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When some people think of Florida, they think of retirees moving to the sunshine, sandy beaches, and golf courses. Others think of good times in Miami’s sizzling nightlife, and some may not be able to think of anything other than meeting Mickey and Minnie Mouse. From retirees to Goofy’s groupies, the state of Florida strives to protect its insurance consumers.

Whether you’re looking for a life insurance policy to protect you, your family, or your estate, Insurify can connect you to the right life insurance company with a policy that fits your needs. You can quickly compare quotes from leading insurance companies, speak with a life insurance agent, or buy online. With Insurify, you’re on the fast track to meeting your life insurance needs.

How Much Does Life Insurance Cost in Florida?

The Florida Department of Financial Services regulates the insurance market in the state. This includes approving rates, licensing agents, and creating guidelines. They also educate and advocate for insurance consumers. Most states follow model laws set by the National Association of Insurance Commissioners (NAIC) when making statutes. The NAIC also compiles data on state mortality rates for insurers to base premiums on.

Individual life insurance rates are assigned during underwriting in the application process. Factors that may increase your rates include exposure to loss, such as a dangerous occupation, and conditions that raise the chance of loss called hazards. There are three types of hazards: moral, morale, and physical hazards.

Moral, Morale, and Physical Hazards

Moral hazards are habits that increase the chance of loss, such as cigarette smoking and drug addiction. Morale hazards are tendencies that arise from a state of mind or indifference to loss, such as reckless driving. Physical hazards are physical characteristics that increase the chance of loss, like high blood pressure and diabetes. Insurers perform background checks on your driving record and medical history and may require a medical exam.

Underwriting Methods

Underwriting methods are used to classify risks and determine your individual premium. Insurers use one of two types of methods: the judgment method and the numerical rating system. The judgment method relies on your application and the underwriter’s judgment. Underwriters use their expertise to analyze your application and determine your risk.

The numerical rating system assigns debits for factors that are unfavorable and credits for favorable attributes. The debits are added together and the credits are subtracted. The resulting number is then added to 100. A numerical rate between 75 and 125 is considered a standard risk, and a standard premium applies.

Life insurance premiums differ from state to state because states have varying mortality rates. Also, the department of insurance in each state may follow model laws set by the NAIC to promote consistency, but they are not required to. Florida statutes are unique to the state. However, the cost of life insurance for Florida residents and all citizens mainly depends on your health and lifestyle choices.

Who Has the Cheapest Life Insurance in Florida?

Underwriters use a base premium based on your age and mortality in your area, then adjust it to your individual characteristics. The biggest influence on your individual premium is your exposure to loss, habits, mindset, and physical conditions that increase your chance of loss. Other aspects that contribute to your premium rate include the type of policy and the amount of coverage you buy.

Life insurance is placed into two categories: whole life insurance and term life insurance. Whole life insurance is characterized as any type of life insurance that lasts the insured’s lifetime and grows cash value. Term life insurance, as its name indicates, lasts for a term length, and once it expires, your coverage ends. Both categories offer varying whole and term life policies to encompass a variety of needs.

Whole Life Insurance

Traditional whole life insurance is the earliest form of permanent life insurance. It has a guaranteed death benefit for your entire life, or until age 120, and a guaranteed cash value that grows at a minimum rate of usually two percent. All whole life or permanent life insurance policies grow cash value and are identified by the way they do so.

Universal Life Insurance

Universal life insurance is a type of whole life insurance where the cash value has a minimum interest guarantee and is based on current market rates. If the market is performing poorly, the cash value cannot fall below the stated rate, but if it is doing well, it can earn much more. These policies are flexible: you can increase, decrease, or not pay any premiums as long as your cash value can cover the cost. Likewise, the death benefit is flexible.

Variable Life Insurance

Variable life insurance is permanent life insurance where cash value grows in investment subaccounts that you own. The insurer guarantees a minimum death benefit, but the cash value and death benefit rise and fall with market performance. Variable universal life, another form of whole life insurance, uses investment subaccounts like variable life insurance and also has premium flexibility like universal life insurance.

Term Life Insurance

Term life insurance lasts for a determined amount of time, which can be from one year to 30 years. If you pass away during the term, the policy pays out the death benefit; if you outlive the policy, it terminates without paying out the benefit. Most term life policies are renewable, with a rate increase, and can be converted to a whole life policy. Term life insurance policies are usually less expensive than whole life policies.

Decreasing Term Life Insurance and Term Life Riders

Decreasing term life insurance is designed to cover important expenses, such as your child’s education or your mortgage, should you pass away. While you are alive, your premium rates decrease as you pay off the loan until it reaches zero. Should you pass away, your beneficiaries can pay off the debt. A term life rider can be added to your policy for additional benefits, such as accidental death and living benefits, like long-term care.

Because term life insurance is less expensive than whole life insurance, it is some of the most affordable coverage in the life insurance industry. The table below expresses the average monthly cost for a 20-year term life insurance policy for different age groups in the state of Florida.

Age GroupAverage Cost

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Is There an Advantage to Buying Life Insurance from an Agent?

The internet has changed the world as we know it; there is more knowledge at our fingertips than ever before. You can fill out an online application and buy life insurance without ever speaking to an agent. Although buying life insurance online is convenient, there are benefits to having a life insurance agent to not only guide you through the application process but also support you in the future.

You may choose to speak with an agent face to face, or after getting a free life insurance quote online, you may be required to speak with an agent from the life insurance company of your choice. Life insurance agents have the express authority to accept insurance contracts for the insurer and are required to act in the insured’s best interest.

Agent Licenses

The Florida Department of Financial Services is the licensure of all life insurance agents and adjusters ( adjusters investigate insurance claims) in the state of Florida. Life insurance professionals must be thoroughly educated before taking the state exam. They must pass a pre-licensing course, which they can take in a classroom or through an online course with companies like Pearson Vue.

After passing the pre-licensing course, agents must then pass the state exam before submitting their license application to the state of Florida ‘s Bureau of Licensing. Fingerprinting is required for Florida insurance agents to ensure they have not been convicted of any felony crimes. Once an insurance agent receives their Florida insurance license, they must complete continuing education every two years.

Life insurance licensees can combine health and life and sell health insurance as well. They also can sell annuities, and with a license from the Financial Industry Regulatory Authority (FINRA), they can handle variable annuities and variable contracts, too. Nonresident agents can visit the National Insurance Producer Registry (NIPR) to apply for their Florida Life Insurance License

The bottom line is life insurance agents must be extremely equipped to sell insurance, and they can explain features of insurance that you may not find online, such as policy exclusions and provisions. Furthermore, if you have questionable dealings with an agent or insurance company in Florida, you can file a complaint with the Florida Department of Insurance at

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

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

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.

Company nameAvg Cost
American Family$14.08
Mass Mutual$22.98
Haven Life$23.72
Foresters Life$23.74
Protective Life$27.17
Penn Mutual Life$28.71
Lincoln National$28.96
Sagicor Life$29.75
American General$29.98

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

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.

Haven Life

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.

Company nameAvg Cost
Bestow Life$12.40
American Family$12.79
Vantis Life$17.51
Mass Mutual$22.69
Haven Life$25.73
American National$28.08
Protective Life$28.57
Assurity Life$28.61
Pacific Life$34.36

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

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.

Company nameAvg Cost
Bestow Life$21.92
American Family$29.55
Vantis Life$30.86
Haven Life$37.54
Protective Life$38.07
Mass Mutual$38.86
Sagicor Life$40.92
Pacific Life$42.85
American General$43.45

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

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

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.

Company nameAvg Cost
Vantis Life$35.84
Bestow Life$43.43
American Family$44.15
Haven Life$48.24
Pacific Life$59.15
John Hancock Life$61.20
American National$62.52
Protective Life$63.90
North American$64.14

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

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 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.

Company nameAvg Cost
American Family$58.25
Vantis Life$72.22
Haven Life$90.05
Sagicor Life$91.89
Pacific Life$104.36
American General$109.27
Legal & General$111.60
Banner Life$120.49
Protective Life$127.15

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

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.

Company nameAvg Cost
American Family$33.87
Vantis Life$53.36
Sagicor Life$120.42
Haven Life$146.26
Pacific Life$148.35
Foresters Life$152.12
Assurity Life$156.98
John Hancock Life$168.08

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

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

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.

Company nameAvg Cost
American Family$26.27
Vantis Life$41.00
North American$76.31
Haven Life$90.14
Foresters Life$94.95
Sagicor Life$94.96
Pacific Life$96.09
John Hancock Life$107.90
American General$107.97
Protective Life$108.41

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.

FAQ: Florida Life Insurance

  • Is life insurance cheap in Florida?

    The younger and healthier you are, the more affordable your life insurance premiums will be. The state of Florida’s mortality rate is a factor in the base premium that underwriters build upon with your individual circumstances. Premiums have less to do with the state you live in and more to do with the state of your health.

  • Why should I purchase life insurance from an agent instead of online?

    Life insurance is a complicated industry with complicated products. Life insurance agents are required to be competent in their knowledge of life insurance products. Agents can explain their company’s products in detail so that you can feel confident in the policy you’re purchasing.

  • Who regulates life insurance in the state of Florida?

    The Florida Department of Financial Services regulates life insurance in Florida. They help educate consumers about life insurance. You can visit them online at or in person at 200 East Gaines Street, Tallahassee, 32399.


Florida residents can spend their days playing at beaches, golf courses, and theme parks. With so much merriment to be made, the topic of life insurance may seem like a real bummer. But if you take the time today to worry about the future, your days in the sun will feel a whole lot brighter with the knowledge that your loved ones and assets are covered.

And don’t forget to compare life insurance policies before you buy. With Insurify, you can do this quickly and easily. Try it today!

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Aissa Martell
Aissa MartellInsurance Writer

Aissa Martell is a licensed insurance producer in the State of New York. She is a creative writer and has been freelance writing for five years. She’s happy to share her knowledge of the insurance industry and its products.