The Top Life Insurance Companies in Florida (2023)

Florida is home to over 21 million residents, making it the third most populous state in the U.S. With a large population comes a significant need for life insurance. Fortunately, Florida residents have many excellent life insurance companies to choose from.

This comprehensive guide examines the top life insurance companies in Florida based on financial strength, customer satisfaction, policy options, and affordability. We’ll explain how life insurance works, provide average rates, and offer tips for finding the right policy.

How We Evaluated Life Insurance Companies in Florida

Choosing the wrong life insurance company could put your family’s financial security at risk. We used the following criteria to select the best insurers in Florida:

• Financial Strength: Insurers with strong financial ratings from AM Best and high surplus indicate stability. This gives you confidence they’ll be around to pay claims.

• Policy Offerings: The best life insurance companies provide flexible options like term, whole, and universal life policies. No exam coverage is ideal for Florida’s large senior population.

• Customer Satisfaction: High marks for customer service demonstrate an insurer cares about policyholders. Fewer complaints to state regulators also favor top companies.

• Affordable Premiums: Quality coverage at reasonable rates compared to competitors makes insurance more accessible for Floridians. We considered prices for healthy 30-year-olds.

Top 7 Life Insurance Companies in Florida

1. Legal & General America

With an A+ rating from AM Best and over $770 million in surplus, Legal & General America is financially rock-solid. Policyholders can also access helpful tools like rate comparisons and needs calculators on their easy-to-use website.

Pros

• Competitive rates, even for smokers and individuals with health conditions
• Simplified issue policies available with no medical exam
• Can reapply for non-smoker rates after just 12 months smoke-free

Cons

• Limited policy customization options
• Mixed reviews for customer service

2. Lincoln Financial

Thanks to strong financials (A rating and $5.6 billion surplus) and high marks for customer satisfaction, Lincoln Financial is our choice for the best whole life insurance in Florida. Plus, they offer competitive rates for users of nicotine products.

Pros

• Low average complaint index score of 0.39
• Offers non-smoker rates to vapers and smokeless tobacco users
• Dividend-paying whole life policies
• Highly customizable universal life coverage

Cons

• Lengthy underwriting times reported
• Stricter guidelines for no-exam policies

3. Prudential

Known as “The Rock” for its rock-solid finances, Prudential receives high ratings across the board. With an A+ from AM Best and nearly $45 billion in surplus, Prudential has among the strongest financials of any U.S. insurer.

Pros

• Highly-rated for customer service
• Competitive rates for seniors
• Simplified issue life insurance up to $300k
• Robust accelerated underwriting program

Cons

• Mixed reviews for claims process
• Higher premiums for younger buyers

4. Mutual of Omaha

Mutual of Omaha offers low-cost term life and whole life insurance products. They have an A+ AM Best rating and $6 billion in surplus. Customer satisfaction is also excellent thanks to helpful tools like rate calculators.

Pros

• Low rates, especially for term life
• Streamlined application process
• Minimal complaints to state regulators
• Quality no exam coverage up to $300k

Cons

• Limited extra benefits and riders
• Mixed reviews for claims handling

5. Pacific Life

Specializing in universal life and indexed life insurance, Pacific Life is ideal for buyers wanting permanent coverage with cash value growth. They are also among the top-rated insurers for financial strength (A+ from AM Best, $24 billion surplus).

Pros

• Innovative indexed universal life policies
• Excellent customer service reviews
• Low complaint ratios
• Competitive pricing

Cons

• Strict underwriting for no-exam options
• Limited term length options

6. American General

Part of the AIG family, American General offers competitively priced term and whole life insurance. They have strong financials, including an A rating from AM Best. Their simplified issue policies only require answering health questions.

Pros

• Affordable rates with simplified underwriting
• Mixed health conditions eligible for coverage
• Helpful online tools for managing your policy
• Whole life policies with living benefits

Cons

• Stricter guidelines for no-exam coverage
• Complaints of long underwriting times

7. Banner Life

Owned by Legal & General America, Banner Life sells affordable term life insurance online. Applicants can get term quotes and apply fully online. Banner Life has an A+ rating and surplus over $770 million, indicating excellent long-term viability.

Pros

• Very inexpensive term life rates
• Convenient online application process
• Policies available for marijuana users
• No medical exam policies up to $1 million

Cons

• Only term life insurance offered
• Limited extra benefits and customization

Average Cost of Life Insurance in Florida

Your exact life insurance premium will vary based on personal factors like age, health, and coverage amount. However, here are the average monthly costs for $500,000 of coverage:

Coverage for $1 million in benefits will roughly double the premiums, while a $250,000 policy will cut them approximately in half. These sample quotes give you an idea of estimated pricing from top life insurance companies in Florida.

Finding the Best Life Insurance Company

While we chose the top life insurance companies in Florida, the right insurer for you depends on your budget, health, and coverage preferences. Follow these tips to select the optimal life insurance policy:

• Compare quotes: Get rate estimates from multiple insurers before deciding. This helps find affordable premiums.

• Consider your needs: Assess if term, whole, or universal life makes the most sense based on your goals.

• Check financial strength: Verify the insurer’s financial ratings so you can rely on them long-term.

• Look for discounts: Taking a health screening exam or enrolling with your employer could lower your costs.

• Work with an agent: They can answer questions and ensure you get the appropriate policy.

Frequently Asked Questions

How much life insurance do I need in Florida?

A common formula suggests buying a policy equal to 10-15 times your annual income, then adding coverage for major debts. But your specific amount depends on your family, goals, and finances.

Is life insurance more expensive in Florida?

Life insurance costs about the same in Florida as elsewhere. Your age, health, gender, and coverage amount primarily determine your rate rather than your state.

What are Florida’s rules on grace periods for life insurance?

Florida requires life insurance companies to provide a 30 day grace period. This gives you one month to pay a late premium before the policy lapses.

What is Florida’s free look period for life insurance?

Policyholders have 14 days to review a new life insurance policy and cancel for a full refund if unsatisfied. This free look period gives you time to ensure the coverage fits your needs.

Do I need a medical exam for life insurance in Florida?

Many top insurers offer simplified issue policies in Florida with no medical exam required. Eligibility depends on your age and health. Older applicants or those with medical conditions usually need an exam.

The Takeaway

Finding the right life insurance in Florida means comparing multiple companies for cost, financial stability, and customer service. Legal & General America, Lincoln Financial, Prudential, Mutual of Omaha, Pacific Life, American General, and Banner Life are among the top choices with competitive pricing and strong financial ratings.

Ultimately, the ideal Florida life insurance company depends on your budget, coverage needs, and health status. Working with an independent agent lets you compare quotes and get expert advice on navigating policy options. This ensures you select affordable, reliable coverage to protect your loved ones.