Best Life Insurance Companies In Florida For 2024

My research has shown that MassMutual is the best life insurance company in Florida.

min read
Updated: 19 March 2024
Written by
Bob Phillips
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In the course of researching numerous life insurance providers in Florida, I learned that the best life insurance overall within the state is MassMutual. My conclusions were not based on just market share, but on the company’s excellent coverage and customer service at the best price, as well. In my opinion, those factors add up to a home run for MassMutual, for anyone who wants the best for less.

If you’re in the market for life insurance, taking a few moments to look over the results of my research would be a wise use of your time. After all, life insurance is one of the most important financial decisions you could make.

If you don’t have adequate life insurance, your family may not have the resources to support the lifestyle you want them to have, in the event that you pass away suddenly. Having life insurance in place provides security and protection for your loved ones, and demonstrates your commitment to them.

 

Best Life Insurance Companies In Florida 2024

mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, Florida 2024

Compare The Best Life Insurance Companies In Florida

To help you in evaluating the top life insurance companies in Florida, this table shows my preferred companies across a few important factors.

A.M. Best Rating Best For Overall Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
Mutual of Omaha

A+

Seniors

4.6

801

9.7

Instant Quote
MassMutual

A++

Best Overall

4.8

780

9.7

Instant Quote
Transamerica

A

Young Adults

4.7

740

9.8

Instant Quote
State Farm

A++

Best for Customer Service

4.8

839

9.5

Instant Quote
MassMutual

A++

Best for Cheapest Life Insurance

4.8

780

9.7

Instant Quote
Nationwide

A+

Best for Smokers

4.6

791

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

My approach was to make a comprehensive assessment of the leading providers and then make comparisons. I considered multiple criteria, including such things as: online user experience, cost, product offerings, and customer service ratings. I also used my own personal years of experience in life insurance sales, along with my experience interacting with agents from other insurers. My first-hand experience has provided me with valuable insights into a wide range of products and services within the insurance industry. In rating life insurance companies, my ratings weren't based on price alone, except for the "Best for Cheapest Life Insurance" category. In my opinion, each of these providers is a star in their own market niche, so cost shouldn't be the only factor to consider if you're shopping for life insurance.

33

Quotes Analyzed

15+

Years of experience

21

Brands reviewed

29+

Research hours

The Best Life Insurance Companies In Florida


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Research led us to decide that MassMutual earned the title of Best Overall because of its numerous strengths. This company offers a broad range of high quality insurance products, including term life, whole life, and universal life–all at competitive rates. MassMutual policies offer a good selection of riders that you can add to your policy, also.

MassMutual’s sales agents are extensively trained and knowledgeable in the field of life insurance, and they only represent MassMutual’s products. They’re sometimes called “career agents” with their intensive training on the insurer’s life insurance products, and are well qualified to answer a consumer’s most frequently asked questions. This is beneficial to policyholders, or those shopping for life insurance, who want to have a better understanding of the types of life insurance available.

MassMutual’s dynamic financial strength was another key element in my ratings. It has received the highest rating possible from AM Best (A++ Superior) due to its financial strength and stability, plus its ability to pay claims.

Being chosen as Best Overall demonstrates MassMutual’s dedication to offering a wide variety of insurance products, as well as an expert sales and service team. This determination wasn’t based on cost alone, although its rates are certainly competitive.

MassMutual might not have quite as much brand recognition or market share as some of its competitors, but it’s a well known and respected insurance carrier within the state of Florida.

Benefits & Drawbacks

Benefits
  • Excellent financial ratings
  • Wide range of products with numerous riders available
  • Offers the most affordable rates in Florida
Drawbacks
  • Unable to purchase whole life products online
  • Receives a lower J.D. Power rating compared to certain major competitors
  • Limited to purchasing through MassMutual agents only

Best for Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has been recognized for its commitment to addressing the life insurance needs of seniors for many years. America’s older age group places their faith in this company, not only because  of their popular television show “Mutual of Omaha’s Wild Kingdom,” but because of the intensive training their agents undergo on serving the life insurance needs of the senior niche market.

This company is well known for its senior life insurance products, including two that were specifically designed for older people with health problems. One is a guaranteed issue policy that doesn’t require applicants to undergo a medical examination or access to their health history, making it an attractive choice for seniors living with serious medical problems such as stroke, heart attack or cancer.

The second product is a simplified-issue policy that, while it requires medical history questions, doesn’t require a medical examination. This makes it a popular choice for seniors with minor health issues such as hypertension, (high blood pressure) or Type 2 Diabetes.

Benefits & Drawbacks

Benefits
  • Seniors in Florida can benefit from competitive rates.
  • Well-trained agents offer seniors peace of mind.
  • The company maintains strong financial stability.
Drawbacks
  • The company has a higher ratio of complaints compared to certain competitors.
  • There are fewer agents in Florida than many other major insurers.

Best Life Insurance Companies For Seniors In Florida

Company Monthly Cost
MassMutual $38.39
State Farm $41.62
Mutual of Omaha $43.48
Nationwide $44.22
Progressive Life $69.16

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best for Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica knows its own strengths, and one of those is offering low price life rates for young adults. This company realizes that many young people are careful with their financial outlays, especially when it comes to buying something like life insurance.

For this reason, Transamerica strives to keep its premiums within the boundaries of a young, cost conscious age group trying to maximize life insurance benefits while minimizing the cost.

Transamerica also realizes that the younger group of consumers is used to conducting business online, and has a website that is familiar and comfortable to these buyers. This group wants an online experience that’s user friendly with clear, concise information and data that can be accessed quickly and efficiently.

Transamerica’s website provides that, so visitors are able to navigate through the site easily to get the information they need. Transamerica feels strongly that everybody, regardless of age or budget, deserves the security and peace of mind provided by life insurance.

Life insurance providers face a considerable challenge when marketing to a younger bracket of potential policyholders. This could be because many younger adults don’t yet see the wisdom of having life insurance.

Nowadays, this group are marrying later in life than was the norm in preceding generations, and they tend to postpone purchasing life insurance until after they marry or have children. Companies like Transamerica put the focus on offering life insurance to this demographic because they have lower mortality rates, which amounts to higher profits for the insurer.

Transamerica received the lowest ranking in customer service of any of the companies I reviewed. This might be due to their use of  independent insurance agents for sales and service. Some independent agents, working alone and without company supervision, could probably stand to improve in both of those areas.

Benefits & Drawbacks

Benefits
  • The option to purchase term life insurance is available online.
  • Policy face amounts can reach as high as $10 million.
  • Qualifying applicants can secure coverage of up to $2 million without the need for a medical exam.
Drawbacks
  • The minimum face amount for term life insurance is limited to $25,000.
  • Customer service satisfaction scores are lower compared to competitors.

Best Life Insurance Companies For Young Adults In Florida

Company Monthly Cost
Transamerica $13.91
Mutual of Omaha $15.74
MassMutual $16.05
Nationwide $21.02
Progressive Life $22.87

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best for Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
8/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers is the leading marketing research firm and has been in business for over 50 years. It has long recognized State Farm as a life insurance company with above average customer satisfaction rankings, which are a reflection of this company’s commitment to superior customer service. This should come as no surprise, as State Farm has more agents in the field than any of the other insurance companies in the United States..

State Farm is acclaimed for its dedication to second to none customer service, something that is greatly appreciated by policyholders. The company is unique in the large numbers of local offices where its policyholders can meet with their local agent in person for the sales assistance and service they need.

State Farm is known for its great customer service and speedy claims process. This is an important factor in life insurance, and becomes even more important when a family is mourning and dependent on a life insurance company for timely, compassionate assistance.

Benefits & Drawbacks

Benefits
  • Receives significantly fewer customer complaints than the industry average.
  • Holds top financial ratings for claims-paying ability.
  • Boasts the highest number of agents providing service compared to any other insurer.
Drawbacks
  • Policies can only be purchased through State Farm agents.
  • Offers a limited number of available riders.

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, Florida’s top life insurance carrier, is a financially vigorous industry leader with competitive premiums. There are other insurers that offer low-price term life insurance, but MassMutual’s rates are the most budget-conscious choice.

While it isn’t advisable to select your life insurance purchase on cost alone, the fact is that price is a key factor among most life insurance buyers. MassMutual has the most favorable rates for Florida residents looking for life insurance, even though it is more commonly known for its professionalism rather than its low cost. MassMutual is committed to expanding its market share within the Sunshine State, and is using aggressive price strategies to attain this goal.

Benefits & Drawbacks

Benefits
  • MassMutual has a vast network of well-trained agents who market its policies.
  • The company provides a comprehensive range of life insurance products.
  • MassMutual offers the most cost-effective life insurance options among those we assessed in Florida.
Drawbacks
  • There is no option for online applications when it comes to life insurance products.
  • The only way to purchase is through a MassMutual agent.

Cheapest Life Insurance Companies In Florida

Company Average Monthly Cost
MassMutual $11.34
Transamerica $9.67
Nationwide $11.81
Mutual of Omaha $12.48
State Farm $18.28

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


Best for Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a long established, reputable insurance company with many local offices for sales and service, which is a perk for its policyholders. Their well known slogan: “Nationwide is on your side,” is nothing less than the truth for Florida smokers shopping for life insurance.

Nationwide’s premiums for smokers may be a bit higher than some of its competitors, but I concluded that it’s nevertheless the best choice for smokers due to its easy access to agents, competitive rates, and above average customer service.

Benefits & Drawbacks

Benefits
  • Nationwide policies are sold through a widespread network of well-trained agents.
  • The company offers a comprehensive range of life insurance products.
  • Nationwide has numerous offices conveniently located throughout Florida.
Drawbacks
  • There are no online applications available for life insurance products.
  • The exclusive purchasing option is through a Nationwide agent.

Best Life Insurance Companies In Florida For Smokers

Company Average Monthly Cost
Transamerica $114.62
State Farm $133.50
MassMutual $139.09
Mutual of Omaha $141.47
Nationwide $148.32

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker

If you’re a smoker looking around for life insurance, you’ll soon find that your rates will be considerably more than non-smokers. It will save you some money if you are able to show that you haven’t smoked for the past 1-2 years.

This depends on the insurance carrier’s policies, and a lot of insurers will charge higher rates if you’ve ever smoked at all in the past. However, you might still get a cheaper price. You’ll probably have to undergo a paramedical exam along with a blood test to prove you don’t currently have nicotine in your bloodstream.

How To Find The Best Life Insurance Company For You

If you live in Florida and are interested in getting life insurance, you should understand that when it comes to life insurance, there isn’t any one-size-fits-all policy. Insuranceopedia knows that everyone’s situation is uniquely theirs, based on their own set of circumstances.

I’ve kept this in mind as I evaluated different companies and designated awards for different categories. To get the best life insurance for your individual circumstances, I advise you to follow these three steps:

  1. Calculate the amount of coverage you will need. Most insurance companies offer “life insurance calculators” on their websites that are handy for helping you figure out how much coverage is best for you.
  2. Choose three companies that seem like a good fit for you, for comparisons. Doing comparisons of life insurance companies and coverage is a good idea, but be sure not to compare just their rates, but also their financial strength, customer reviews and other important statistics. Low rates are important, naturally, but they’d be less than worthless in the event your insurance company couldn’t pay your claim.
  3. When you’ve narrowed your choices down to just one company, it’s time to submit an application for coverage. Too many insurance shoppers don’t complete the process to become buyers, but postpone securing life insurance until “later.” It’s important not to wait until some later time, because if you need life insurance, it will be too late to get it at that point. Your family’s future security and well-being is at stake, so it’s critical to act quickly.
 

Largest Life Insurance Companies In Florida

There are numerous life insurance carriers operating in Florida. Here are the 5 largest as measured by market share:

Company Market Share
New York Life 9.02%
State Farm 7.01%
Northwestern Mutual 6.03%
Primerica 3.04%
Southern Farm Bureau Life Insurance 3.01%

Average Cost of Life Insurance in Florida 

Average Cost of Life Insurance In Florida For Females 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Transamerica $9.03 $15.01
MassMutual $10.03 $16.03
Mutual of Omaha $13.02 $23.05
Nationwide $12.03 $16.02
State Farm $18.99 $30.03

 *Rates based on a 10-year term life policy for a 30-year-old female nonsmoker 

Average Cost of Life Insurance in Florida for Males 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $11.02 $20.02
Nationwide $11.03 $20.01
Mutual of Omaha $12.03 $22.02
Transamerica $9.98 $19.03
State Farm $19.03 $34.01

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Florida

The price of life insurance in Florida is affected by multiple factors, including:

  • Health status
  • Riders added to your policy
  • Age
  • Your life insurance company
  • Smoking habits
  • Gender
  • Credit score

It’s not out of the ordinary for males to have more expensive life insurance premiums than females because historically, men have shorter life spans than women. This is basically the same way it works with insurance rates for smokers: male and female smokers pay higher life insurance rates because they usually have shorter projected life spans than those who don’t smoke.

Insurance carriers in Florida may look at other things, too, like your credit score, when calculating your rates. If you add riders to your policy, such as riders for a child or maybe a disability waiver of premium, you’ll have a higher premium.

How Much Life Insurance Do You Need In Florida?

How much life insurance you need depends on your situation. If you are a homeowner, for example, it’s probable that you’ll need more life insurance coverage than those who rent. People with dependents, such as children, usually need more coverage, too.

Life insurance agents will typically advise you to secure coverage of 10-20 times your annual wages to make sure there is adequate protection for your family. For instance, if your annual income is $75,000, you might need coverage ranging from $750,000 to $1.5 million.

Florida Life Insurance Laws To Know

If you’re planning to secure life insurance in Florida, you may find it helpful to become more familiar with the state’s guidelines that were put into effect to protect policyholders. These laws include:

Contestable Period:

Life insurance companies in Florida can deny paying claims if they discover that the policyholder gave  false or misleading information on their application, within two years of the policy’s effective date. But, after 2 years have elapsed, the insurance provider can’t contest the application based on errors or discrepancies.

Free Look Period:

Once you receive your life insurance policy, you have 10 days to review it. Within this 10 day time frame, if you decide that you don’t want to keep the  policy, you may return it without a penalty and receive a full refund of any premiums you’ve paid.

Grace Period For Missed Payments:

If you miss a payment, Florida law allows you a 30 day grace period during which time you can still make the payment, without losing your insurance coverage.

Time Allowable To Settle A Claim

Insurance beneficiaries must file a claim with the insurance company in order to receive benefits. Once the claim has been filed, life insurance companies in Florida are required to settle the claim within 30 days.

FAQs

Is life insurance more expensive in Florida?

No, it isn’t. Life insurance rates in Florida are in line with those in other states. Insurance providers who charge higher rates often do so because they have paid out more in claims than they anticipated.

How much per month is a million-dollar life insurance policy in Florida?

According to my research, MassMutual has the most inexpensive rates for a 10 year term life policy of $1 million in Florida, with a premium of  approximately $27 monthly.

What is the average monthly cost of life insurance in Florida?

Life insurance rates for a 30 year old male in Florida might be as low as $10.00 monthly for $250,000 of coverage. The same amount of coverage for a 30 year old female in Florida will cost around $9.00 monthly.

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