In the event of your passing, life insurance can help your beneficiaries pay off your debts and mortgage and cover burial expenses. Considering the number of life insurance companies in Fort Lauderdale, Florida, it’s best to compare rates before choosing a policy. In this guide, MoneyGeek collected and analyzed average rates from different companies to help you choose the best life insurance in Fort Lauderdale based on your age, gender and smoking history.
Best Life Insurance Companies in Fort Lauderdale, FL, for 2024
Updated: October 18, 2024
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BestLife InsuranceFort LauderdaleBest Life Insurance Companies in Fort Lauderdale, FL, for 2023
Most Popular in Florida - Northwestern Mutual
Best for Young People - Transamerica
Best for Smokers - Transamerica
Best Cheap Life Insurance in Fort Lauderdale
Your coverage amount and gender can significantly impact the cost of life insurance. For $250K coverage life insurance in Fort Lauderdale, Transamerica offers the lowest rate for men (around $11 per month) and women (approximately $9 per month).
While getting a life insurance policy with $250K in coverage is cheaper, it may not provide enough financial support to your beneficiaries. You could consider Florida’s recommended coverage amount of $736,000 — based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors.
Using Florida’s recommended coverage amount, Transamerica is still the most affordable company for men and women in Fort Lauderdale, at an average monthly rate of $21 and $17, respectively.
Cheapest Life Insurance Companies for Males and Females in Fort Lauderdale
Cheapest For | $250K Coverage | $736K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
Life Insurance Costs in Fort Lauderdale for Men and Women
According to MoneyGeek’s analysis, men in Fort Lauderdale pay around 12% more than the average cost for men in Florida for life insurance. Meanwhile, women pay roughly 0.5% more than the average cost for women in the state for coverage.
Gender is one of the primary factors that affect the cost of life insurance. For example, the average cost of life insurance in Fort Lauderdale with $250K in coverage is $20 per month for men and $16 per month for women.
Your monthly premium increases if you get Florida’s recommended coverage amount, which considers several factors, like per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.
Following Florida’s recommended life insurance coverage amount of $736K, the average cost of life insurance in Fort Lauderdale is $40 per month for men and $31 per month for women.
Regardless of the coverage limit, men in this city pay around $26 per month for life insurance with a 10-year term, whereas women pay roughly $20 per month.
Average Monthly Life Insurance Rates in Fort Lauderdale: Men
| Transamerica | $11 | $21 |
| Nationwide | $13 | $23 |
| MassMutual | $13 | $23 |
| Mutual of Omaha | $14 | $25 |
| AAA | $15 | $28 |
| State Farm | $21 | $38 |
| Prudential | $34 | $45 |
| Progressive Life | $19 | $65 |
Average Monthly Life Insurance Rates in Fort Lauderdale: Women
| Transamerica | $9 | $17 |
| Nationwide | $12 | $17 |
| Mutual of Omaha | $13 | $18 |
| MassMutual | $11 | $18 |
| AAA | $12 | $23 |
| Prudential | $22 | $29 |
| State Farm | $18 | $32 |
| Progressive Life | $16 | $49 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Fort Lauderdale using average buyer profile statistics, including the average age of 34, the average weight of 183 pounds for males and 145 pounds for females, and an average coverage need of $736,000.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
How much you pay for life insurance depends on your gender. Since women tend to live longer than men, they have a cheaper monthly premium. Reasons why women often outlive men include men taking bigger risks and having more dangerous jobs. These cause men to face higher insurance rates.
Studies show that more men purchase life insurance than women. Whether they are breadwinners or stay-at-home caretakers, women should consider insuring the economic value they bring to their households.
Most Popular Life Insurance Companies in Florida
MoneyGeek found that Northwestern Mutual, Lincoln Financial and MassMutual are the most popular life insurance companies in Florida based on market share. Northwestern Mutual has the largest market share at around 8%, followed by Lincoln Financial and MassMutual, with market shares of roughly 6% and 5%, respectively.
Overall, the seven most popular life insurance companies in Florida make up around 36% of the market in the state. Check out the seven most popular companies in Florida in the table below.
Most Popular Life Insurance Companies in Florida
| Northwestern Mutual | 8% |
| Lincoln Financial | 6% |
| MassMutual | 5% |
| Transamerica | 5% |
| John Hancock | 4% |
| New York Life | 4% |
| Pacific Life | 4% |
MONEYGEEK DICTIONARY
A company’s market share is the percentage of its sales compared to others in its industry. In terms of life insurance, a higher market share means more policies sold. The market share data in this guide is based on total premiums written in the 2020 S&P Global data reports.
Cheapest Life Insurance for Young People in Fort Lauderdale
On average, the cost of life insurance in Fort Lauderdale for young people ranges from $16 to $26 per month. MoneyGeek compared average rates and found that the two cheapest life insurance companies in Fort Lauderdale for young people are:
- Transamerica: $16 per month
- Mutual of Omaha: $18 per month
In the table below, we provide the complete list of life insurance companies and their average rates for young people in Fort Lauderdale.
Best Life Insurance Companies for Young People in Fort Lauderdale, FL
| Transamerica | $16 |
| Mutual of Omaha | $18 |
| MassMutual | $18 |
| AAA | $21 |
| Prudential | $21 |
| State Farm | $22 |
| Nationwide | $24 |
| Progressive Life | $26 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Fort Lauderdale who is 5 feet 10 inches and weighs 156 pounds with a 20-year term contract at the average needed coverage amount of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Typically, life insurance is more affordable for those 25 years old and younger and gets more expensive over time. That’s why it’s best to purchase life insurance in Fort Lauderdale at a young age if you want to save money on your policy.
Cheapest Life Insurance for Seniors in Fort Lauderdale
For seniors, life insurance in Fort Lauderdale averages from $43 per month to $90 per month. According to MoneyGeek’s analysis, the two companies providing the average cheapest life insurance rates for older adults in Fort Lauderdale are:
- MassMutual: $43 per month
- State Farm: $47 per month
Check out the table below to see the complete list of life insurance companies for seniors in Fort Lauderdale and their average rates.
Best Life Insurance Companies for Seniors in Fort Lauderdale, FL
| MassMutual | $43 |
| State Farm | $47 |
| Mutual of Omaha | $49 |
| Nationwide | $50 |
| AAA | $51 |
| Progressive Life | $78 |
| Prudential | $89 |
| Transamerica | $90 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Fort Lauderdale who is 5 feet 10 inches tall and weighs 183 pounds with a 10-year term contract at the average coverage need of $83,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors tend to pay more for life insurance because the expectation is that their policies outlive them. However, they don’t usually require lots of coverage since their beneficiaries are more likely financially independent adults. For example, their coverage amount only needs to cover the cost of funeral arrangements or settle any debt or mortgage. That is why MoneyGeek’s sample policy coverage for seniors is lower than for other groups.
Cheapest Life Insurance for Smokers in Fort Lauderdale
The average cost of life insurance in Fort Lauderdale for people who smoke can be as low as $129 per month or as high as $228 per month. MoneyGeek found that the two cheapest life insurance companies for smokers in Fort Lauderdale are:
- Transamerica: $129 per month
- State Farm: $150 per month
Below, we provide the complete list of life insurance companies offering smokers a policy in Fort Lauderdale and their average rates.
Best Life Insurance Companies for Smokers in Fort Lauderdale, FL
| Transamerica | $129 |
| State Farm | $150 |
| MassMutual | $156 |
| Mutual of Omaha | $159 |
| Nationwide | $167 |
| Prudential | $176 |
| AAA | $181 |
| Progressive Life | $228 |
Rates were determined by analyzing quotes for a 34-year-old male smoker in Fort Lauderdale who is 5 feet 10 inches tall and weighs 183 pounds with a 20-year term contract at the average coverage need of $736,000.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Smokers are considered risky to insure because they are more prone to severe illnesses that can reduce life expectancy. As a result, those who smoke usually have a higher life insurance premium. Fortunately, there are companies that provide affordable life insurance for smokers.
If you smoke, MoneyGeek recommends buying a longer-term (20-year) policy as rates for smokers tend to increase dramatically with age.
Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed July 7, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed July 7, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed July 7, 2022.
- S&P Global. "2020 Annual Report." Accessed July 7, 2022.