a result, they require less insurance coverage and only expect their life insurance policy to cover burial expenses and other unpaid liabilities in their absence. If you are a senior living in Florida, you can still find a low-cost policy if you shop around.

Because seniors typically choose a life insurance plan with lower coverage, MoneyGeek compared policies offering $83,000 throughout the state and found that the following companies provide the cheapest and best rates for Florida's seniors:

  • MassMutual: $38.37 per month
  • State Farm: $41.59 per month
Best Life Insurance Companies for Seniors in Florida

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • State Farm
    $41.59
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • AAA
    $45.50
  • Progressive Life
    $69.17
  • Prudential
    $79.39
  • Transamerica
    $79.89

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Florida who is 5 ft 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $83,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Florida?

Smokers living in Florida typically pay higher insurance premiums. Most insurers quote more than double the rates quoted to an average person in the state. Furthermore, if you are a senior male who smokes, your life insurance rates may skyrocket due to the significant health risks you pose. Regardless, you can look around and compare the insurance premiums from multiple companies and get a relatively affordable quote.

For smokers, the following two companies offer the cheapest average life insurance quotes in Florida:

  • Transamerica: $114.61 per month
  • State Farm: $133.49 per month
Best Life Insurance Companies for Smokers in Florida

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $114.61
  • State Farm
    $133.49
  • MassMutual
    $139.08
  • Mutual of Omaha
    $141.46
  • Nationwide
    $148.31
  • Prudential
    $156.84
  • AAA
    $161.04
  • Progressive Life
    $202.54

Rates were determined by analyzing quotes for a 34-year-old male smoker in Florida who is 5 ft 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $736,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Florida Life Insurance Laws You Should Know

While looking for the best life insurance companies in Florida, it is important to compare premiums from as many providers as possible. You should also familiarize yourself with the laws mentioned in Title 27 of Florida Statutes. It contains all of the information you need to know about obtaining a life insurance policy in the state.

Here are some of the important terminologies in Florida's life insurance glossary:

  • Free look period: This is the time between the purchase and the commitment of an insurance policy. During this time, which is typically 30 days for policyholders in Florida, you can review the policy so you can decide whether or not to maintain it. You may cancel the policy without penalty within this period and receive full reimbursement from the company if you're not happy with the policy.
  • Grace period: This is the period of time that a policyholder can use without a penalty to pay a missing premium. The insurance policy will remain in force during this period. Insurers must grant a grace period of no less than 30 days to Florida’s policyholders.
  • Time period for claim settlement: It’s noteworthy that Florida’s law requires all insurers to pay death claims as soon as possible. As soon as the insurer obtains the policyholder’s death certificate, interest starts accruing on the policy and will continue until the claim is paid. As a result, most insurers tend to pay the life insurance claims quickly and fairly.
  • Incontestability: In Florida, a life insurance policy becomes incontestable if it has been active for at least two years from the date of issue. The company will be unable to challenge the application for mistakes or discrepancies after this period. Only insurance policies with outstanding premiums or where the policyholder is qualified for accidental death benefits are exempt from this rule.

Methodology

MoneyGeek evaluated several factors before recommending $736,000 in life insurance coverage for Floridians. We used data from the U.S. Bureau of Economics, as well as the state's average mortgage debt, personal debt and age, to analyze the recommended coverage. Keep in mind that each person is unique and may require more or less coverage than we recommend, depending on their specific circumstances.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


sources