10 Best Life Insurance Companies in Florida

Life insurance companies in Florida can help your family when they need it most.

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10 Best Life Insurance Companies in Florida

Key Terms

  • Life insurance can cover your final expenses like funeral costs and debts.
  • A life insurance policy is one of the best investments you can make for you family’s financial future.
  • Florida life insurance companies can help you learn more information and find a policy to suit your needs and budget.

Florida is known as the Sunshine State and is located in the southern United States. It’s bordered by Alabama and Georgia to the North. With a population of around 22 million people, it’s the 3rd-most populous state. The largest city in Florida is Jacksonville which has a population of 949,611 residents. The state capital is Tallahassee which has a population of 196,169.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Florida is approximately 77.5 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Florida have been heart disease, cancer, and Covid-19. The homicide rate in Florida is around 7.8 homicides per 100,000 residents, which is slightly higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Florida, the 90th percentile income is currently $96,380. The median income in the state is approximately $37,920. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Florida, this works out to around $963,800 – $1,927,600 dollars for most people.

In determining how much life insurance coverage and what types of life insurance in the state of Florida you need, consider your life insurance options, life insurance quotes and compare insurance products and insurance agencies.

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How life insurance works in Florida

Some people think that life insurance is complicated, but it’s actually quite easy to understand. Life insurance is basically a contract between the policyholder and an insurance company. The insurance company agrees to pay a certain sum of money to the policyholder’s designated beneficiaries in exchange for a premium that is paid monthly, or in some cases, annually. Life insurance companies use underwriting to determine the risk of insuring an individual and to set the terms and premiums of the policy.

Life insurance policies come in two basic types: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period of time, usually 10, 20, or 30 years. Whole life insurance, on the other hand, tends to be a bit more expensive, but it provides coverage for your entire life, and will pay out the death benefit whenever you happen to pass away.

Most people purchase life insurance to provide financial security for their loved ones in the event of their death. The death benefit from a life insurance policy can be used to pay for final expenses, such as funeral expenses and outstanding medical bills, or day-to-day expenses, like mortgage payments and provide a source of income for people who were relying on your income. Life insurance companies typically have an enrollment process for individuals to apply for coverage and to provide information about their health and financial history.

Life insurance policies typically have exclusions, which are specific events or circumstances that are not covered by the policy. For example, a policy may exclude coverage for deaths caused by war or terrorism, or for suicides within the first year of coverage. Exclusions can vary from policy to policy, so it is important for individuals to carefully review the terms of their policy to understand what is and is not covered.

Regardless of whether you choose a term policy or a whole life policy, either way, deciding on purchasing life insurance is an important part of financial planning. You can look online and find various quotes from different companies, but before you sign any contracts you should consult with a licensed insurance agent. An insurance agent can answer any questions you may have, and they can help you find a policy that suits your unique needs and financial situation.

10 Biggest life insurance companies in Florida

Florida life insurance companies ranked by premiums written in the state.

RankCompany NameFlorida
Premiums Written
Market Share
1Northwestern Mutual$864,791,8017.12%
2New York Life$805,700,3056.64%
3Mass Mutual Life Ins$696,839,3975.74%
6Lincoln National$519,539,7894.28%
7John Hancock$459,619,0693.78%
8Aegon Us Holding$438,012,8753.61%
9Pacific Life$417,534,7963.44%
10Sammons Enterprises$377,757,4553.11%

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How much life insurance do you need in Florida?

The 90th percentile salary in Florida is approximately $96,380. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Florida that works out to around $963,800 – $1,927,600. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Florida life insurance laws

There are a few unique features with respect to Florida Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • Free look period: This is the time between the purchase and the commitment of an insurance policy. During this time, which is typically 30 days for policyholders in Florida, you can review the policy so you can decide whether or not to maintain it. You may cancel the policy without penalty within this period and receive full reimbursement from the company if you’re not happy with the policy.
  • Grace period: This is the period of time that a policyholder can use without a penalty to pay a missing premium. The insurance policy will remain in force during this period. Insurers must grant a grace period of no less than 30 days to Florida’s policyholders.
  • Time period for claim settlement: It’s noteworthy that Florida’s law requires all insurers to pay death claims as soon as possible. As soon as the insurer obtains the policyholder’s death certificate, interest starts accruing on the policy and will continue until the claim is paid. As a result, most insurers tend to pay the life insurance claims quickly and fairly.
  • Incontestability: In Florida, a life insurance policy becomes incontestable if it has been active for at least two years from the date of issue. The company will be unable to challenge the application for mistakes or discrepancies after this period. Only insurance policies with outstanding premiums or where the policyholder is qualified for accidental death benefits are exempt from this rule.

Most people purchase life insurance to protect their loved ones in the event of their death. If you are the primary breadwinner for your family, your death could leave them in financial difficulty. A life insurance policy can provide them with the financial resources they need to maintain their standard of living. In addition to providing financial protection for your loved ones, life insurance can also be used to help pay for your final expenses, such as funeral costs and outstanding debts.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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