Best Life Insurance Companies in Fort Lauderdale, FL, for 2024

In the event of your passing, life insurance can help your beneficiaries pay off your debts and mortgage and cover burial expenses. Considering the number of life insurance companies in Fort Lauderdale, Florida, it’s best to compare rates before choosing a policy. In this guide, MoneyGeek collected and analyzed average rates from different companies to help you choose the best life insurance in Fort Lauderdale based on your age, gender and smoking history.

Your coverage amount and gender can significantly impact the cost of life insurance. For $250K coverage life insurance in Fort Lauderdale, Transamerica offers the lowest rate for men (around $11 per month) and women (approximately $9 per month).

While getting a life insurance policy with $250K in coverage is cheaper, it may not provide enough financial support to your beneficiaries. You could consider Florida’s recommended coverage amount of $736,000 — based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors.

Using Florida’s recommended coverage amount, Transamerica is still the most affordable company for men and women in Fort Lauderdale, at an average monthly rate of $21 and $17, respectively.

According to MoneyGeek’s analysis, men in Fort Lauderdale pay around 12% more than the average cost for men in Florida for life insurance. Meanwhile, women pay roughly 0.5% more than the average cost for women in the state for coverage.

Gender is one of the primary factors that affect the cost of life insurance. For example, the average cost of life insurance in Fort Lauderdale with $250K in coverage is $20 per month for men and $16 per month for women.

Your monthly premium increases if you get Florida’s recommended coverage amount, which considers several factors, like per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

Following Florida’s recommended life insurance coverage amount of $736K, the average cost of life insurance in Fort Lauderdale is $40 per month for men and $31 per month for women.

Regardless of the coverage limit, men in this city pay around $26 per month for life insurance with a 10-year term, whereas women pay roughly $20 per month.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Fort Lauderdale 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.

MoneyGeek found that Northwestern Mutual, Lincoln Financial and MassMutual are the most popular life insurance companies in Florida based on market share. Northwestern Mutual has the largest market share at around 8%, followed by Lincoln Financial and MassMutual, with market shares of roughly 6% and 5%, respectively.

Overall, the seven most popular life insurance companies in Florida make up around 36% of the market in the state. Check out the seven most popular companies in Florida in the table below.

On average, the cost of life insurance in Fort Lauderdale for young people ranges from $16 to $26 per month. MoneyGeek compared average rates and found that the two cheapest life insurance companies in Fort Lauderdale for young people are:

• Transamerica: $16 per month
• Mutual of Omaha: $18 per month

In the table below, we provide the complete list of life insurance companies and their average rates for young people in Fort Lauderdale.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Fort Lauderdale who is 5 feet 10 inches and weighs 156 pounds with a 20-year term contract at the average needed coverage amount of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

For seniors, life insurance in Fort Lauderdale averages from $43 per month to $90 per month. According to MoneyGeek’s analysis, the two companies providing the average cheapest life insurance rates for older adults in Fort Lauderdale are:

• MassMutual: $43 per month
• State Farm: $47 per month

Check out the table below to see the complete list of life insurance companies for seniors in Fort Lauderdale and their average rates.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Fort Lauderdale who is 5 feet 10 inches tall and weighs 183 pounds with a 10-year term contract at the average coverage need of $83,000.

The average cost of life insurance in Fort Lauderdale for people who smoke can be as low as $129 per month or as high as $228 per month. MoneyGeek found that the two cheapest life insurance companies for smokers in Fort Lauderdale are:

• Transamerica: $129 per month
• State Farm: $150 per month

Below, we provide the complete list of life insurance companies offering smokers a policy in Fort Lauderdale and their average rates.

Rates were determined by analyzing quotes for a 34-year-old male smoker in Fort Lauderdale who is 5 feet 10 inches tall and weighs 183 pounds with a 20-year term contract at the average coverage need of $736,000.

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.