Best Life Insurance Companies in Cape Coral, FL for 2023

Life insurance provides financial support to your beneficiaries in the event of your demise. With so many life insurance companies in Cape Coral, Florida, it’s important to shop around and compare rates to find the best lender for your needs.

MoneyGeek's evaluation of different lenders’ rates based on buyer gender, age and smoking history will help you find the best life insurance companies in Cape Coral for your situation.

In Cape Coral, Transamerica is the cheapest insurer for men, charging an average of $10 per month for a policy with a $250K coverage limit. Transamerica also offers the lowest monthly premiums for women, at an average of $9 per month.

Although a policy with a coverage limit of $250K is less expensive, it may not be sufficient for your beneficiaries. To determine how much coverage you should purchase, it may help to start with Florida’s recommended coverage amount, $736K. This coverage amount is based on the state's average cost of living, income, personal debt, age and other state-specific criteria.

For the state’s recommended coverage amount of $736K, Transamerica offers the most affordable life insurance for both men and women at $20 per month and $16 per month, respectively.

MoneyGeek determined that the cost of life insurance for men in Cape Coral is 6% more than the average cost of life insurance for men in Florida. Meanwhile, Cape Coral women pay 1% less for life insurance than the state’s average for women.

A buyer’s gender will impact the cost of their life insurance in Cape Coral. On average, men spend $19 per month for a policy with a coverage limit of $250K, while women pay $15 per month for the same policy.

These rates change dramatically if you purchase the state-recommended amount of coverage. This amount is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. For a policy with Florida's recommended coverage limit of $736K, the average monthly premium is $38 for men and $30 for women.

The cost of insurance also varies with your policy term length. For a 10-year term policy, regardless of coverage amount, men pay an average of $24 per month, while women pay an average of $19 per month.

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

The three most popular life insurance companies in Florida are Northwestern Mutual, Lincoln Financial and MassMutual, with respective market shares of 8%, 6% and 5%. The seven most popular firms in Florida account for 37% of the total market share.

MoneyGeek included the most popular life insurance firms in Florida, along with their market shares, in the table below.

Life insurance rates for young people in Cape Coral range from $14 to $24 per month. According to MoneyGeek’s research, the following insurers offer the cheapest rates for young people in Cape Coral:

• Transamerica: $15 per month
• Mutual of Omaha: $17 per month

You can review additional life insurance quotes in Cape Coral for young individuals using the following table.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Cape Coral who is 5 feet 10 inches tall and weighs 156 pounds with a 20-year term contract at the average coverage need of $280K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

The cost of life insurance for seniors in Cape Coral ranges from $41 to $85 per month. To get the most affordable rates, seniors should check out the following life insurance companies in Cape Coral:

• MassMutual: $41 per month
• State Farm: $44 per month

The table below details other senior-friendly insurers in Cape Coral, Florida.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Cape Coral who is 5 feet 10 inches tall and weighs 183 pounds with a 10-year term contract at the average coverage need of $83K.

Based on life insurance quotes in Cape Coral, smokers can expect to pay between $122 and $216 per month for a policy. MoneyGeek found that following providers offer the best rates for smokers in Cape Coral:

• Transamerica: $122 per month
• State Farm: $142 per month

To learn more about the cheapest options for smokers in Cape Coral, you can review additional providers and their rates in the table below.

Rates were determined by analyzing quotes for a 34-year-old male smoker in Cape Coral who is 5 feet 10 inches tall and weighs 183 pounds with a 20-year term contract at the average coverage need of $736K. If you’re a smoker, we suggest buying a longer-term, 20-year policy as rates for smokers exponentially increase as you age.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.