Updated: May 22, 2024
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Life insurance provides financial support to your beneficiaries in the event that you pass away. With numerous life insurance companies in Tallahassee, Florida, shopping around and comparing rates will help you find the right policy for your needs.
Using MoneyGeek’s study, you can review the best life insurance companies in Tallahassee based on your age, gender and lifestyle to find the right one for you.
BestLife InsuranceTallahassee, FLBest Life Insurance Companies in Tallahassee, FL, for 2023
Life insurance premiums are impacted by the buyer’s gender and selected coverage amount. For a policy with a coverage limit of $250K, Transamerica is the most affordable life insurance company for men and women in Tallahassee. With this provider, men pay an average monthly premium of $10, while women pay $9 per month.
A policy with a $250K coverage limit is affordable, but it may not provide enough coverage for your beneficiaries. A good life insurance benchmark is the state’s recommended coverage amount, which is based on several state-specific factors like average income, mortgage and personal debt. In Florida, the state recommended coverage amount is $736K.
For Florida’s recommended coverage amount of $736K, Transamerica provides the cheapest life insurance for men and women at $20 per month and $17 per month, respectively.
Cheapest For | $250K Coverage | $736K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
Men in Tallahassee pay approximately 6% more than the average cost of life insurance in Florida, while women pay 4% more than the state average.
The average cost of life insurance changes based on your gender. For a policy with a $250K coverage limit, men in Tallahassee pay $19 per month, while women pay $16 per month.
Rates for the state’s recommended coverage amount are higher than those for the standard coverage limit. The state’s recommended coverage amount is based on state-specific factors like average age, personal debt, personal mortgage debt and per capita income from the U.S. Bureau of Economic Analysis. For the recommended coverage amount in Florida of $736K, men in Tallahassee pay $38 per month, while women pay $32 per month.
For a 10-year term policy, regardless of coverage amount, women pay an average of $20 per month, while men pay $24 per month.
| 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$9 | Rates for $926K Coverage (Recommended) $17 |
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $18 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $19 |
| MassMutual | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
| AAA | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $24 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Tallahassee 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.
Gender is one of the main driving factors behind the cost of life insurance. Women tend to pay less than men for life insurance because they have a longer average life expectancy. According to research, men die earlier than women because they participate in more dangerous jobs and visit the doctor less frequently.
Studies show that men are more likely than women to purchase life insurance. Women should consider purchasing life insurance as an affordable way to safeguard the financial future of their beneficiaries.
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%. The seven most popular companies in Florida comprise 36% of the market share.
The top-seven life insurance companies in Florida, along with their respective market shares, are included in the table below.
| Northwestern Mutual | Market Share8% |
| Lincoln Financial | Market Share6% |
| MassMutual | Market Share5% |
| Transamerica | Market Share5% |
| John Hancock | Market Share4% |
A market share is the percentage of an industry’s total sales made by a specific company. For instance, a life insurance company with a high market share has sold more policies than its competitors.
MoneyGeek’s market share data was based on each company’s total written premiums that were included in the 2020 S&P Global data report.
The cost of life insurance in Tallahassee for young adults ranges from $15 to $24 per month. MoneyGeek found that the following two companies offer the most affordable life insurance for young people in the city:
In the table below, you’ll see the other life insurance quotes in Tallahassee for young adults.
| 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 Tallahassee who is 5 feet 10 inches and 156 pounds that purchases a 20-year term contract at the average coverage need of $280K. We chose a 20-year term to provide a more extended coverage period for a younger buyer.
Young adults, those 25 years old and younger, will find more affordable life insurance premiums. The cost of life insurance increases as you mature and become more prone to specific health issues. As such, buying life insurance while you're young is one of the best ways to save money on life insurance.
Seniors in Tallahassee can expect to pay between $41 and $85 per month for life insurance. Based on our findings, the following two providers offer the most affordable life insurance policies to seniors in Tallahassee:
The table below shows the best and most affordable insurance companies in Tallahassee for seniors.
| MassMutual | Monthly Cost$41 |
| State Farm | Monthly Cost$44 |
| Mutual of Omaha | Monthly Cost$46 |
| Nationwide | Monthly Cost$47 |
| AAA | Monthly Cost$48 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tallahassee who is 5 feet 10 inches and 183 pounds that purchases a 10-year term contract at the average coverage need of $83K.
Insurers tend to charge seniors more for life insurance because they may outlive their policies. Seniors can save money by choosing a low-coverage policy. A high-coverage policy typically isn’t needed since their beneficiaries are often financially independent. MoneyGeek’s sample policy coverage for seniors of $83K is typically enough to cover funeral expenses and estate tax.
In Tallahassee, the average cost of life insurance for smokers is between $115 and $203 per month. MoneyGeek found that the following companies offer the most affordable life insurance to smokers in Tallahassee:
The table below includes rates from additional affordable insurance providers for smokers in the city.
| Transamerica | Monthly Cost$122 |
| State Farm | Monthly Cost$142 |
| MassMutual | Monthly Cost$148 |
| Mutual of Omaha | Monthly Cost$150 |
| Nationwide | Monthly Cost$158 |
Rates were determined by analyzing quotes for a 34-year-old male smoker in Tallahassee who is 5 feet 10 inches and 183 pounds that purchases a 20-year term contract at the average coverage need of $736K. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide more extended coverage as rates for smokers increase faster as you age.
Insurance companies perceive smokers as high-risk since they are prone to life-threatening health conditions. As such, they charge them higher premiums. However, it’s still possible to find cheap life insurance for smokers. MoneyGeek suggests buying a longer-term policy of at least 20 years since rates for smokers exponentially increase as they get older.
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. Remember that each buyer is unique and may need more or less coverage depending on their 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.
