The Top 10 Life Insurance Companies in Florida for 2023

Florida has nearly 14 million licensed drivers and over 21 million residents, making it the third most populous state in the U.S. With so many people living in the Sunshine State, it’s no wonder that most of the top life insurance companies have a strong presence here.

But with dozens of insurers to choose from, how do you know which company is right for your needs? We reviewed and ranked the top life insurance companies in Florida based on financial strength, customer satisfaction, types of policies offered, and average premiums.

How We Ranked the Top Life Insurance Companies in Florida

We used the following criteria to evaluate insurers in Florida:

• Financial strength ratings: Insurers with higher ratings from agencies like A.M. Best and Moody’s are more likely to pay out claims. We gave preference to companies rated “A” (Excellent) or higher.

• Policy variety: The best life insurance companies offer a range of permanent and term life policies so you can find coverage suited to your budget and needs.

• Customer satisfaction: We considered customer complaints, reviews, ratings, and testimonials. Companies with positive customer feedback scored higher.

• Premium costs: We estimated annual premiums for sample policyholders by age and coverage amount. Lower premiums for the same coverage resulted in a higher score.

Using these criteria, here are the top 10 life insurance companies in Florida we recommend considering:

The 10 Best Life Insurance Companies in Florida

1. State Farm

• Financial strength rating: A++ (Superior) from A.M. Best
• Policy types offered: Term, whole, and universal life insurance
• Sample annual premium: $120 for $250,000 policy for 30-year-old
• Our review: State Farm is the #1 provider of individual life insurance policies in Florida. It has stellar financial strength and offers all three major types of life insurance at very affordable rates.

2. Lincoln Financial

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term, universal, whole, and variable life insurance
• Sample annual premium: $144 for $250,000 policy for 30-year-old
• Our review: Lincoln Financial offers some of the cheapest term life rates in Florida and has an excellent reputation for customer service and claims-paying ability.

3. Principal Financial

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term, whole, universal, and variable life insurance
• Sample annual premium: $132 for $250,000 policy for 30-year-old
• Our review: Principal offers competitive pricing across all policy types. They have stellar ratings for financial strength and are known for quality customer service.

4. Protective Life Insurance Company

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term and whole life insurance
• Sample annual premium: $120 for $250,000 policy for 30-year-old
• Our review: Protective is one of the largest providers of life insurance in Florida. It offers highly-rated term and whole life insurance at very affordable rates.

5. Mutual of Omaha

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term, whole, universal, and variable life insurance
• Sample annual premium: $156 for $250,000 policy for 30-year-old
• Our review: Mutual of Omaha offers all life insurance policy types with excellent pricing. Strong financial ratings give added peace of mind.

6. John Hancock

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term, whole, universal, and variable life insurance
• Sample annual premium: $144 for $250,000 policy for 30-year-old
• Our review: John Hancock offers every type of life insurance with a focus on universal life for estate planning. Competitive pricing and stellar financial strength make them a great choice.

7. Pacific Life

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term and universal life insurance
• Sample annual premium: $132 for $250,000 policy for 30-year-old
• Our review: Pacific Life offers highly-rated term and universal life insurance. They have strong financials and policy benefits like accelerated death benefits.

8. Legal & General America

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term, indexed universal, and whole life insurance
• Sample annual premium: $120 for $250,000 policy for 30-year-old
• Our review: Legal & General America focuses on term life insurance and has some of the lowest rates in Florida. Financial ratings are excellent and they have great customer service.

9. North American Company

• Financial strength rating: A+ (Superior) from A.M. Best
• Policy types offered: Term, whole, and universal life insurance
• Sample annual premium: $144 for $250,000 policy for 30-year-old
• Our review: North American Company offers low-cost term life and permanent life insurance options. They have strong financial ratings and are known for smooth claims payments.

10. Guardian Life

• Financial strength rating: A++ (Superior) from A.M. Best
• Policy types offered: Term, whole, universal, and variable life insurance
• Sample annual premium: $204 for $250,000 policy for 30-year-old
• Our review: Guardian Life may have higher premiums than some competitors but offers a huge variety of policy options. Financial strength ratings are top-notch.

What Types of Life Insurance Are Available in Florida?

The leading life insurance companies in Florida offer all the standard policy types:

• Term life insurance – Provides temporary coverage for 10 to 30 years. The cheapest form of life insurance.

• Whole life insurance – Offers lifetime coverage with premiums that stay the same. Builds cash value that you can borrow against.

• Universal life insurance – Permanent coverage with adjustable premiums and death benefits. Also builds cash value.

• Variable life insurance – Permanent coverage that allows you to invest the cash value in stocks and bonds to potentially grow your benefits.

Term life insurance tends to provide the most coverage for your premium dollar in Florida. It’s a good choice if you need an affordable death benefit to cover your family temporarily.

Permanent life insurance is costlier but offers lifetime coverage and can be used for estate planning purposes. It also builds cash value you can tap if needed.

We recommend shopping for quotes from several highly-rated insurers and comparing the rates for your specific age and desired coverage amount. Focus on companies with strong financial ratings that offer the policy type you want.

What Factors Affect Life Insurance Rates in Florida?

Life insurance companies take many factors into account when determining your premiums. Some of the key factors that affect life insurance rates in Florida include:

• Age – Older applicants pay higher rates as they pose greater mortality risk. Premiums increase dramatically after age 50.

• Health – Applicants with chronic illnesses or serious conditions may pay more for coverage or be denied. Maintaining good health helps lower rates.

• Lifestyle – Risky hobbies and dangerous occupations can increase premiums. Tobacco use also raises rates.

• Family history – Having immediate family members who passed away early may indicate you have a higher mortality risk.

• Coverage amount – Larger death benefit amounts come with higher premiums. Choose a coverage amount to meet your needs but not exceed them.

• Policy type – Permanent life insurance is significantly costlier than term insurance in Florida. Know what you need before choosing a policy type.

The best way to find affordable life insurance in Florida is to comparison shop. Get quotes from multiple A-rated insurers to find the lowest rate for your situation. Working with an independent agent can also help find you the right policy at a competitive price.

5 Tips for Finding the Best Life Insurance Rates in Florida

Follow these tips when shopping for the most affordable life insurance coverage in Florida:

1. Compare quotes from at least 10 insurers – More quotes means more chances to find lower pricing on the right policy for you.

2. Consider term life insurance – For most Florida residents, term life offers the most cost-effective way to get ample coverage. Permanent insurance is not mandatory.

3. Improve your health – Lose weight, quit smoking, and get health conditions under control to potentially qualify for lower premiums.

4. Check group insurance from your employer – Group life plans through work may offer cheaper rates than buying individual insurance.

5. Work with an independent agent – Independents can provide quotes from multiple insurers to get you the