Paige Cerulli Last Updated On: August 28, 2023

How to Find the Best Life Insurance in Florida

When you buy life insurance, you’re financially protecting your family in case of your death. Your life insurance policy also gives you the peace of mind of knowing that your family will receive financial support if you should pass away. But finding the best life insurance in Florida can be complicated, especially if you’ve never shopped for life insurance before.

We’ve highlighted what you need to know about life insurance in Florida, including how to find the policy that’s best for your budget and your family.

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Table of Contents

The Average Cost of Life Insurance in Florida

As of 2023, the average cost of life insurance in Florida is $627 per year, which means you would have a $52 monthly premium. Keep in mind that many factors impact life insurance premiums, including the amount of coverage that you purchase, any pre-existing medical conditions, your occupation, habits that can affect your health like smoking, and the type of policy you buy.

Insurance providers must follow laws established by the National Association of Insurance Commissioners (NAIC). Additionally, the Florida insurance market is regulated by the Florida Department of Financial Services, which improves insurance rates.

Since premiums can vary so much, it’s best to get a quote for life insurance in Florida to get the most accurate idea of what you will pay for coverage. You can get a free, personalized life insurance quote today from ConsumerCoverage.

What to Consider When Choosing the Best Life Insurance in Florida

Before buying life insurance in Florida, you will need to consider how much coverage you need and your budget. Think about financial obligations that your family might have trouble fulfilling in the event of your death, like mortgage payments or college expenses. Consider how much you can comfortably pay per month or per year toward a life insurance policy.

Next, you will need to decide on the right life insurance policy for your needs:

  • Whole life insurance policies offer coverage throughout your entire life. Your family is guaranteed a payment upon your death. This policy also has a cash value which earns a fixed interest rate.
  • Universal life insurance is a permanent life insurance policy that offers lifetime coverage. This type of policy allows you to raise and lower your premiums within your limits. The policy earns cash value at a variable interest rate, and if the investments underperform, your premiums could increase.
  • Variable life insurance combines a permanent life insurance policy with a cash-value investment account. The coverage lasts until your death, but since the cash component of your policy is invested, often in mutual funds, its value may fluctuate.
  • Term life insurance guarantees that your family will receive a benefit if you die, but the coverage only lasts for set term durations. You can usually renew the coverage for another term.

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How to Find Cheap Life Insurance in Florida

There are several ways to find cheap life insurance in Florida. If your employer offers a sponsored life insurance program, you may be able to get a lower group rate. You might be able to make some lifestyle changes, like quitting smoking and getting regular exercise, to quality for a lower rate.

As you shop for life insurance in Florida, look for discounts. For example, some companies offer discounts for buying a minimum amount of coverage. If you qualify for a discount when buying $300,000 of coverage, you might pay less for that $300,000 policy than you would for a $250,000 policy.

Shopping around for life insurance in Florida could save you money, too. Taking the time to get and compare quotes may help you to find the best price for the coverage you need. To get started, get a free, personalized quote from ConsumerCoverage today.


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