Best Life Insurance Companies in Fort Lauderdale, FL

In Fort Lauderdale, the best overall life insurance company is Transamerica. It’s also the best option for young people and smokers. Meanwhile, MassMutual is ideal for seniors in the city. The average cost of life insurance in Fort Lauderdale ranges from $11 per month for a $250K coverage policy and $21 per month for Florida’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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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.

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2023

Best Life Insurance Companies in Fort Lauderdale, FL, for 2023

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Best Cheap Life Insurance in Fort Lauderdale

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.

Cheapest Life Insurance Companies for Males and Females in Fort Lauderdale
  • Cheapest For
    $250K Coverage
    $736K Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Fort Lauderdale for Men and Women

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.

Average Monthly Life Insurance Rates in Fort Lauderdale: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $11
    $21
  • Nationwide
    $13
    $23
  • MassMutual
    $13
    $23
  • Mutual of Omaha
    $14
    $25
  • AAA
    $15
    $28
  • State Farm
    $21
    $38
  • Prudential
    $34
    $45
  • Progressive Life
    $19
    $65
Average Monthly Life Insurance Rates in Fort Lauderdale: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $17
  • Nationwide
    $12
    $17
  • Mutual of Omaha
    $13
    $18
  • MassMutual
    $11
    $18
  • AAA
    $12
    $23
  • Prudential
    $22
    $29
  • State Farm
    $18
    $32
  • Progressive Life
    $16
    $49

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

How much you pay for life insurance depends on your gender. Since women tend to live longer than men, they have a cheaper monthly premium. Reasons why women often outlive men include men taking bigger risks and having more dangerous jobs. These cause men to face higher insurance rates.

Studies show that more men purchase life insurance than women. Whether they are breadwinners or stay-at-home caretakers, women should consider insuring the economic value they bring to their households.

Most Popular Life Insurance Companies in Florida

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.

Most Popular Life Insurance Companies in Florida

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Lincoln Financial
    6%
  • Transamerica
    5%
  • MassMutual
    5%
  • Pacific Life
    4%
  • New York Life
    4%
  • John Hancock
    4%
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MONEYGEEK DICTIONARY

A company’s market share is the percentage of its sales compared to others in its industry. In terms of life insurance, a higher market share means more policies sold. The market share data in this guide is based on total premiums written in the 2020 S&P Global data reports.

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Cheapest Life Insurance for Young People in Fort Lauderdale

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.

Best Life Insurance Companies for Young People in Fort Lauderdale, FL

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  • Company
    Monthly Cost
  • Transamerica
    $16
  • Mutual of Omaha
    $18
  • MassMutual
    $18
  • AAA
    $21
  • Prudential
    $21
  • State Farm
    $22
  • Nationwide
    $24
  • Progressive Life
    $26

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Typically, life insurance is more affordable for those 25 years old and younger and gets more expensive over time. That’s why it’s best to purchase life insurance in Fort Lauderdale at a young age if you want to save money on your policy.

Cheapest Life Insurance for Seniors in Fort Lauderdale

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.

Best Life Insurance Companies for Seniors in Fort Lauderdale, FL

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  • Company
    Monthly Cost
  • MassMutual
    $43
  • State Farm
    $47
  • Mutual of Omaha
    $49
  • Nationwide
    $50
  • AAA
    $51
  • Progressive Life
    $78
  • Prudential
    $89
  • Transamerica
    $90

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors tend to pay more for life insurance because the expectation is that their policies outlive them. However, they don’t usually require lots of coverage since their beneficiaries are more likely financially independent adults. For example, their coverage amount only needs to cover the cost of funeral arrangements or settle any debt or mortgage. That is why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.

Cheapest Life Insurance for Smokers in Fort Lauderdale

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.

Best Life Insurance Companies for Smokers in Fort Lauderdale, FL

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  • Company
    Monthly Cost
  • Transamerica
    $129
  • State Farm
    $150
  • MassMutual
    $156
  • Mutual of Omaha
    $159
  • Nationwide
    $167
  • Prudential
    $176
  • AAA
    $181
  • Progressive Life
    $228

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are considered risky to insure because they are more prone to severe illnesses that can reduce life expectancy. As a result, those who smoke usually have a higher life insurance premium. Fortunately, there are companies that provide affordable life insurance for smokers.

If you smoke, MoneyGeek recommends buying a longer-term (20-year) policy as rates for smokers tend to increase dramatically with age.

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Insurance Rates

Methodology

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.

About the Author


Mark Fitzpatrick headshot

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.


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