Best Life Insurance Companies in Tampa, FL, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.