Best Life Insurance Companies In Florida For 2024

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 For Seniors In Florida

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

Best Life Insurance Companies For Young Adults In Florida

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

Cheapest Life Insurance Companies In Florida

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

Best Life Insurance Companies In Florida For Smokers

*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:

Average Cost of Life Insurance in Florida 

Average Cost of Life Insurance In Florida For Females 

 *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 

**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.