Best Life Insurance Companies in Tampa, FL

According to MoneyGeek’s research, Transamerica is the best life insurance company in Tampa for the average adult, young adults and smokers. Meanwhile, MassMutual is a great option for seniors. On average, the cheapest life insurance rates in Tampa cost $21 per month for a $250K coverage policy, while it costs $41 per month for Florida’s recommended coverage.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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Life insurance offers financial support to those you love after you pass away. Because life insurance is a long-term investment, it’s ideal to shop around for a policy that meets your unique needs. MoneyGeek analyzed the best life insurance providers in Tampa based on factors like your age, lifestyle and gender.

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2023

Best Life Insurance Companies in Tampa, FL, for 2023

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Best Cheap Life Insurance in Tampa

Your gender and chosen policy coverage influence your life insurance rates. Transamerica is the cheapest company for both men and women for $250K coverage in Tampa, with monthly premiums costing around $11 per month and $9 per month, respectively.

While $250K coverage is more affordable, it may not be an adequate amount for you and your loved ones. Each state recommends a specific amount for life insurance coverage based on state-specific factors, including average personal debt, average income, the state’s cost of living and more.

In Florida, the recommended coverage amount is $736K. With respect to this recommendation, Transamerica is still the most affordable option for both men and women, with policies that cost an average of $22 per month and $17 per month, accordingly.

Cheapest Life Insurance Companies for Males and Females in Tampa
  • Cheapest For
    $250K Coverage
    $736K Coverage (Recommended)
  • Male

    Transamerica

    Transamerica

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Tampa for Men and Women

The cost of your life insurance in Tampa depends on your gender. In Tampa, men pay 13% more and women pay 3% more than the average cost in Florida.

For $250K coverage in Tampa, men pay roughly $20 per month and women pay $16 per month, on average. However, Florida’s recommended coverage of $736K costs more since it accounts for several factors such as per capita income (according to the U.S. Bureau of Economics), average mortgage debt, average personal debt and average age.

The average cost of a policy for a $736K coverage costs $40 per month for men and $31 per month for women.

Regardless of the coverage limit, an average 10-year term policy costs $26 per month for men and $20 per month for women.

Average Monthly Life Insurance Rates in Tampa: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $11
    $22
  • Nationwide
    $13
    $23
  • MassMutual
    $13
    $23
  • Mutual of Omaha
    $14
    $25
  • AAA
    $15
    $28
  • State Farm
    $21
    $38
  • Prudential
    $34
    $46
  • Progressive Life
    $19
    $66
Average Monthly Life Insurance Rates in Tampa: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $9
    $17
  • Nationwide
    $12
    $18
  • Mutual of Omaha
    $13
    $19
  • MassMutual
    $11
    $19
  • AAA
    $12
    $24
  • Prudential
    $23
    $30
  • State Farm
    $18
    $33
  • Progressive Life
    $17
    $50

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

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender heavily influences your life insurance premiums. Because women have a longer life expectancy compared to men, their policies are often cheaper. Research has shown that men are more likely to have dangerous jobs, die of heart disease and avoid doctors. Therefore, life insurance becomes more expensive for men.

Although studies reveal that women don’t buy life insurance as often as men do, it’s still a good idea for women to get life insurance. Women bring economic value to their households and can protect their families financially.

Most Popular Life Insurance Companies in Florida

The three most popular life insurance companies in Florida are Northwestern Mutual (8%), Lincoln Financial (6%) and MassMutual (5%), according to market share. Together, the top seven companies in Florida make up 36% of the market share.

You can find Florida’s seven most popular life insurance companies in the table below.

Most Popular Life Insurance Companies in Florida

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  • Company
    Market Share
  • Northwestern Mutual
    8%
  • Lincoln Financial
    6%
  • Transamerica
    5%
  • MassMutual
    5%
  • Pacific Life
    4%
  • New York Life
    4%
  • John Hancock
    4%
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MONEYGEEK DICTIONARY

Market share reflects a company’s percentage of revenue or sales in comparison to its competitors. If a life insurance company has a high market share, it means they have sold more policies than its counterparts.

MoneyGeek examined S&P Global’s 2020 market intelligence reports to gather data about the most popular insurance companies in Florida.

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Cheapest Life Insurance for Young People in Tampa

The average cost of life insurance for young adults in Tampa can range between $16 to $26 per month. For young adults in Tampa, MoneyGeek’s research found that the two cheapest companies on average are:

  • Transamerica: $16 per month
  • Mutual of Omaha: $18 per month

Below, MoneyGeek also listed other companies that offer life insurance premiums in Tampa.

Best Life Insurance Companies for Young People in Tampa, FL

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  • Company
    Monthly Cost
  • Transamerica
    $16
  • Mutual of Omaha
    $18
  • MassMutual
    $18
  • AAA
    $21
  • Prudential
    $21
  • State Farm
    $22
  • Nationwide
    $24
  • Progressive Life
    $26

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Florida 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance policies are cheaper for individuals who are 25 years of age and below. Over time, your premiums become more expensive. Therefore, it’s best to purchase life insurance at a young age to save money in the long run.

Cheapest Life Insurance for Seniors in Tampa

In Tampa, life insurance for seniors costs roughly $43 to $90 per month. MoneyGeek found that the cheapest life insurance providers in Tampa are, on average:

  • MassMutual: $43 per month
  • State Farm: $47 per month

You can view the table below for the full list of life insurance companies in Tampa with affordable rates for seniors.

Best Life Insurance Companies for Seniors in Tampa, FL

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  • Company
    Monthly Cost
  • MassMutual
    $43
  • State Farm
    $47
  • Mutual of Omaha
    $49
  • Nationwide
    $50
  • AAA
    $52
  • Progressive Life
    $78
  • Prudential
    $90
  • Transamerica
    $90

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

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors tend to pay higher life insurance premiums since there’s a higher probability that their policy will outlive them. Seniors are still well-protected with less coverage since it’s likely that their beneficiaries are financially independent adults. A typical life insurance policy for seniors covers funeral expenses and other outstanding debts. Thus, MoneyGeek’s sample policy coverage for seniors is lower than for other profiles we evaluated.

Cheapest Life Insurance for Smokers in Tampa

On average, life insurance for smokers in Tampa costs $130 to $229 per month. For smokers, the most affordable insurers in Tampa are:

  • Transamerica: $130 per month
  • State Farm: $151 per month

To find the complete list of affordable life insurance companies in Tampa, you can browse the table below.

Best Life Insurance Companies for Smokers in Tampa, FL

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  • Company
    Monthly Cost
  • Transamerica
    $130
  • State Farm
    $151
  • MassMutual
    $158
  • Mutual of Omaha
    $160
  • Nationwide
    $168
  • Prudential
    $178
  • AAA
    $182
  • Progressive Life
    $229

Rates were determined by analyzing quotes for a 34-year-old male smoker in Florida who is 5 feet 10 inches and 183 pounds who 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Individuals who smoke pay higher premiums since they’re considered high risk and more prone to illnesses that reduce their life expectancy. However, smokers can still find companies that offer cheap life insurance rates. MoneyGeek advises smokers to buy long-term policies (a minimum of 20 years) since rates exponentially increase as you get older.

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Methodology

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 the Author


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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