Best Life Insurance Companies in St. Petersburg, FL
Mutual Of Omaha offers the best life insurance policy in St. Petersburg.
We’ve helped millions of people find life insurance.
We understand the importance of securing your family’s financial future, and we’re here to help you choose the perfect life insurance policy from the top life insurance companies in St. Petersburg.
After careful analysis, we’ve determined that Mutual of Omaha is the best option in St. Petersburg. Their exceptional life insurance products are particularly well-suited for seniors and retirees in the area.
In this review, we’ll explore different life insurance policies and provide valuable insights into the average cost of life insurance in St. Petersburg. It’s crucial to select the right policy and insurance company that fits your age group to avoid long-term financial challenges for your loved ones.
With my background as a former career agent and extensive experience evaluating life insurance companies, I bring a wealth of knowledge to this review. Rest assured that all the insurers we discuss are financially stable and enjoy a solid reputation, catering to various demographics.
Best life insurance companies in St. Petersburg, FL 2024
Compare the best life insurance companies in St. Petersburg, FL
To help you evaluate the best life insurance companies in St.Petersburg, we’ve provided a table that shows our top companies based on specific criteria.
Best For | Overall Rating | J.D. Power Rating (Best 1000) | A.M. Best Rating | Online Experience | Get A Quote | |
---|---|---|---|---|---|---|
Haven Life |
Best Overall Runner-Up |
|
NR |
A++ |
9.6 |
Instant Quote |
Mutual of Omaha |
Best for Seniors |
|
801 |
A+ |
9.7 |
Instant Quote |
Mutual of Omaha |
Best Overall |
|
801 |
A+ |
9.7 |
Instant Quote |
MassMutual |
Best for Young Adults |
|
801 |
A++ |
9.6 |
Instant Quote |
Transamerica |
Best for Cheapest Life Insurance |
|
740 |
A+ |
9.6 |
Instant Quote |
State Farm |
Best for Customer Service |
|
839 |
A++ |
9.5 |
Instant Quote |
Our Methodology
At Insuranceopedia, we conduct thorough evaluations of life insurance companies, leaving no stone unturned and taking into account various important factors. These include customer service ratings, product options, pricing, and the overall online experience they provide. Additionally, my experience in selling life insurance, interacting with agents from different companies, and years spent reviewing these insurers have equipped me with valuable insights into their services and offerings.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
Reviews Of The Best Life Insurance Companies In St. Petersburg
Best Overall
Key Statistics
Why We Like Them
⇅In St. Petersburg, we firmly believe that Mutual of Omaha deserves the top spot as the best overall life insurance company for all age groups. This recognition is particularly significant in Jax due to the large number of seniors and retirees who have chosen to make “The Bold New City in the South” their home, as well as the general population of Florida.
Mutual of Omaha’s whole life insurance policies are an intelligent investment for individuals of all ages. These policies offer more than just life insurance coverage. They also accumulate cash value over time, which can be utilized for various future needs, such as contributing to retirement savings or making a down payment on a home.
With its commitment to customer service, Mutual of Omaha has earned high rankings from J.D. Power. Additionally, the company holds a strong A.M. Best rating, ensuring its financial stability well into the future. Customers can rely on Mutual of Omaha for their long-term life insurance needs with confidence.
Though not typically recognized for its affordability, Mutual of Omaha has recently emerged as a more competitive option in both the senior and younger markets. This shift showcases the company’s dedication to meeting the diverse needs of different age groups. Additionally, Mutual of Omaha has cemented its reputable status through its iconic television series, “Wild Kingdom.”
Benefits & Drawbacks
⇅- Offers competitive rates for individuals of all ages
- Provides whole life policies in smaller face amounts
- Some policies can be obtained without a medical exam ✓
- Inability to purchase policies online
- The underwriting process may be time-consuming
- Presence of agents is relatively smaller compared to some larger competitors ✘
Best Overall Runner-Up
Key Statistics
Why We Like Them
⇅We selected Haven Life as the impressive Best Overall Runner-Up for a variety of reasons.
First and foremost, Haven Life has made purchasing life insurance online incredibly easy and convenient. They stand out among the larger insurers by providing a seamless online buying experience for individuals seeking term life insurance. This especially appeals to younger buyers who prefer the convenience of online transactions rather than engaging with a licensed insurance agent face-to-face.
Additionally, Haven Life benefits from the robust financial support of MassMutual, a powerhouse in the financial industry. MassMutual, which is also one of our winners in the St.Petersburg market, offers substantial financial backing to Haven Life. This is particularly significant in a time when financial strength is under scrutiny for banks and insurance companies. Rest assured, Haven Life’s parent company ranks among the most financially secure in the life insurance industry.
Haven Life has a wonderful variety of term life insurance options, and the best part is that not all of them require a medical exam. Applying online is quick and easy, taking less than 30 minutes in most cases. What’s even better is that you can have coverage starting on the same day. If you’ve made up your mind about getting term life insurance, Haven Life is an outstanding choice to make.
Benefits & Drawbacks
⇅- Offers the convenience of purchasing term life insurance online
- Backed by the financial stability of MassMutual
- User-friendly website for easy navigation and purchasing ✓
- No mobile app available for added convenience
- Does not provide permanent life insurance products
- Some policies have age restrictions and are not available for individuals over the age of 55 ✘
Best for Seniors
Key Statistics
Why We Like Them
⇅We selected Mutual of Omaha as the top choice for seniors due to its deep understanding of the senior market and its offering of life insurance policies that many other companies don’t provide, specifically “guaranteed issue” life insurance.
Seniors in St.Petersburg have a strong affinity for Mutual of Omaha. The company has been serving this demographic for numerous years, and their sales agents are highly knowledgeable about senior-focused products. These products include Medicare supplement insurance and whole life insurance options.
One highly regarded product among seniors is Mutual of Omaha’s guaranteed issue life insurance. Regardless of an applicant’s health history, the company issues a policy without any health questions or medical exams required. This is particularly advantageous for seniors with pre-existing medical conditions who may not qualify for a standard policy.
Being recognized as the Best for Seniors demonstrates Mutual of Omaha’s dedication to providing affordable life insurance specifically designed for this group. With a well-trained sales team and competitive rates, it has earned a highly respected reputation in both St.Petersburg and throughout Florida.
Seniors often have a fixed income and may encounter difficulties when seeking life insurance coverage. As they age, premiums can become more expensive, adding to the challenge. However, Mutual of Omaha offers an excellent solution. They provide affordable guaranteed-issue life insurance policies with smaller coverage amounts, allowing seniors to manage costs effectively while still ensuring necessary protection.
Benefits & Drawbacks
⇅- Offers competitive rates specifically for seniors in St. Petersburg
- Demonstrates strong financial stability as a company
- Employs well-trained agents specializing in selling life insurance to seniors ✓
- Exclusive availability through Mutual of Omaha agents
- Lack of a mobile app for convenient access
- Inability to purchase policies online ✘
Best life insurance companies for seniors in St. Petersburg, FL
(Average age 60, average weight of 183, nonsmoker, average coverage need of $83,000)
Company | Rates for $83,000 Coverage |
MassMutual | $45 |
AAA | $53 |
Mutual of Omaha | $49 |
State Farm | $47 |
Nationwide | $51 |
Best for Young Adults
Key Statistics
Why We Like Them
⇅Insuranceopedia has named MassMutual as the top choice for young adults, and there are some compelling reasons behind it. Firstly, MassMutual offers affordable rates that are highly competitive for this age group. This is crucial because young adults often have limited budgets as they start their careers and begin building their families. So, finding low premiums becomes extremely important during this stage of life.
Secondly, MassMutual’s team of dedicated career agents is well-informed about the company’s products and understands the importance of life insurance for young adults. They excel at effectively conveying this message and take the time to educate young buyers about the ins and outs, as well as the advantages of having life insurance coverage. Their commitment to educating and guiding young adults sets MassMutual apart.
While not commonly associated with low rates, MassMutual has become increasingly competitive and dedicated to serving the younger market. What sets them apart is their unwavering commitment to maintaining a strong financial rating, giving young adults the assurance that they can rely on MassMutual for many years to come.
Starting families and careers can make it challenging for many young St. Petersburg residents to afford life insurance. However, MassMutual offers a tailored solution for them. With their convertible term life insurance, young adults can secure their families’ future for an extended period while having the option to convert it into whole life or universal life insurance in the future.
Benefits & Drawbacks
⇅- Offers the most affordable premiums for young adults
- Provides a diverse range of life insurance options for selection
- Boasts a dedicated sales force of career agents ✓
- Inability to purchase policies online
- The underwriting process may experience delays
- Lack of a mobile app for added convenience ✘
Best life insurance companies for young people in St. Petersburg, 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 | $19 |
State Farm | $22 |
MassMutual | $19 |
Prudential | $24 |
Best For Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅Transamerica is widely recognized for its indexed universal and whole life policies, but it truly stands out for providing the most affordable term life insurance in various markets, including St.Petersburg. They achieve this by selling their policies through independent life insurance agents, eliminating the need for costly local offices.
When you choose Transamerica, you’ll find affordable term life insurance options with flexible terms ranging from 10 to 30 years. Depending on your specific circumstances, you can select a coverage amount of up to $10 million or even more.
However, it’s important to note that while Transamerica offers the cheapest life insurance in St.Petersburg, their customer service is not highly regarded by many policyholders. According to J.D. Power’s ratings, Transamerica has the second-lowest customer satisfaction rating among major U.S. life insurance companies and received the lowest rating among the companies we reviewed.
While affordable rates are certainly important, excellent policyholder service is equally crucial. Unfortunately, Transamerica has not demonstrated a strong commitment in this area, despite being one of the market share leaders in St.Petersburg. It’s worth noting that Transamerica sells its policies through a network of independent agents, rather than career agents like many of the companies we have reviewed.
Benefits & Drawbacks
⇅- Transamerica policies are sold through a vast network of trained agents
- Offers a comprehensive range of life insurance products and riders
- Provides the most competitive rates in St. Petersburg ✓
- Reports of a relatively high number of customer complaints
- Permanent policies from Transamerica tend to have elevated policy fees and expenses ✘
Best Cheap Life Insurance Companies in St. Petersburg for Females
Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
Transamerica | $10 | $19 |
State Farm | $20 | $35 |
Nationwide | $14 | $19 |
MassMutual | $13 | $21 |
Progressive | $18 | $56 |
Mutual of Omaha | $15 | $21 |
Best Cheap Life Insurance Companies in St. Petersburg for Males
Company | Rates for $250,000 Coverage | Rates for $926,000 Coverage (Recommended) |
Transamerica | $11 | $22 |
State Farm | $21 | $38 |
Nationwide | $14 | $24 |
MassMutual | $13 | $25 |
Progressive | $20 | $65 |
Mutual of Omaha | $15 | $25 |
Best for Customer Service
Key Statistics
Why We Like Them
⇅State Farm has consistently earned the title of the life insurance company with the highest customer satisfaction, as recognized by J.D. Power. This esteemed recognition is well-deserved, thanks to State Farm’s extensive team of field agents, which surpasses any other insurance company in the nation.
State Farm is widely known for its unwavering commitment to delivering exceptional customer service, a quality highly valued by policyholders. What truly sets them apart is their provision of local neighborhood offices. These offices cater to individuals who prefer in-person meetings with their trusted local agent, ensuring convenient sales assistance and top-notch policyholder service.
State Farm is renowned for its outstanding customer service and prompt claims handling, which plays a vital role in the life insurance industry. This becomes particularly crucial when a family is facing a difficult time of grieving and relies on their life insurance provider for timely and empathetic support.
Benefits & Drawbacks
⇅- Has fewer customer complaints than other insurers in the industry
- Holds top financial ratings for paying claims
- Provides more agents for customer service compared to other insurers ✓
- Policies can only be purchased from State Farm agents
- Offers a limited selection of riders for policy customization ✘
How to find the best life insurance company for you
After carefully reviewing multiple insurance companies, we’ve found that each one offers policies that could be a good fit for you. However, depending on your specific situation, one company may be more beneficial than the others.
For example, if you’re 65 years old and want $25,000 of whole life insurance, Mutual of Omaha could be the best choice. On the other hand, if you’re 25, Haven Life might suit you better for your life insurance policy.
Also, if you prefer working with an agent, companies like State Farm are more suitable for you compared to those that only sell policies online.
To find the best life insurance company for your needs, ask yourself these five questions:
- How financially stable is the company?
- Do they offer the type of policy you need?
- Do you want help from a local agent or prefer searching for policies online?
- Are their rates competitive for your age group?
- Are most online reviews positive?
Remember, everyone’s situation is unique, so what works for others may not be the best for you.
Largest life insurance companies in St. Petersburg, Florida
In Miami, numerous life insurance companies are vying for your business. The top five companies with the largest market share are:
Company | Market Share |
Northwestern Mutual | 8% |
Lincoln Financial | 6% |
MassMutual | 5% |
Transamerica | 5% |
John Hancock | 4% |
Factors that impact the cost of life insurance in St. Petersburg
Several factors influence the cost of life insurance in St. Petersburg. Here are some key considerations:
Choice of Insurance Company: Rates can vary among different insurance companies.
Your Location: Insurers must file rates specific to each state, including Florida, which affects the rates for life insurance in St. Petersburg.
Gender: Men generally have higher rates due to their shorter life expectancy. Individuals with pre-existing medical conditions may also face higher insurance rates.
Smoker or Nonsmoker: Smokers typically pay higher rates as they tend to have shorter life expectancies.
Credit Score: Insurers in St. Petersburg may consider your credit score when determining your insurance rate.
Policy Riders: Adding extras like a disability waiver or child rider to your policy can increase the overall cost.
Remember that each insurance company has its own criteria and methods for calculating premiums, leading to varying rates. To find the best life insurance policy tailored to your circumstances at competitive rates, it is advisable to compare quotes from multiple insurers using Insuranceopedia.
Florida life insurance laws to know
Life insurance companies in Florida are required to follow state regulations that safeguard policyholders and set rules for policy operations.
Contestable period
In Florida, life insurance policies have a contestability period of two years starting from the date the policy becomes effective. During this period, if the policyholder provided incorrect, misleading, or false information on their application, the insurance company has the right to reject the claim.
Free Look Period
After individuals receive their life insurance policy from the company or agent, they have a ten-day window to review it. During this time, they can decide if the policy meets their needs. If they’re not satisfied, they have the option to return the policy and get a full refund of any premiums they paid to the insurance company.
Grace Period
Once you receive your life insurance policy from the company or agent, you have a ten-day period to take a closer look at it. This is your chance to review the policy and determine if it suits your needs.
Information about St. Petersburg
St. Petersburg, known for its stunning beaches, vibrant culture, and captivating history, offers an array of attractions for both locals and tourists. The city takes pride in its extensive park system, which is one of the largest in the United States, allowing residents and visitors to enjoy outdoor activities like hiking, biking, and boating. St. Petersburg also boasts a diverse range of cultural experiences, including world-class museums, galleries, and theaters.
With a population of over 250,000, St. Petersburg is a bustling city along the coast of Florida. The local economy thrives in sectors such as healthcare, finance, logistics, and manufacturing, providing ample opportunities for employment and growth. The city is also home to notable military installations, including the Coast Guard Air Station St. Petersburg. Its strategic location on the Tampa Bay contributes to its significance as a transportation hub.
FAQs
Is life insurance more expensive in St. Petersburg?
The cost of life insurance in St. Petersburg is comparable to other states. Various factors, such as your age, health history, height, weight, and smoking habits, can affect the price of life insurance.
How much does a million dollar life insurance policy cost per month in St. Petersburg?
The cost of a million dollar life insurance policy in St. Petersburg can vary based on your age and gender. On average, you can expect to pay around $30 per month for this coverage.
What is the average monthly cost of life insurance in St. Petersburg?
For a $250,000 life insurance policy in St. Petersburg, the average monthly cost is approximately $15 for a 10-year term life policy.
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