Best Life Insurance Companies in Orlando, FL, for 2023

A life insurance policy can save your family from financial suffering after you pass away by covering funeral expenses, medical costs, debt and other financial obligations. There are many insurance companies offering life insurance in Orlando, Florida. We recommend shopping around and comparing quotes if you want the cheapest rates.

In this guide, MoneyGeek researched the best insurers offering life insurance quotes in Orlando based on your gender, age and lifestyle.

Your gender and policy amount significantly influence your insurance rates. In Orlando, Transamerica offers the cheapest rates for men, charging an average of $10 per month for a $250K coverage policy. The insurer is also the most affordable option for women, costing around $8 per month for $250K worth of coverage.

While a $250K coverage policy might be affordable, it may not be sufficient. MoneyGeek recommends having a policy with at least $736K worth of coverage in Orlando. We determined this amount after analyzing the cost of living, average income, average personal debt, average age and other state-specific factors.

For a $736K coverage policy, Transamerica offers the most affordable rates for both men and women, charging an average of $20 and $16 per month, respectively.

Your gender can play an important role in determining your life insurance costs. MoneyGeek found that men in Orlando pay about 7% more than Florida’s average cost, while women pay approximately 5% less.

Our data shows that men in the city pay an average of $19 per month for a $250K coverage policy, while women pay roughly $15 per month for the same coverage.

However, you’ll have to pay different rates if you get a policy with the state’s recommended coverage amount. In Florida, MoneyGeek recommends having a policy with $736K worth of coverage based on factors like per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. We found that the average cost of a policy with this amount of coverage is $38 per month for men and $29 per month for women.

For a 10-year term policy, men in Orlando pay an average of $24 per month, while the average cost for women is $19 per month, regardless of the coverage limit.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Orlando 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.

MoneyGeek’s research shows that Northwestern Mutual (8%), Lincoln Financial (6%) and MassMutual (5%) are the three most popular insurance companies in Florida, based on their market share. We found that the seven most popular companies in the state make up around 37% of the Florida life insurance market.

The table below lists the seven most popular insurance companies in Florida.

MoneyGeek found that the cost of a life insurance policy for young people in Orlando can range from an average of $15 to $25 per month. The following companies offer the cheapest rates for young people in the city:

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

See the table below for the best life insurance companies for young people in Orlando.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Orlando who is 5 feet 10 inches and 156 pounds that purchases 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.

For seniors in Orlando, life insurance premiums can range from an average of $41 to $86 per month. The following companies provide the most affordable policies for seniors in the city:

• MassMutual: $41 per month
• State Farm: $45 per month

MoneyGeek listed the best life insurance companies for seniors in Orlando in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Orlando who is 5 feet 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $83,000.

In Orlando, smokers can expect to pay between an average of $123 to $218 per month for a life insurance policy. MoneyGeek’s research shows that the following insurers are the cheapest options for smokers in the city:

• Transamerica: $123 per month
• State Farm: $143 per month

The table below will help you explore other insurance companies in the city offering affordable life insurance for smokers.

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

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.