Best Life Insurance Companies in Miami, FL, for 2023

Life insurance is important because it ensures that your dependents receive financial compensation once you pass away. There are many options for life insurance in Miami but it is important to find the best provider based on your profile and needs.

MoneyGeek broke down the best life insurance companies in Miami for different categories including seniors, young adults and smokers. We also compared companies by market share to determine the most popular life insurance companies in Miami.

For life insurance with $250,000 coverage, Transamerica offers the cheapest average rates for men and women at $9 per month and $7 per month, respectively. Policies with $250,000 in coverage tend to be more affordable but may not necessarily offer sufficient coverage for your dependents.

Based on the cost of living, average income, average personal debt and other state-specific factors, the recommended state coverage is $736,000. For this level of coverage, Transamerica is also the cheapest life insurance provider in Miami, at an average cost of $18 per month for men and $14 per month for women.

People in Miami pay lower rates for life insurance compared to the average life insurance cost in Florida. Men’s life insurance rates in Miami are 4% cheaper than the state average while rates for women are 16% cheaper than the state average.

Women typically pay less than men for life insurance in Miami. For a policy with $250,000 of coverage, women will pay an average of $13 per month, while men will only pay $17 per month.

Likewise, women will pay $26 per month and men will pay $34 per month for a policy with the state-recommended coverage of $736,000.

The same holds true for a 10-year term policy: on average, women pay less at $16 per month in comparison to men, who pay $22 per month.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Miami 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 most popular life insurance companies in Florida are Northwestern Mutual, Lincoln Financial and MassMutual with market shares of 8%, 6% and 5%, respectively. The top seven most popular companies in Florida take up approximately 36% of the total life insurance market share in Florida.

You can look up the seven most popular life insurance companies in Florida in the table below.

Miami life insurance rates for young people range from $13 to $22 per month. If you are a young adult in Miami, the cheapest life insurance companies are:

• Transamerica: $13 per month
• Mutual of Omaha: $15 per month

You can use the table below to compare life insurance rates for young people by company.

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

If you are a senior in Miami, your life insurance costs can range from $37 to $77 per month. The most affordable life insurance companies in Miami for seniors are:

• MassMutual: $37 per month
• State Farm: $40 per month

You can find life insurance rates for seniors by provider in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Miami 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.

If you’re a smoker in Miami, you will pay between $110 and $194 per month for life insurance. The most affordable life insurance companies in Miami for smokers are:

• Transamerica: $110 per year
• State Farm: $128 per year

You can see more life insurance rates for smokers in Miami depending on the company in the table below.

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

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.