Updated: May 22, 2024
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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.
BestLife InsuranceMiami, FLBest Life Insurance Companies in Miami, FL, for 2023
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.
Cheapest For | $250K Coverage | $736K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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.
| Transamerica | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $18 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $20 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $21 |
| AAA | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $24 |
| Transamerica | Rates for $250K Coverage$7 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $14 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $15 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| AAA | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
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.
Insurance companies consider gender when it comes to life insurance costs because women tend to have higher life expectancies than men. Women typically outlive men due to various factors, one of which is an increased prevalence of heart disease in men.
However, studies find that although life insurance is cheaper for women, men are more likely to buy life insurance. As essential economic contributors to their households, it’s also important that women purchase life insurance.
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.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share6% |
| MassMutual | Market Share5% |
| Transamerica | Market Share5% |
| John Hancock | Market Share4% |
Market share refers to the percentage of revenue that a company generates in a particular market compared to its competitors. Popular companies tend to have a bigger market share since they will have a larger client base.
For this analysis, MoneyGeek used market share data from 2020 S&P Global data reports to determine the most popular life insurance companies in Florida.
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:
You can use the table below to compare life insurance rates for young people by company.
| Transamerica | Monthly Cost$13 |
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$15 |
| AAA | Monthly Cost$18 |
| Prudential | Monthly Cost$18 |
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.
In Miami, life insurance costs less for younger people because they typically have a higher life expectancy. This means you can get the best life insurance rates if you purchase your policy young which will help you to save on costs.
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:
You can find life insurance rates for seniors by provider in the table below.
| MassMutual | Monthly Cost$37 |
| State Farm | Monthly Cost$40 |
| Mutual of Omaha | Monthly Cost$42 |
| Nationwide | Monthly Cost$42 |
| AAA | Monthly Cost$44 |
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.
Insurance companies categorize seniors as high risk due to their low life expectancy. Due to the increased risk, insurance providers charge this population higher premiums.
Most seniors will get sufficient coverage with low coverage policies since they are unlikely to have young dependents who require future income. As such, we chose a low coverage amount of $100,000 for our sample policy for seniors. Low coverage will cover fewer expenses, but it can cover funeral expenses and related costs.
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:
You can see more life insurance rates for smokers in Miami depending on the company in the table below.
| Transamerica | Monthly Cost$110 |
| State Farm | Monthly Cost$128 |
| MassMutual | Monthly Cost$134 |
| Mutual of Omaha | Monthly Cost$136 |
| Nationwide | Monthly Cost$142 |
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.
Smoking impacts the cost of life insurance because it’s a major risk factor for various chronic health conditions. Smokers will pay higher rates for life insurance than non-smokers because they are considered a high-risk population due to their lower life expectancy.
The best way to find affordable rates if you are a smoker is to compare life insurance quotes for smokers from different providers. You can also opt for a longer term life insurance policy since rates typically increase with age.
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 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 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.
