Updated: October 3, 2024
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Life insurance gives financial support to your dependents in the event of your death. Since there are many life insurance providers in St. Petersburg, Florida, shopping around can help you choose the coverage that best fits your needs and lifestyle.
Examine the top life insurance companies in St. Petersburg based on MoneyGeek's evaluation of their average premiums based on your age, gender and smoking history.
BestLife InsuranceSt. PetersburgBest Life Insurance Companies in St. Petersburg, FL, for 2023
Your life insurance rates are determined by the amount of your coverage and your gender. Transamerica is the cheapest for men and women in St. Petersburg for $250K coverage, costing an average of $11 and $10 monthly, respectively.
Although insurance with $250K in coverage is less expensive, it may be insufficient. The state’s recommended amount is $736,000 based on profile variables and state-specific factors.
Transamerica provides the cheapest $736K life insurance coverage at around $21 monthly for men and roughly $18 monthly for women.
Cheapest For | $250K Coverage | $736K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Transamerica |
Female | Transamerica | Transamerica |
The cost of life insurance is influenced by the gender of the insured person. When it comes to life insurance, males in St. Petersburg pay an average of 11% more than the average of the state, while women pay around 8% more.
A life insurance policy with basic coverage of $250K costs an average of $19 for men and $17 for women in St. Petersburg.
These prices may increase if you choose Florida's recommended higher coverage level of $736K, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Men pay roughly $40 per month for the recommended coverage level, while women pay around $33 per month.
Furthermore, regardless of coverage level, the average monthly cost of a 10-year term insurance policy in St. Petersburg is $25 for males and $21 for women.
| Transamerica | $11 | $21 |
| Nationwide | $13 | $23 |
| MassMutual | $13 | $23 |
| Mutual of Omaha | $14 | $24 |
| AAA | $15 | $28 |
| State Farm | $20 | $37 |
| Prudential | $34 | $45 |
| Progressive Life | $19 | $64 |
| Transamerica | $10 | $18 |
| Nationwide | $13 | $18 |
| Mutual of Omaha | $14 | $20 |
| MassMutual | $11 | $20 |
| AAA | $13 | $25 |
| Prudential | $24 | $32 |
| State Farm | $19 | $34 |
| Progressive Life | $17 | $53 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in St. Petersburg 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.
Gender is one of the primary considerations when determining life insurance rates. Typically, women pay less for life insurance than men because they live longer. According to research, males die earlier than women because they take more risks, avoid doctors, commit suicide more often and work in more risky professions.
Despite the fact that women live longer, comprehensive research on life insurance indicates that more men purchase coverage than women. Women should consider getting life insurance as they often give the same level of financial support to their family as men.
Northwestern Mutual, Lincoln Financial and MassMutual were reported by MoneyGeek to have roughly 8%, 6% and 5% of Florida's life insurance market share, respectively.
Florida's top seven most popular life insurance providers make up approximately 37% of the market share. In the table below, MoneyGeek compiled the most popular life insurance companies in Florida and their respective market shares.
| Northwestern Mutual | 8% |
| Lincoln Financial | 6% |
| MassMutual | 5% |
| Transamerica | 5% |
| John Hancock | 4% |
| New York Life | 4% |
| Pacific Life | 4% |
A company's market share is a measurement of how much of a certain market or sector the company controls based on their sales vs. other companies. MoneyGeek's market share data is based on total premiums issued in 2020 state S&P Global data reports.
The cost of life insurance for young individuals in St. Petersburg varies by provider, with monthly premiums ranging from around $15 to $25. On average, the top two cheapest life insurance carriers in the state for young people are:
The table below contains a comprehensive list of companies in St. Petersburg that provide affordable rates for young people.
| Transamerica | $15 |
| Mutual of Omaha | $17 |
| MassMutual | $18 |
| AAA | $21 |
| Prudential | $21 |
| State Farm | $21 |
| Nationwide | $23 |
| Progressive Life | $25 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in St. Petersburg who is 5 feet 10 inches, 156 pounds and purchases a 20-year term contract at the average coverage need of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
Life insurance is less costly while you're young and becomes more expensive as you age since you are more susceptible to illnesses. MoneyGeek recommends that you get life insurance when you're young to save money on monthly payments.
The cost of life insurance for the elderly in St. Petersburg varies from around $43 to $89 per month. According to MoneyGeek's research, on average, the following companies provide the best value for money to older people in St. Petersburg:
In the table below, you can compare various life insurance rates in St. Petersburg for seniors.
| MassMutual | $43 |
| State Farm | $46 |
| Mutual of Omaha | $48 |
| Nationwide | $49 |
| AAA | $51 |
| Progressive Life | $77 |
| Prudential | $88 |
| Transamerica | $89 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in St. Petersburg who is 5 feet 10 inches, 183 pounds and purchases a 10-year term contract at the average coverage need of $83,000.
Older folks often pay higher life insurance rates since their policy is expected to outlast them. One approach to save money on life insurance is to get less coverage. Seniors with beneficiaries who are mature adults that can support themselves are likely to be okay with less life insurance coverage.
Most seniors just need life insurance to pay for funeral expenses and to repay any outstanding debts. This is why we set our sample insurance coverage for St. Petersburg seniors at $83K, which is less than we used for other profiles.
The average cost of life insurance in St. Petersburg for someone who smokes might range from around $127 to $225 each month. On average, MoneyGeek found that the cheapest companies for smokers in St. Petersburg are:
There are several more inexpensive insurance for smokers in the cities listed below.
| Transamerica | $127 |
| State Farm | $148 |
| MassMutual | $154 |
| Mutual of Omaha | $157 |
| Nationwide | $165 |
| Prudential | $174 |
| AAA | $179 |
| Progressive Life | $225 |
Rates were determined by analyzing quotes for a 34-year-old male smoker in St. Petersburg who is 5 feet 10 inches, 183 pounds and purchases a 20-year term contract at the average coverage need of $736,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase as you age.
Many insurance companies view smokers as high-risk individuals and charge them more for their policies. Fortunately, it is still possible to get affordable life insurance for smokers. MoneyGeek recommends at least a 20-policy for insurance coverage since smoking increases your premiums as you age.
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.
