Choosing a life insurance company for your needs can be challenging when there are so many choices out there. Florida residents should know that while their lifestyle and health can affect their policy rates, the state they live in does not. They can get the same life insurance rates in Florida as they could in any other state.
We’ve put together the best life insurance companies in the state, the average cost of life insurance for Floridians, and state protections that safeguard policyholders.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Florida
Best overall life insurance: Banner Life
Cheapest: Banner Life
Best term life: Banner Life
Best whole life: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology: How we chose the best life insurance companies in Florida
We don't get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Banner Life is the best overall life insurance for people in Florida. It has a high level of financial stability, great rates for a wide variety of people, and a no-medical-exam option for people with straightforward health histories.
While all of the life insurance companies we recommend have high levels of financial security and customer satisfaction, Banner Life has an excellent NAIC complaint rating — 0.35, well below the industry average of 1.00.
Cheapest
Banner Life
The best life insurance company for you is the one that gives you the best rates, and Banner Life offers the best life insurance rates for most applicants in Florida. Whether you have relatively few health conditions or more serious diagnoses, Banner Life has competitive rates across health classifications.
Some people who can find their best rates with Banner Life include smokers, millennials, and people with mental health conditions.
Best term life
Banner Life
Term life insurance is the most popular type of life insurance, and for good reason. With term life insurance, you purchase a policy for a set term. You pay premiums during that term, and if you die during the term, your beneficiaries get the policy's death benefit.
Once the policy's term expires, so does your coverage. This is the best option for most people because most people only need life insurance for a set period of time, like until their children are grown. Banner Life is the most cost-effective term life insurance option most people.
Best whole life
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
Most people don't need whole life insurance, which doesn't expire and costs five to 15 times as much as term life insurance. For those that do need coverage for life, or want to save using the policy's cash value component, MassMutual is a great option. The company pays out higher dividends to policyholders than other policies, making MassMutual the best whole life option in Florida.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Floridians over 60 looking for life insurance can find good rates with Prudential, our top pick for life insurance for seniors. The company also offers competitive rates to people with a wide range of medical conditions.
Best for young adults
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
For Floridians age 25 to 50, Brighthouse can offer extremely affordable life insurance coverage. Plus, qualifying applicants can get up to $3 million in coverage with SimplySelect, an accelerated underwriting policy that doesn't require the medical exam and is available exclusively from Policygenius.
Best for marijuana users
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
For Florida residents who use marijuana, Lincoln Financial offers non-smoker/non-tobacco rates, which are 200% to 300% lower than the smoker/tobacco rates that most companies assign to marijuana users.
Best for smokers
Banner Life
All life insurance companies have smoker/tobacco rates for people who have used nicotine products in the last year. Those rates are 200% to 300% higher than non-smoker/non-tobacco rates. However, Banner Life offers the most competitive smoker/tobacco rates to people in Florida. Plus, policyholders can apply for lower premiums just one year after they quit smoking (many other insurers require two years or more).
Ready to shop for life insurance in Florida?
Comparing the best life insurance companies in Florida
Company | Policygenius rating | Best for | |
5 / 5 | Young adults | ||
4.7 / 5 | Overall, affordability, term life, smokers | ||
4.7 / 5 | Marijuana users | ||
3.8 / 5 | Whole life | ||
3.4 / 5 | Seniors |
What is the average cost of life insurance in Florida?
Life insurance rates depend on many individual factors, including your age, health, and the length and benefit amount of your policy. Where you live, however, is not one of the factors that affects your rates, except for policy availability.
Based on Policygenius data from June 2023, the average monthly premium for a relatively healthy 35-year-old in Florida buying a $500,000, 20-year term life insurance policy is $25.76 for women and $30.79 for men.
What happens if a life insurance company goes bankrupt in Florida?
It’s exceedingly rare for life insurance companies to go bankrupt, but the Florida Life & Health Insurance Guaranty Association will cover policyholders in the event that happens.
When a life insurance company becomes insolvent, the FLAHIGA or the court-appointed receiver that oversees liquidation will notify affected policyholders.
The FLAHIGA will cover affected policyholders for a death benefit of up to $300,000 and a net cash surrender value of up to $100,000. To be covered, policies must meet specific coverage requirements.
How to find a lost life insurance policy in Florida
To find a lost life insurance policy or unclaimed death benefits, interested parties can search for unclaimed property at www.FLTreasureHunt.org or call 1-88-VALUABLE or 850-413-3089.
To locate any life insurance policies for a deceased person, family members or close relations can check the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service.
Florida life insurance laws
Florida regulations provide policy protections for consumers and dictate how life insurance companies operate in the state.
Free look period
New policyholders can cancel their life insurance and receive a full refund of their initial premium payment, provided they do so within 10 days of receiving the policy.
Guaranty Fund protection
When a life insurance company operating in Florida becomes unable to meet its financial obligations, the Florida Life & Health Insurance Guaranty Association will cover affected policyholders for up to $300,000 in death benefits and up to $100,000 in net cash surrender value.
Contestable period
During the contestable period of a life insurance policy, insurance companies can reject a death claim if they find that the policyholder lied on their application. In Florida, the contestable period lasts for the first two years of the policy.
Time allowable to settle a claim
In Florida, life insurance companies must pay interest on unsettled claims starting the day the company receives proof of the death in writing.
Grace period for missed payments
Floridians have a 30-day grace period to settle up a missed payment with their insurance provider before the company can terminate coverage.
Ready to shop for life insurance in Florida?
Frequently asked questions
What is the number one life insurance company in Florida?
Banner Life is the best overall life insurance company for people in Florida. It has a high level of financial stability, great rates across health classifications, and a no-medical-exam policy for qualifying applicants.
What is the life insurance free look period and grace period in Florida?
In Florida, you can cancel your life insurance within 14 days to receive a full refund of all premiums paid. You get 30 days to pay a missed payment before your coverage lapses.
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