Best Life Insurance in Florida of 2023

Amanda Hester

Life insurance is a contract between a policyholder and an insurance company that provides financial protection to the insured’s family after their death. However, getting life insurance in Florida can be overwhelming, considering its costs and the different companies to choose from. 

To help you make an informed decision, here is an overview of the best life insurance in Florida. 

Affordable term life Insurance coverage


Coverage Up To

No (up to $3M)

Medical Exam


With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.

What we like

  • Flexibility to adjust coverage throughout the term
  • Coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Complete your application online


Coverage Up To

May Need

Medical Exam


Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

What is the cost of life insurance in Florida?

The cost of life insurance differs from one state to another. In Florida, the estimated premium costs are $627 annually or $52 each month. These rates are not set by the government but regulated by life insurance companies based on varying factors such as age, coverage amount, lifestyle, and health of the insured.

Also, the actual cost of life insurance varies with the type of insurance, with permanent insurance being more costly than term insurance. Each type of life insurance has a different payout and cost, depending on the insurer.

Nowadays, most companies offer many payment options to make it more affordable to many people. However, most people hesitate to purchase life insurance as they overestimate it.

How are life insurance rates determined in Florida?

Life insurance companies in Florida use several criteria to determine the rates. They include:


An individual’s age is the most significant factor determining your life insurance policy rate. Generally, young policyholders are more likely to pay lower rates or premiums than older policyholders. Simply put, as your age increases, your policy premium also increases. 


Smoking history also has an impact on determining your life insurance rate. Smoking is associated with different fatal diseases such as cancer, meaning that smokers are at higher risk, and their mortality rate is high. 

Consequently, this can lead to higher life insurance premiums. But if you decide to stop smoking after availing of your life insurance policy, you can go to your doctor for reevaluation as a non-smoker and find out if your premium will be lower.


As per life expectancy statistics, women live longer than men. Women in the United States have a longer life expectancy than men. Thus, women’s life insurance premium rate is lesser compared to men.


Are you are fond of high-risk activities such as free-climbing, hand-gliding or have an occupation that puts you at increased risk like asbestos removal? Well, there is an excellent chance that you will pay more for your life insurance policy. Most insurance companies consider the policy holder’s lifestyle when factoring in the premiums to pay.


When getting a life insurance policy, it is pretty standard for an insurer to require a medical exam or present your health records. With your health records, the insurer will calculate risk factors. 

They will examine present illness, medical history, or severe medical diseases like cancer and heart diseases. Moreover, it permits the insurer to weigh health conditions that are possibly high risk, like cholesterol levels, weight, and blood pressure.

Driving history

Your driving records may play a role in deciding your premiums. Risky driving behaviors like over-speeding can make your premium higher. 

Medical history of your family

Having a medical condition that is serious or hereditary can be a factor in determining your life insurance rate, even if you do not presently have any conditions medically.

Family medical history

If your family history includes serious medical conditions-especially hereditary diseases, the chances of being charged more for your premium are high. This may be the case even if you have no current medical conditions.

Term length

Generally, policies with more extensive coverage and longer terms are more costly than those with smaller coverage.

Difference between term and whole life insurance in Florida

There are two major types of life insurance; permanent life insurance (including whole life insurance) and term life insurance. The critical difference between these insurance plans is their terms of coverage duration. 

As the name may suggest, whole life insurance provides lifetime coverage and continues until you die. In contrast, term life only covers your benefit for a certain period, probably between 10 to 30 years. Moreover, the primary feature of term life insurance is the death benefit, while whole life insurance is a combination of savings and death benefits. 

In terms of funding and investment, term insurance does not benefit from having an account for savings. Thus, it does not have any value when the policy ends. But the good news is, it is much cheaper than whole life insurance.

On the other hand, whole life insurance gives you the advantage of investing, borrowing or even withdrawing money from your insurance policy while you are still living. Typically, this is the cash value of your money that you build up in your policy over time. However, the downside of whole insurance is that it takes a while to earn cash value in most policies.

What does life insurance cover? 

Life insurance covers death benefits to your loved ones after you pass away. This type of benefit can provide financial assistance to settle your affairs, such as debt and estate settlement and funeral costs. 

It also comes in handy when paying for financial responsibilities like college tuition and mortgage. Hence, the primary purpose of insurance is to protect your loved ones from financial burdens after your death.

Here are some of the things that beneficiaries can use the coverage’s proceeds for:

  • Monthly expenses and bills
  • Debts
  • Child or dependent care
  • Long term care and medical expenses

How to choose the best life insurance plan in Florida

Here are the steps to assist you in selecting the appropriate policy for your needs:

Evaluate your needs

The first thing you need to consider is your insurance needs. Know how many beneficiaries you have and the expenses they will need to meet when you die. This information will help you choose the right life insurance plan that will offer adequate financial protection for your family. 

Type of life insurance

You will need to choose the right life insurance for your needs from the two most essential options available. Term life insurance is best for you when you need to meet your short-term needs for a limited time, while whole life insurance is looking for a long-term plan that will build up cash value with time. 

Consider your budget

When shopping for life insurance, consider your budget and choose a budget you can afford. Check the annual premiums and ensure that you can pay dividends for the whole policy term without much struggle.

 Other tips to consider when buying life insurance include:

  • Assess your goals in life insurance.
  • Calculate the coverage of your life insurance.
  • Choose the right policy term.
  • Identify the amount of premium you need to pay.
  • Go for an insurance company with a good reputation.
  • Avoid concealing facts from your insurer.
  • Read and get familiarized with your policy.
  • Select a comprehensive insurance policy.
  • It is better to purchase life insurance at a young age.
  • Evaluate your life insurance regularly, depending on your needs.