Updated: May 22, 2024
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Life insurance allows you to continue providing for your loved ones after you pass away. The coverage can be used for debt repayment, living expenses, medical bills, etc.
MoneyGeek analyzed life insurance rates based on your age, gender and smoking history, to help you find the best life insurance providers in Hialeah. By shopping around and comparing rates, you can find the provider that best fits your needs.
BestLife InsuranceHialeah, FLBest Life Insurance Companies in Hialeah, FL, for 2023
Your gender and chosen coverage amount affect the cost of your life insurance. Transamerica offers the cheapest policies with a $250K coverage limit to both men and women at $9 per month and $6 per month, respectively.
Although a policy with a $250K coverage cap is less expensive, it may not include enough coverage for your beneficiaries. The state’s recommended coverage amount of $736K is a helpful starting point to assess how much coverage you need. The suggested coverage level was calculated using state-specific statistics for the average cost of living, income, personal debt, age, etc.
For policies that include the state’s recommended coverage amount, Transamerica offers the best life insurance in Hialeah, with average monthly premium costs of $17 for men and $12 for women.
Cheapest For | $250K Coverage | $736K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
Gender impacts the cost of life insurance in Hialeah. In comparison to the average cost of life insurance across the state, men pay 12% less and women pay 27% less.
For policies with a coverage limit of $250K, men in Hialeah pay $15 per month, while women pay $11 per month. If you purchase a policy with Florida's recommended coverage amount, which is based on age, average mortgage debt and personal debt from the U.S. Bureau of Economic Analysis, you’ll pay a higher monthly premium.
The average cost of life insurance for Florida’s recommended coverage amount of $736K is $32 per month for men and $22 per month for women. Meanwhile, the average monthly cost of a 10-year term insurance is $20 for men and $14 for women, regardless of the coverage level.
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $17 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| AAA | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $22 |
| Transamerica | Rates for $250K Coverage$6 | Rates for $926K Coverage (Recommended) $12 |
| Nationwide | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| AAA | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $17 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Hialeah 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 cost of life insurance in Hialeah significantly varies with gender. Typically, women pay less for life insurance than men because they live longer. Men are more likely to engage in risky behavior, work in dangerous jobs and avoid doctors, all of which contribute to a shorter lifespan than their female counterparts.
Although men are more likely than women to purchase life insurance, both genders significantly contribute to their household economics and would benefit from purchasing life insurance.
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 top seven companies in the state comprise 37% of the industry.
The leading Florida life insurance companies, along with their market shares, are shown in the table below.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share6% |
| MassMutual | Market Share5% |
| Transamerica | Market Share5% |
| John Hancock | Market Share4% |
Market share is the proportion of sales that a company makes in comparison to its competitors in the same industry. It’s typically used to assess a company’s popularity — companies with a higher market share have sold more policies to consumers than others.
MoneyGeek’s market share analysis was based on the total premiums written in the state as provided in the 2020 S&P Global data reports.
The cost of life insurance for younger Hialeah residents ranges from $12 to $20 per month. The following companies are the two most affordable life insurance providers in Hialeah for young people:
The MoneyGeek table below contains additional life insurance quotes for young individuals in Hialeah.
| Transamerica | Monthly Cost$12 |
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| AAA | Monthly Cost$17 |
| Prudential | Monthly Cost$17 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Hialeah who is 5 feet 10 inches and 156 pounds that purchases 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.
Hialeah life insurance is more affordable for people under the age of 25. As you get older and are more prone to age-related health issues, your insurance rates will increase. MoneyGeek recommends buying life insurance while you’re young to save on the cost of your monthly premium.
The typical price range for life insurance in Hialeah for seniors is between $33 and $70 per month. The highest-ranked senior-friendly life insurance providers in the city are as follows:
More details about the top senior life insurance providers in Hialeah can be found in the table below.
| MassMutual | Monthly Cost$34 |
| State Farm | Monthly Cost$37 |
| Mutual of Omaha | Monthly Cost$38 |
| Nationwide | Monthly Cost$39 |
| AAA | Monthly Cost$40 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Hialeah who is 5 feet 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $83K.
Seniors pay higher life insurance premiums in Hialeah since it's likely that their insurance policies will outlive them. Because their beneficiaries are more likely to be financially independent, seniors often do not need as much coverage. Typically, coverage is only needed for expenses like burial costs, inheritance taxes and other associated fees. MoneyGeek’s lower sample coverage amount of $83K is typically sufficient for these purposes.
Residents in Hialeah who smoke should expect to pay between $101 and $179 per month for life insurance. The following companies in Hialeah provide the most affordable life insurance rates:
The table below includes more information on providers that offer affordable life insurance for smokers in Hialeah.
| Transamerica | Monthly Cost$101 |
| State Farm | Monthly Cost$118 |
| MassMutual | Monthly Cost$123 |
| Mutual of Omaha | Monthly Cost$125 |
| Nationwide | Monthly Cost$131 |
Rates were determined by analyzing quotes for a 34-year-old male smoker in Hialeah who is 5 feet 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $736K. 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.
Since smoking can negatively impact one's health, insurers charge a higher insurance premium to those who smoke. However, there are still companies that offer relatively affordable life insurance policies for smokers. Since smoking will significantly increase the cost of your premium as you age, MoneyGeek suggests purchasing insurance for a 20-year term.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
