Best Life Insurance Companies in Hialeah, FL

Transamerica is the top life insurance provider in Hialeah for the average adult, based on MoneyGeek's analysis. The insurer was also rated as the best provider for smokers and young people in the city, while MassMutual is the best among seniors. In Hialeah, the cost of life insurance starts at $9 per month for a policy with a $250K coverage limit or $17 per month for a policy with the state’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Hialeah, FL, for 2023

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Best Cheap Life Insurance in Hialeah

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Hialeah for Men and Women

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.

Average Monthly Life Insurance Rates in Hialeah: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $17
  • Nationwide
    $10
    $18
  • MassMutual
    $10
    $18
  • Mutual of Omaha
    $11
    $19
  • AAA
    $12
    $22
  • State Farm
    $16
    $30
  • Prudential
    $27
    $36
  • Progressive Life
    $15
    $51
Average Monthly Life Insurance Rates in Hialeah: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $6
    $12
  • Nationwide
    $8
    $13
  • Mutual of Omaha
    $9
    $13
  • MassMutual
    $8
    $13
  • AAA
    $9
    $17
  • Prudential
    $16
    $21
  • State Farm
    $13
    $23
  • Progressive Life
    $12
    $36

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Florida

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.

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

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.

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Cheapest Life Insurance for Young People in Hialeah

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:

  • Transamerica: $12 per month
  • Mutual of Omaha: $14 per month

The MoneyGeek table below contains additional life insurance quotes for young individuals in Hialeah.

Best Life Insurance Companies for Young People in Hialeah, FL

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  • Company
    Monthly Cost
  • Transamerica
    $12
  • Mutual of Omaha
    $14
  • MassMutual
    $14
  • AAA
    $17
  • Prudential
    $17
  • State Farm
    $17
  • Nationwide
    $19
  • Progressive Life
    $20

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Hialeah

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:

  • MassMutual: $34 per month
  • State Farm: $37 per month

More details about the top senior life insurance providers in Hialeah can be found in the table below.

Best Life Insurance Companies for Seniors in Hialeah, FL

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  • Company
    Monthly Cost
  • MassMutual
    $34
  • State Farm
    $37
  • Mutual of Omaha
    $38
  • Nationwide
    $39
  • AAA
    $40
  • Progressive Life
    $61
  • Prudential
    $70
  • Transamerica
    $71

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Hialeah

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:

  • Transamerica: $101 per month
  • State Farm: $118 per month

The table below includes more information on providers that offer affordable life insurance for smokers in Hialeah.

Best Life Insurance Companies for Smokers in Hialeah, FL

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  • Company
    Monthly Cost
  • Transamerica
    $101
  • State Farm
    $118
  • MassMutual
    $123
  • Mutual of Omaha
    $125
  • Nationwide
    $131
  • Prudential
    $139
  • AAA
    $142
  • Progressive Life
    $179

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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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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