Best life insurance companies in Florida

Learn about the best life insurance companies in Florida, the average cost of coverage, and the state laws that protect policyholders.

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By

Brian ActonBrian ActonContributing WriterBrian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Edited by

Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is the senior managing editor of life insurance and research at Policygenius, where she edits life insurance content and leads life insurance surveys and data studies. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.

Updated|5 min read

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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.

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.

    → Read more about our reviews methodology here

Best overall life insurance

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

The best life insurance company for you is the one that gives you the best rates, and Banner Life offers the best rates for most applicants in Florida. Whether you have relatively few health conditions or a 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

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

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2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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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 permanent 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

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2023 Policygenius award winner

Prudential

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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No-med-exam option

All 50 states

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 and find good rates with Prudential. The company also offers competitive rates to people with a wide range of medical conditions.

Best for young adults

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2023 Policygenius award winner

Brighthouse Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

$

$

$

No-med-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 between 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

award icon

2023 Policygenius award winner

Lincoln Financial

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-med-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 smoker/tobacco rates, which most companies assign to marijuana users.

Best for smokers

All life insurance companies have smoker/tobacco rates for people who have used nicotine products in the last year, and whose 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 for lower premiums just one year after they quit smoking (many other insurers require two years or more).

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Comparing the best life insurance companies in Florida

Company 

Policygenius rating

Best for

Brighthouse Financial

5 / 5

Young adults

Banner Life

4.7 / 5

Overall, affordability, term life, smokers

Lincoln Financial

4.7 / 5

Marijuana users

MassMutual

3.8 / 5

Whole life

Prudential

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 February 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 $25.66 for women and $30.44 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.

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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. 

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 non-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.

What types of life insurance are available in Florida?

Life insurance companies in Florida sell the two most popular forms of life insurance, term and permanent. Floridians also can purchase no-medical-exam policies, including accelerated underwriting and final expense insurance.

Author

Brian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Editor

Logan Sachon is the senior managing editor of life insurance and research at Policygenius, where she edits life insurance content and leads life insurance surveys and data studies. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.

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