Best Life Insurance Companies In Jacksonville, Florida April, 2024

I believe that Mutual Of Omaha offers the best life insurance in Jacksonville.

min read
Updated: 17 March 2024
Written by
Bob Phillips
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We can help you choose the perfect policy from the top life insurance companies in Jacksonville to secure your family’s financial future. Let us guide you toward the best decision.

We’ve conducted a thorough analysis of life insurance providers in Jacksonville and have determined that Mutual of Omaha is the best option. Their life insurance products are exceptional and particularly suitable for seniors and retirees in Jacksonville.

In this review, we’ll explore various life insurance policies and provide insights into the average cost of life insurance in Jacksonville. Choosing the right policy and insurance company that suits your age group is crucial to prevent long-term financial challenges for your family.

With my background as a former career agent and years spent evaluating life insurance companies, I’m well-versed in the insurers we will discuss in this review. While each caters to a different demographic, they are all financially stable and have a good reputation.

Best Life Insurance Companies In Jacksonville, FL 2024

Best Life Insurance, Jacksonville 2024

Compare The Best Life Insurance Companies In Jacksonville, FL

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
Mutual of Omaha
4.9

Best Overall

A+

801

9.7

Instant Quote
Haven Life
4.9

Best Overall Runner-Up

A++

NR

9.6

Instant Quote
Mutual of Omaha
4.9

Seniors

A+

801

9.7

Instant Quote
MassMutual
4.8

Young Adults

A++

801

9.6

Instant Quote
Transamerica
4.8

Cheapest

A+

740

9.6

Instant Quote
State Farm
4.9

Customer Service

A++

839

9.5

Instant Quote
Scroll to see comparisons

Our Methodology

At Insuranceopedia, we consider multiple factors such as customer service ratings, product offerings, pricing, and online experience when we evaluate life insurance companies. Moreover, my experience in selling life insurance, interactions with agents from other companies, and years spent reviewing these companies have given me valuable insights into their service and offerings.

43

Quotes Analyzed

15+

Years Of Industry Experience

14

Brands Reviewed

25+

Research Hours

Best Life Insurance Companies In Jacksonville, FL


Best Overall

Overall Rating
4.9

Key Statistics

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

Why We Like Them

For all age groups in Jacksonville, we believe Mutual of Omaha deserves top-ranking as Best Overall. We believe the company is especially effective in Jax because of the large number of seniors and retirees who have relocated to “The Bold New City in the South” and the state of Florida, in general.

Mutual of Omaha’s whole life insurance is a wise investment for individuals of all ages. The whole life policies offered by the company provide more than just life insurance benefits. They also build up cash value over time, which can be utilized for various future needs like helping to fund retirement or making a down payment on a home.

Mutual of Omaha is a reliable life insurance company that has received high J.D. Powers rankings for its commitment to customer service. Additionally, it has a strong A.M. Best rating, ensuring its financial stability for years to come. Customers can trust Mutual of Omaha for their life insurance needs in the long term.

Although not typically associated with low rates, Mutual of Omaha has recently become more competitive in both the senior and younger markets. Additionally, the company has maintained its strong reputation because of its “Wild Kingdom” branding through its long-running television series.

Benefits & Drawbacks

Benefits
  • Competitive rates for all ages
  • Whole life policies are available in small face amounts
  • No medical exam is required for some of its policies
Drawbacks
  • Policies are not sold online
  • The underwriting process can be slow
  • Smaller agent presence than some larger competitors

Best Overall Runner-Up

Overall Rating
4.9

Key Statistics

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

Why We Like Them

We chose Haven Life as Best Overall Runner-Up for several reasons.

First, Haven Life makes buying life insurance online very easy and convenient. They are among the few large insurers that offer a complete online buying experience for people interested in term life insurance. This is particularly appealing to younger buyers who prefer buying insurance products online rather than having personal contact with a licensed insurance agent.

Second, Haven Life has the financial backing of a financial powerhouse, MassMutual, which is also one of our winners in the Jacksonville market. In a time when banks and insurance companies are under scrutiny concerning their financial strength, Haven Life’s parent company is among the most financially sound in the life insurance industry.

Haven Life has a nice assortment of term life insurance policies, and not all policies require the applicant to undergo a medical examination. Completing an application online typically takes less than 30 minutes, and in some cases, coverage can become effective the same day. Haven Life is an excellent choice for people who have decided that buying term life insurance is the best route for them.

Benefits & Drawbacks

Benefits
  • Sells term life insurance online
  • Financially backed by MassMutual
  • Website is easy to navigate and make a purchase
Drawbacks
  • Doesn’t offer permanent life insurance products
  • The company doesn’t have a mobile app
  • Some policies are not available to people over the age of 55

Best For Seniors

Overall Rating
4.9

Key Statistics

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

Why We Like Them

We chose Mutual of Omaha Best for Seniors because of how well it knows the senior market and that it sells some life insurance policies to seniors that many others don’t, particularly “guaranteed issue” life insurance.

Seniors in Jacksonville are very comfortable with Mutual of Omaha. The company has served this demographic for many years, and the agent salesforce is very well-trained in the senior product line, which includes Medicare supplement insurance and whole life insurance products.

One top-rated product with seniors is Mutual of Omaha’s guaranteed issue life insurance product. Regardless of the applicant’s health history, the company will issue a life insurance policy with no health questions asked and no medical exam required. This is particularly beneficial for seniors with pre-existing medical conditions who don’t qualify for a standard policy.

Being chosen as the Best for Seniors reflects Mutual of Omaha’s dedication to providing affordable life insurance for this market segment. It is supported by a well-trained sales team, and in addition to its competitive rates, it is a highly respected brand in Jacksonville and the state of Florida.

Seniors often have a fixed income and may struggle to qualify for life insurance. Additionally, as they age, the premiums can become more expensive. However, Mutual of Omaha offers affordable guaranteed-issue life insurance with smaller face amounts to help seniors manage these costs.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in Jacksonville
  • The company is very sound financially
  • Well-trained agents sell life insurance to seniors
Drawbacks
  • Only sold through Mutual of Omaha agents
  • No mobile app
  • Can’t be purchased online

Best For Young Adults

Overall Rating
4.8

Key Statistics

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

Why We Like Them

InsuranceWise chose MassMutual as Best for Young Adults because of its low rates and agent sales force that takes the time to educate younger life insurance buyers about the value of owning some form of coverage.

MassMutual’s rates are very competitive for young adults. This is important because this age group is frequently on a tight budget as they establish their careers and start families. Low premiums become very important at this stage of life.

Also, MassMutual’s career agent sales force is well-schooled on the company’s products and the need for life insurance for young adults. They impart this message very well and are known to take the time to educate young life insurance buyers on the product’s intricacies and advantages.

Although not typically associated with low rates, MassMutual has become more competitive in and dedicated to the younger market. Additionally, the company has maintained its strong financial rating, which gives young adults the confidence that MassMutual is a company they can stay with for many years to come.

Many young people find it difficult to afford life insurance while starting families and careers, but MassMutual offers a solution for younger Jacksonville residents. By offering convertible term life insurance, young adults can secure their families’ future for a longer time with the option to convert it into whole life or universal life insurance in the future.

Benefits & Drawbacks

Benefits
  • Lowest premiums for young adults
  • Sells many types of life insurance
  • Dedicated career agent sales force
Drawbacks
  • Policies are not sold online
  • The underwriting process can be slow
  • No mobile app

Best For Cheapest Life Insurance

Overall Rating
4.9

Key Statistics

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

Why We Like Them

Transamerica provides indexed universal and whole life policies but is particularly renowned for offering the most affordable term life insurance in numerous markets, like Jacksonville. To keep rates low, Transamerica sells its products through independent life insurance agents, eliminating the need for costly regional or local agency offices.

At Transamerica, you can find affordable term life insurance policies with terms of 10, 15, 20, 25, and 30 years. In addition, you can choose a face amount of up to $10 million or more, depending on your circumstances.

Although Transamerica offers the cheapest life insurance in Jacksonville, its customer service is not considered up to par by many policyholders. According to J.D. Powers’ ratings, it has the second-lowest customer satisfaction rating among all major U.S. life insurance companies, and it holds the lowest rating among the companies we reviewed.

While cheap rates are important, so is policyholder service. Transamerica has not shown a commitment to this, even though it is one of the leaders in market share in Jacksonville. The company’s policies are sold through a network of independent agents, not career agents like many of the companies we’ve reviewed.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Transamerica policies
  • Offers a full complement of life insurance products and riders
  • Has the best rates in Jacksonville
Drawbacks
  • A high number of customer complaints filed
  • Policy fees and expenses are high with their permanent policies

Best For Customer Service

Overall Rating
4.9

Key Statistics

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

Why We Like Them

For several years in a row, State Farm has been ranked as the life insurance company with the highest customer satisfaction by J.D. Powers. This recognition is well-earned due to the company’s large number of agents in the field, which surpasses any other insurance company in America.

State Farm is well-known for its commitment to delivering exceptional customer service, a quality many policyholders value. What sets them apart from most other companies is that they have local neighborhood offices available for individuals who prefer meeting their local agent in person to receive sales assistance or policyholder service.

State Farm is well-known for its exceptional customer service and efficient handling of claims, which is crucial in the life insurance industry, especially when a family is grieving and relies on their life insurer for timely and compassionate support.

Benefits & Drawbacks

Benefits
  • Has a much lower number of customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
  • More agents providing service than any other insurer
Drawbacks
  • Can only buy policies from State Farm agents
  • A limited number of riders are available

How To Find The Best Life Insurance Company For You

After reviewing multiple insurance companies, we’ve found that each offers policies that could suit your needs. However, depending on your unique situation, there may be one company that is more advantageous for you than the others.

For instance, If you’re 65 years old and want to buy $25,000 of whole life insurance, Mutual of Omaha could be the ideal option for you. However, if you’re 25, Haven Life may be a better choice for your life insurance policy.

Additionally, if you like working with an agent, companies like State Farm are more suitable for you than those that only sell policies online.

If you are looking for the best life insurance company for your needs, try asking yourself these five questions:

1. What are the company’s financial ratings?

2. Does the company offer the type of policy I need?

3. Do I want assistance from a local agent, or do I prefer to search for policies online?

4. Are the company’s rates competitive for my age group?

5. Are most online reviews of the company positive?

It is important to remember that your situation is unique and may differ from that of your friends or family members.

Largest Life Insurance Companies In Jacksonville, FL

In Jacksonville, there are many life insurance companies competing for your business. The five companies with the highest market share are:

Company Market Share
Northwestern Mutual 8%
Lincoln Financial 6%
MassMutual 5%
Transamerica 5%
John Hancock 4%

Average Monthly Cost Of Life Insurance In Jacksonville, FL

Average Cost Of Life Insurance In Jacksonville For Males

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
Transamerica $11 $22
MassMutual $12 $23
Nationwide $14 $23
Mutual of Omaha $15 $25
AAA $16 $28

Average Cost Of Life Insurance In Jacksonville For Females

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
Transamerica $10 $21
MassMutual $11 $22
Nationwide $12 $22
AAA $13 $27
Mutual of Omaha $14 $24

Average Cost Of Life Insurance For Young People In Jacksonville, FL

(Male, average age of 25, average weight of 156, nonsmoker, average coverage need of $280,000)

Company Rates for $280,000 Coverage
Transamerica $16
Mutual of Omaha $17
MassMutual $19
AAA $20
Prudential $23

Average Cost Of Life Insurance For Seniors In Jacksonville, FL

(Average age 60, average weight of 183, nonsmoker, average coverage need of $83,000)

Company Rates for $83,000 Coverage
MassMutual $42
State Farm $47
Mutual of Omaha $49
Nationwide $52
AAA $53

Factors That Impact The Cost Of Life Insurance In Jacksonville

Many factors affect the cost of life insurance in Jacksonville, including the following.

The insurance company: Life insurance rates vary among companies.

Your location: insurers must file state-specific rates, including in Florida, which affects rates for Jacksonville life insurance policyholders.

Gender: Insurance rates for men are typically higher than for women due to their shorter life expectancy. Additionally, individuals with pre-existing medical conditions may also experience higher insurance rates.

Smoker or Nonsmoker: Individuals who smoke are charged higher rates due to their tendency to have shorter life expectancies.

Credit Score: Insurers in Jacksonville may factor in your credit score to determine your insurance rate.

Riders: Including additional features like a disability waiver of premium or child rider in your policy can increase the cost.

Be aware that different insurance companies have their own criteria and methods for calculating premiums, which can result in varying rates. To ensure you receive the best life insurance policy at the most competitive rates that are tailored to your individual circumstances, it is recommended that you compare quotes from multiple insurers using Insuranceopedia.

Florida Life Insurance Laws To Know

Insurance companies that offer life insurance in Florida must comply with state regulations that protect policyholders and establish guidelines for policy operations.

Contestable Period

Life insurance policies in Florida have a contestability period of two years from the effective date. If the policyholder provided incorrect, misleading, or false information on their application, the insurance company can deny the claim.

Free Look Period

Once individuals receive their life insurance policy from the company or agent, they have a ten-day period in which they can return the policy and receive a full refund of any premiums paid to the insurance company.

Grace Period

In Florida, life insurance companies are required to provide a grace period of 31 days to policyholders who miss a premium payment. This allows them to catch up on their payment and avoid their policy lapsing.

Information About Jacksonville

Known for its beautiful beaches, diverse culture, and rich history, Jacksonville offers many attractions for residents and visitors alike. The city boasts the largest urban park system in the United States, providing ample opportunities for outdoor activities such as hiking, biking, and boating. Additionally, Jacksonville is home to the Jacksonville Jaguars, an NFL team, and hosts various sporting events throughout the year.

With a population of over 900,000, Jacksonville is the most populous city in Florida and the fourth largest in the United States. The city’s economy is driven by industries such as healthcare, finance, logistics, and manufacturing. Jacksonville is also a major military presence, with Naval Air Station Jacksonville and Naval Station Mayport located in the area. In addition, the city’s strategic location along the St. Johns River has made it a significant transportation hub, with a bustling port contributing to its economic growth.

In terms of culture and entertainment, Jacksonville offers a thriving arts scene with numerous museums, galleries, and theaters. The Cummer Museum of Art and Gardens and the Museum of Contemporary Art Jacksonville are just a few of the notable cultural institutions in the city. Jacksonville is also known for its lively music scene, hosting various festivals and events throughout the year. The annual Jacksonville Jazz Festival, one of the largest free jazz festivals in the country, attracts music enthusiasts from around the world.

FAQs

Is life insurance more expensive in Florida?

The cost of life insurance in Florida is similar to other states. Many factors, such as age, health history, height, weight, and smoking habits, influence the cost of life insurance.

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

Depending on your age and gender, you can buy a million dollar life insurance policy in Jacksonville for about $60 per month.

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

On average, the cost of life insurance in Jacksonville for a $250,000 policy is about $15 for a 10-year term life policy.

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