What Are the Best and Cheapest Life Insurance Companies in Florida?
The best life insurance company for you depends on your needs and goals. If your priority is to protect your family while still investing in your future, you probably will not need the same policy as someone whose priority is to pay for final expenses. The cheapest life insurance doesn’t necessarily depend on the company but the type of policy and the amount of coverage you buy.
A common method life insurers use to determine the amount of coverage that is best for applicants is called the needs approach. This approach gathers information such as your current income, your assets and liabilities, your financial objectives, and your risk profile. From this, insurers determine the lump sum needed to cover final expenses and the amount needed to provide survivors with a similar standard of living.
Independent Rating Services
Independent rating services, like A.M. Best and Duff & Phelps, measure insurer s’ financial status for consumers to review before purchasing a policy from their company. They typically use grades from A to D, where A is excellent and D is in danger of liquidation. If you hold a policy from an insurer in danger of going bankrupt in Florida, you’ll want to know that the Florida Insurance Guaranty Association helps settle claims of insolvent insurers.
Affordable Life Insurance
A 20-year term life insurance policy is an affordable option for life insurance applicants. Depending on the life insurance company you choose, you could lock in the rate for the whole term of the policy. Term life policies are usually renewable, with a rate increase, and can be converted to a whole life policy within a given period of time.
Best and Cheapest Life Insurance for Teens
Parents and grandparents can buy life insurance policies for their children and grandchildren for them to take over when they reach adulthood. Locking in a teen rate for 20 years is beneficial for your child because the premiums could stay the same until your teen reaches their 30s. Also, the policies can usually be converted to a whole life policy when your child is ready.
American Family offers term life insurance products from 10 to 30 years in five-year increments. The premiums remain level for the length of the term, and you have the option to renew with a rate increase. American Family has $10.6 billion in equity to support insurance claims.
Mass Mutual’s term life policies are affordable, and premiums are level for the duration of the term length. You can convert the policy to a permanent policy without a medical exam or survey. Mass Mutual has been in business for more than 170 years and has A ratings with A.M Best, Fitch, Moody’s, and S&P.
The table shows the average premium for a 20-year term, $100,000 policy for teens.
Best and Cheapest Life Insurance for People 20 to 29 Years Old
Buying a life insurance policy in your 20s is a smart choice to protect your assets and all the things you are building in your life. Whether you are starting a business or a family, life insurance ensures your efforts today last long into the future.
Bestow Life offers an online life insurance application process without a medical exam. You can get a quote almost instantly and purchase right away. Term lengths are from 10 to 30 years, and benefit amounts range from $50,000 to $1.5 million. You must be between the ages of 18 and 60 to apply.
Term life insurance policies from Haven Life are affordable, and depending on the policy you choose, they can be applied for and purchased online. Haven Life is backed by Mass Mutual, and they are financially strong.
The following table displays the average premiums for a 20-year term, $100,000 policy for people in their 20s.
Best and Cheapest Life Insurance for People 30 to 39 Years Old
Most people buy life insurance in their 30s. This is the time when our efforts start to bear fruit. We have worked hard to make our dreams a reality, and at this time, it is important to protect those dreams. Our home, business, families, and dependents are financially protected with a life insurance policy.
Protective Life’s term life insurance policies offer affordable level premiums with term lengths from 10 to 40 years. Coverage amounts range from $100,000 to $50 million. You can convert the policy to a whole life policy without a medical exam, and a terminal illness rider is available, depending on the state you live in.
SBLI offers term life policies with benefit amounts up to $750,000. Its policies can be converted to a whole life policy without a medical exam, and premiums are affordable. SBLI has A ratings from A.M. Best and S&P.
The table below displays the average premium for a 20-year term, $100,000 policy for people in their 30s.
Best and Cheapest Life Insurance for People 40 to 49 Years Old
Most of us in our 40s have our feet firmly planted in the ground. We know what we want from our business and how to steer it. Our children may be grown and off to college, and we want to ensure our legacy continues to go in the direction that we choose, even if the unthinkable happens. Life insurance assures us that things will stay on course after we pass.
Vantis Life offers a real-time underwriting process, so you can get your policy quickly. Its term lengths are from 10 to 30 years, in five-year increments. Coverage amounts are between $50,000 and $2.5 million. Vantis Life has been in business for over 35 years and is rated A+ with A.M. Best.
Pacific Life has A ratings with A.M. Best, Moody’s, Fitch, and S&P. It has been in business for over 150 years and paid out $3 billion in claims in 2020. Its term life insurance products are convertible and have term lengths between 10 and 30 years.
The following table expresses the average premium for a 20-year term, $100,00 policy for people in their 40s.
Best and Cheapest Life Insurance for People 50 to 59 Years Old
If you have not bought a life insurance policy by your 50s, you may see a significant rate increase compared to previous years. The better health you are in, the less expensive a policy will be, and you can still find affordable coverage to protect the resources you’ve created and leave behind a legacy.
Sagicor Life has been in business since 1954. It has an A rating with A.M. Best, and its term life policy has a level death benefit until age 95. Its features include an online application process and online delivery, long-term care, and convertibility. Term lengths are from 10 to 20 years.
Legal & General
Legal & General offers low-cost term life insurance policies to fit your budget. It is financially strong, with $782 billion of life insurance policies in force. It has A ratings with Fitch, S&P, and A.M. Best.
The table below shows the average premiums for a 20-year term, $100,000 policy for people in their 50s.
Best and Cheapest Life Insurance for People 60 to 69 Years Old
In our 60s, we have traveled many miles of life, and there are more passages we are ready to discover. Whether we slow down and meander, enjoying the scenery, or we are barrelling down them full steam ahead, the financial protection of a life insurance policy helps the trip feel more secure.
Foresters Life’s term life insurance products have term lengths between 10 and 30 years. Premiums are level for the length of the term. It offers a family health benefit rider, an accidental death rider, and an accelerated death benefit rider. Foresters Life is rated A with A.M. Best.
A term life policy from Prudential has many attractive features: you can access your death benefit should you become terminally ill, you can convert the policy to a permanent policy without a health exam, and there are a variety of riders available, including a terminal illness rider and an accidental death rider.
The table below gives examples of the average premium for a 20-year term, $100,000 policy for people in their 60s.
Best and Cheapest Life Insurance for People 70 to 79 Years Old
Life insurance in our 70s financially secures the future of our loved ones and ensures our mortgage can be paid and a legacy can be left behind. If you haven’t purchased a life insurance policy by your 70s, it’s not too late. You can still find coverage at a price that can fit your budget.
American General offers affordable term life insurance that can provide monthly income, pay off expenses such as your mortgage and debts, and cover the cost of your child’s tuition should you pass away. American Family is a part of AIG Direct and is financially strong.
North American’s LifeVue term life policy offers quick and easy life insurance through an online application process. Coverage amounts depend on your age, with a maximum benefit level of $500,000.
The table below shows the average premium for a 20-year term, $100,000 policy for people in their 70s.
Let Insurify help you prepare for the future at any age with a life insurance policy. By using Insurify, you will quickly get a list of quotes from the best life insurance companies that have the policies that best fit your needs. Simply answer a few basic questions like your age, the state you live in, and your desired coverage amount, and Insurify will lead you to the right insurers.