Updated: May 22, 2024
Advertising & Editorial Disclosure
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.
BestLife InsuranceOrlando, FLBest Life Insurance Companies in Orlando, FL, for 2023
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.
Cheapest For | $250K Coverage | $736K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
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.
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $20 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $22 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $22 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $23 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $27 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $17 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $17 |
| AAA | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $22 |
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.
Insurers often charge women less for a life insurance policy, as they usually live longer than men. Men generally have a shorter lifespan due to various factors, including more dangerous jobs, a higher probability of developing heart disease and a high suicide rate.
While women live longer, various studies show men buy more life insurance policies than women. Regardless of your gender, buying life insurance is a great idea, as it can help ease the financial burden of your loved ones after your death and enable you to leave a legacy behind.
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.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share6% |
| MassMutual | Market Share5% |
| Transamerica | Market Share5% |
| John Hancock | Market Share4% |
A company's market share helps us understand what portion of an industry's total sales have been generated by that company. If an insurance company has a high market share, it means it's popular among consumers and has sold more policies than its competitors.
The market share data shown here is derived from 2020 S&P Global data reports and based on total premiums written in the state.
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:
See the table below for the best life insurance companies for young people in Orlando.
| Transamerica | Monthly Cost$15 |
| Mutual of Omaha | Monthly Cost$17 |
| MassMutual | Monthly Cost$17 |
| AAA | Monthly Cost$20 |
| Prudential | Monthly Cost$20 |
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.
Insurers generally charge less for young people (25 years and younger). As you grow older, your insurance premiums rise. That’s why buying life insurance at a young age is one of the best ways to save money on your policy.
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:
MoneyGeek listed the best life insurance companies for seniors in Orlando in the table below.
| MassMutual | Monthly Cost$41 |
| State Farm | Monthly Cost$45 |
| Mutual of Omaha | Monthly Cost$47 |
| Nationwide | Monthly Cost$47 |
| AAA | Monthly Cost$49 |
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.
Since seniors are more susceptible to severe ailments and their life insurance policy is expected to outlive them, insurance companies charge them higher rates than young adults. However, they usually don’t need much coverage, as their beneficiaries are financially independent, and most of the insurance amount is used to cover funeral arrangements and other final expenses. That’s why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.
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:
The table below will help you explore other insurance companies in the city offering affordable life insurance for smokers.
| Transamerica | Monthly Cost$123 |
| State Farm | Monthly Cost$143 |
| MassMutual | Monthly Cost$149 |
| Mutual of Omaha | Monthly Cost$152 |
| Nationwide | Monthly Cost$159 |
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.
Since smokers are more likely to develop lung disease and certain cancers, life insurance companies charge them higher premiums. If you’re a smoker, you can find cheaper life insurance policies by shopping around. As your rates will increase significantly with your age, MoneyGeek recommends buying a 20-year term policy for extended coverage.
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 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 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.
