Best Life Insurance Companies in Florida For 2023

My research indicates that when it comes to life insurance options in Florida, MassMutual stands out as the top choice.

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Updated: 15 September 2023
Written by
Bob Phillips

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Like anyone else, residents of Florida are looking to find the best life insurance at an affordable cost. I’m here to simplify the task for you and assist you in locating the ideal policy tailored to your needs.

My research leads me to believe that MassMutual is the best life insurance company in Florida. What sets MassMutual apart is not just its market share but its ability to provide comprehensive coverage and top-notch service at an affordable rate, making it a winning choice in our assessment.

In our rankings, we also recognized other noteworthy companies. Mutual of Omaha excels in catering to seniors, Transamerica emerges as a great option for younger people, State Farm takes the crown in terms of customer service, and Nationwide earns praise as an excellent choice for smokers. MassMutual also earns accolades for offering the most affordable life insurance in Florida.

Dedicating a few moments to review the details below is a wise investment of your time. Without the right life insurance coverage in place, your loved ones may face financial uncertainties if something were to happen to you suddenly. Purchasing life insurance is a clear demonstration of your commitment to their well-being.

Best Life Insurance Companies In Florida 2023

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 2023

Comparison Of The Best Life Insurance Companies In Florida

To help you in assessing the top life insurance providers in Florida, we have prepared a table showcasing our favored companies based on several key criteria.

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

Our method for choosing the top life insurance companies was extensive and all-encompassing. We considered various factors like customer service ratings, product options, pricing, and the online user experience. My personal experience in selling life insurance and engaging with agents from other insurers has granted me valuable insights into their offerings and services. It's important to note that our selection of companies wasn't solely based on providing the most affordable life insurance, with the exception of the "Best for Cheapest Life Insurance" category. We firmly believe that each of these companies excels in their specific market niche, and while price is a factor, it shouldn't be the sole determinant when making decisions about your life insurance policy or provider.

33

Quotes Analyzed

15+

Years of experience

13

Brands reviewed

29+

Research hours

Reviews Of 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

MassMutual has earned the title of best life insurance company for a multitude of reasons. The company boasts an extensive array of high-quality life insurance products, including term, whole, and universal life insurance, all offered at remarkably competitive rates. Furthermore, their policies offer a wide selection of riders to cater to your specific needs.

What sets MassMutual apart is its team of highly trained and knowledgeable sales agents known as “career agents.” They have undergone rigorous training on MassMutual’s life insurance product line, making them product experts.

These agents are dedicated to selling MassMutual products only. This specialization benefits life insurance buyers who are looking to get a deeper understanding of the various life insurance options available.

The financial robustness of MassMutual also played a pivotal role in our decision-making process. It has received the highest rating possible from AM Best, denoting a stellar financial standing and outstanding claims-paying capability, with a rating of A++ Superior.

Earning the title of Best Overall is a testament to MassMutual’s commitment to offering a broad range of products backed by a proficient sales team, rather than simply relying on having the lowest rates.

While MassMutual might not have the same level of brand recognition or market presence as some of its counterparts in Florida, it holds a revered status within the state, known for its quality and integrity.

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 earned its reputation for excelling in meeting the insurance needs of seniors. Over the years, seniors have placed their trust in the company, not only due to their famed show “Mutual of Omaha’s Wild Kingdom” but also because of the extensive training their agents receive on serving the senior market.

This insurance company is renowned for its portfolio of senior life insurance products, which includes two distinct options tailored to seniors with varying health concerns.

The first is a guaranteed-issue policy, which doesn’t require a medical examination or health history queries, making it an excellent choice for seniors dealing with significant health issues like cancer, stroke, or heart conditions.

The second option is a simplified-issue policy, which does require responses to medical history questions but does not involve a medical examination. This option is ideal for seniors with minor medical issues like high blood pressure or type 2 diabetes who prefer to avoid a medical exam.

When it comes to life insurance, seniors often face higher costs, but they have a reliable ally in Mutual of Omaha. This insurance provider has established itself in the industry over many years, primarily for its offerings tailored to seniors, which encompass Medicare supplements and life insurance.

The trust that Baby Boomers and their parents place in the company stems from their exposure to it since childhood.

Moreover, Mutual of Omaha stands out as one of the most recognized and respected names in senior insurance products. This reputation is bolstered by its robust direct mail program designed specifically for the senior market, along with its agents who possess thorough knowledge of the product line.

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 $37
Mutual of Omaha $41
Nationwide $42
State Farm $53
Progressive Life $71

*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 takes pride in its strengths, and one of these strengths lies in providing affordable life insurance rates tailored for young adults. They recognize that many young individuals are prudent with their finances, especially when it comes to life insurance.

Therefore, Transamerica has structured its policies to be accessible to younger, budget-conscious consumers, allowing them to secure ample coverage while staying within their financial means.

Additionally, Transamerica has crafted its website with the younger generation in mind. Understanding that this demographic values clear, concise information that’s easy to access and understand, Transamerica has ensured that its website is informative and user-friendly.

This way, their customers can effortlessly explore their options. Transamerica firmly believes that everyone, regardless of age or budget, deserves the protection and peace of mind that comes with life insurance.

Life insurance companies encounter a unique challenge when it comes to attracting younger buyers. Many young adults often delay  life insurance until they marry or have children.

However, companies like Transamerica focus on targeting this demographic because younger individuals tend to have lower mortality rates, resulting in potentially higher profits.

Among the companies we assessed, Transamerica received the lowest customer service rating. This could be linked to their reliance on independent insurance agents for both sales and service. In cases where independent agents work individually, there may be room for improvement in this area.

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
Mutual of Omaha $15
MassMutual $16
Transamerica $17
Nationwide $19
Progressive Life $23

*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 has consistently acknowledged State Farm for its exceptional customer satisfaction ratings in the life insurance sector. These ratings underscore the company’s unwavering dedication to providing superior service to its policyholders.

This reputation is well-deserved, considering State Farm boasts more agents in the field than any other insurance company in the United States.

State Farm’s strong commitment to outstanding customer service is highly regarded by its policyholders. One distinctive aspect of the company is its extensive network of local neighborhood offices, conveniently located throughout the country.

This allows policyholders to meet their local agent face-to-face, providing them with personalized sales assistance and the service they need.

State Farm has gained acclaim for its outstanding customer service and efficient claims processing, both of which are crucial in the life insurance industry. This becomes especially significant during times of mourning when families rely on their life insurer for swift and compassionate support.

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, recognized as the top life insurance provider in Florida, also stands out as a financial leader with highly competitive rates statewide. Despite the presence of several budget-friendly term insurance companies in Florida, MassMutual consistently offers the most favorable rates.

While it’s important not to make your life insurance decision based solely on price, it remains a crucial factor for prospective buyers. MassMutual provides the most competitive rates for those seeking life insurance in Florida, a noteworthy achievement for a company often associated with professionalism rather than affordability.

Nevertheless, MassMutual is resolute in its ambition to expand its presence in Florida and it is employing aggressive pricing strategies to achieve this objective.

In today’s economy, when you’re considering life insurance, cost matters a lot. MassMutual stands out as an excellent option due to its combination of low premiums and substantial coverage.

While their permanent life policies might not be the most budget-friendly, MassMutual frequently provides extensive coverage for term life insurance because permanent life insurance tends to come with a heftier price tag.

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 $9
Mutual of Omaha $10
Nationwide  $10
Transamerica $13
State Farm $19

*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 well-known company with numerous local offices for sales and assistance. Their slogan, “Nationwide is on your side,” proves true for smokers in Florida looking for life insurance.

Despite Nationwide’s smoker rates being a bit higher than those of its top rivals, we’ve determined that it remains the top choice for smokers due to its competitive pricing, convenient access to agents, and outstanding 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
MassMutual $107
State Farm $107
Nationwide $109
Transamerica $114
Mutual of Omaha $116

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

If you’re a smoker seeking life insurance, it’s important to know that your premiums will be higher compared to nonsmokers.

However, you can potentially reduce your rates to a level similar to those of non-smokers by showing that you’ve been smoke-free for 12-24 months, depending on the insurer’s policies. To do this, you’ll typically need to undergo a paramedical exam and a blood test to confirm the absence of nicotine in your system.

How to find the best life insurance company for you

When seeking life insurance in Florida, it’s crucial to keep in mind that there’s no one-size-fits-all solution.

At Insuranceopedia, we understand that everyone’s situation is unique. That’s why we assess multiple insurers and have winners  in various categories. To find the right life insurance for your specific needs, we suggest following these three steps:

  1. Determine your coverage needs. Many life insurance companies provide “life insurance calculators” on their websites to help you figure out how much coverage you require.
  2. Pick three companies to compare. It’s wise to compare insurance companies, not just based on their rates, but also their financial stability. Low rates matter, but they’re meaningless if your insurer can’t fulfill your claim.
  3. Apply for coverage promptly. Many life insurance shoppers don’t complete the purchase process, so it’s essential not to delay when getting life insurance. Your family’s financial security is on the line, so acting swiftly is important.

Largest life insurance companies in Florida

Numerous life insurance companies operate in Florida, but let’s focus on the top five, ranked by market share:

Company Market Share
New York Life 9%
State Farm 7%
Northwestern Mutual 6%
Primerica 3%
Southern Farm Bureau Life Insurance 3%

Average Cost of Life Insurance in Florida 

Best Cheap Life Insurance Companies in Florida for Females 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $12 $15
MassMutual $11 $16
Nationwide $14 $23
Transamerica $15 $27
State Farm $21 $32

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

Best Cheap Life Insurance Companies in Florida for Males 

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10 $17
Nationwide $11 $18
Mutual of Omaha $12 $18
Transamerica $16 $30
State Farm $19 $34

**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 can be influenced by several factors, including:

  • Your choice of life insurance company
  • Your age
  • Gender
  • Health condition
  • Smoking habits
  • Credit score
  • Any added policy riders

Men typically pay higher premiums than women due to their shorter lifespans, while smokers are also charged more because of their shorter life expectancies.

In Florida, your credit score can also impact your insurance rate. Additionally, adding policy riders like disability waiver of premium or child riders can increase your insurance costs.

How much life insurance do you need in Florida?

The amount of life insurance you need depends on your specific situation. For instance, homeowners often need more coverage than renters. People with dependents, like children, may also need higher protection.

Life insurance experts usually suggest getting coverage between 10 to 20 times your yearly income to ensure your loved ones are adequately protected. For example, if you earn $75,000 annually, you might need coverage ranging from $750,000 to $1.5 million.

Florida life insurance laws to know

When you’re thinking about getting life insurance in Florida, it’s essential to be aware of the state’s specific rules designed to safeguard policyholders. These regulations encompass the following:

Contestable Period:

Florida law permits life insurance companies to reject a claim if they discover false or misleading information on the policyholder’s application within two years of the policy’s start date. However, after this two-year period, the insurance company cannot contest the application due to any errors or discrepancies.

Free Look Period:

After receiving your life insurance policy from the company or agent, you have a 10-day window to review it. If you decide during this period that you don’t want the policy, you can return it without any penalties and receive a full refund of the premiums you’ve already paid to the insurer.

Grace Period for Missed Payments:

In the event of a missed payment, Florida law allows for a 30-day grace period during which you can still make the payment without losing your coverage.

Timeframe for Claim Settlement:

To receive benefits, beneficiaries must file a claim with the insurer. In Florida, all life insurance companies are obligated to settle the claim within 30 days once a claim is made.

FAQs

Is life insurance more expensive in Florida?

The price of life insurance in Florida is in line with other states. Insurers who charge higher premiums usually do so because they’ve had to pay out more claims than expected.

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

In our research, we discovered that MassMutual provides the best rate for a $1 million, 10-year term life insurance policy in Florida, with a monthly premium of $25.

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

For a 30-year-old male in Florida, the typical monthly expense of life insurance can start as low as $9.99 for $250,000 of coverage, while for a female of the same age, it can be as little as $9.40.

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