Best Life Insurance Companies in Jacksonville, FL

Based on MoneyGeek’s research, Transamerica is the best overall provider of life insurance in Jacksonville, FL. Transamerica also offers the best life insurance for young people and smokers in the city. Seniors, however, should consider MassMutual for the best life insurance policies.

Among these companies, average life insurance premiums range from $11 per month for a $250K coverage policy to $21 per month for the recommended state coverage of $736K.

REVIEW LIFE INSURANCE RATES

Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

Your Zip Code
widget-location-pin
Advertising & Editorial DisclosureLast Updated: 12/22/2022
Written By     |  
Reviewed By     |  

Having life insurance provides you peace of mind that your family or dependents will be financially supported when you pass away. In this review, MoneyGeek analyzed average rates based on age, gender and smoking history to find the best life insurance companies in Jacksonville for different buyer profiles.

iconBestLife InsuranceJacksonville
2023

Best Life Insurance Companies in Jacksonville, FL, for 2023

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Best Cheap Life Insurance in Jacksonville

When shopping for life insurance, it’s important to consider that your age and preferred coverage level will significantly impact your rates. In Jacksonville, the cheapest insurer is Transamerica for both men and women. For a $250K coverage, men pay around $11 per month, while women only pay $9 per month.

Although a $250K coverage policy is cheaper, meeting Florida’s recommended state coverage of $736K ensures that your family is able to keep up with living costs, average income, average personal debt and other expenses. At this higher coverage level, men pay around $21 per month, while women pay around $17 per month.

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

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Jacksonville for Men and Women

MoneyGeek reviewed the average cost of life insurance, which varies not just between different genders, but also within cities in each state. MoneyGeek found that life insurance for men in Jacksonville is 9% higher than the average cost of life insurance in Florida. Meanwhile, the cost of life insurance for women in Jacksonville is equal to the state-wide average cost of life insurance.

Typically, men pay more than women for life insurance policies in Jacksonville: policies that include $250K of coverage cost $19 per month for men but only cost $15 per month for women.

This also applies to Florida’s recommended coverage amount of $736K. Male buyers should expect to pay around $39 per month, while female buyers can expect to pay less at $31 per month.

For a 10-year term life insurance in Jacksonville, men typically pay around $25 per month, while women only pay $20 per month.

Average Monthly Life Insurance Rates in Jacksonville: Men

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $11
    $21
  • Nationwide
    $13
    $22
  • MassMutual
    $12
    $22
  • Mutual of Omaha
    $14
    $24
  • AAA
    $15
    $27
  • State Farm
    $20
    $36
  • Prudential
    $33
    $44
  • Progressive Life
    $18
    $63
Average Monthly Life Insurance Rates in Jacksonville: Women

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $17
  • Nationwide
    $12
    $17
  • Mutual of Omaha
    $13
    $18
  • MassMutual
    $10
    $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 Jacksonville 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.

tip icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Life insurance costs change significantly between genders. Because women tend to outlive their male counterparts, they often receive lower life insurance rates. A Harvard study showed that men die earlier than women because they’re more likely to take risks and have dangerous jobs, among other reasons.

Although they live longer, women are less likely to buy life insurance than men. Women have become essential in the workforce and significant contributors to the economic stability of their homes. Because of this, they should also consider obtaining 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%. Overall, the seven most popular companies in Florida, listed in the table below, comprise 36% of the overall market share.

Most Popular Life Insurance Companies in Florida

Scroll for more

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

Simply put, a market share tells us how many policies a specific provider has sold compared to others in the same industry. Life insurance companies with higher market shares sell more policies.

In this review, MoneyGeek included the most popular life insurance companies and their respective market shares based on the data from S&P Global’s 2020 state reports.

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Cheapest Life Insurance for Young People in Jacksonville

For young people in Jacksonville, the average cost of premiums range from approximately $15 to $25 per month. The cheapest companies offering life insurance for young people are:

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

Below is a complete list of the most affordable life insurance companies for young adults in Jacksonville.

Best Life Insurance Companies for Young People in Jacksonville, FL

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $15
  • Mutual of Omaha
    $17
  • MassMutual
    $17
  • AAA
    $20
  • Prudential
    $20
  • State Farm
    $21
  • Nationwide
    $23
  • Progressive Life
    $25

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Jacksonville who is 5 feet 10 inches in height 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.

tip icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

The cost of life insurance increases as you age. That’s why it’s best to buy a policy at a young age since your rates will be lower.

Cheapest Life Insurance for Seniors in Jacksonville

In Jacksonville, the average cost of life insurance for seniors ranges from $42 to $87 per month. The cheapest companies for older adults in Jacksonville are:

  • MassMutual: $42 per month
  • State Farm: $45 per month

Below is a list of life insurance companies with the lowest rates for seniors in Jacksonville.

Best Life Insurance Companies for Seniors in Jacksonville, FL

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $42
  • State Farm
    $45
  • Mutual of Omaha
    $47
  • Nationwide
    $48
  • AAA
    $49
  • Progressive Life
    $75
  • Prudential
    $86
  • Transamerica
    $87

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

tip icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Senior buyers are considered high-risk by insurers, as their life insurance policies are likely to outlive them. Because of this providers typically charge seniors higher premiums. However, seniors can save money by choosing less coverage, which is usually acceptable because they have fewer financial dependents. For this reason, we set a coverage limit of only $100K, enough to cover funeral arrangements and other burial costs.

Cheapest Life Insurance for Smokers in Jacksonville

The average life insurance quotes in Jacksonville for people who smoke range from $124 to $220 per month. In Jacksonville, the cheapest life insurance providers for smokers are:

  • Transamerica: $124 per month
  • State Farm: $145 per month

Aside from these two companies, the table below shows the most affordable insurers in the city for smokers.

Best Life Insurance Companies for Smokers in Jacksonville, FL

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Transamerica
    $124
  • State Farm
    $145
  • MassMutual
    $151
  • Mutual of Omaha
    $154
  • Nationwide
    $161
  • Prudential
    $170
  • AAA
    $175
  • Progressive Life
    $220

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

tip icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are riskier to insure as they are prone to tobacco-related illnesses like cancer, heart diseases and stroke, among many others. Due to this, smokers tend to pay higher insurance premiums.

Nevertheless, it’s still possible to find affordable life insurance quotes for people who smoke. MoneyGeek recommends buying a 20-year term policy, as premiums for smokers tend to increase as you age.

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin
Insurance Rates

Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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


expert-profile

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.


sources