Best Life Insurance Rates in Florida

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Florida is the birthplace of Gatorade, sunscreen, key lime pie, and air conditioning, as well as the oldest city in America, St. Augustine. It is the home of famously beautiful beaches, more golf courses than any other state, and the most lightning strikes per capita in the country. Low rates of obesity and smoking, coupled with an extremely low rate of death from influenza may affect life insurance rates in Florida.

Florida Life Insurance Quotes

If you want to get the best life insurance rates, shop around and get quotes from a number of insurance companies.

Last year alone, 14,208 people did just that using QuoteWizard to compare life insurance rates in Florida. 

Life Insurance Rate Factors in Florida

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Florida is 79.4 years, slightly higher than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Florida at age 53, you would be more likely than not to pass away before 83 years of age, the end of the term.

On the other hand, if you were 36 years old and purchased a 30-year term life policy, you would be well under Florida’s life expectancy of 79.4 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Florida, the death rate from injury due to firearms is 11.9 per 100,000 deaths, the #23 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Florida, the percentage of the population that’s female is 51.1%, and the percentage that’s male is 48.9%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Florida residents that used QuoteWizard last year.

 
         
 
   
51%Female
   
49%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Florida that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
64%Healthy
   
28%Major
   
8%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Florida, where water sports are very popular.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Florida in 2009, the rate of marriage for people over 15 was 32.2 per 1,000 people, the rate of divorce was 17.5 per 1,000 people, and the rate of widowhood was 12.8 per 1,000 people.

Marriage status of Florida residents that used QuoteWizard last year.

 
         
 
   
66%Single
   
34%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Florida is a motorboat operator.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates as well as an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2013, approximately 16.8% of Florida adults smoked cigarettes – about 2,600,000 adults.

Percentage of QuoteWizard users in Florida that indicated that they smoke last year.

 
         
 
   
90%Don't Smoke
   
10%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Florida was 26.4%. This makes Florida the #37 most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Florida - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 42,656 149.8 35th 169.8
2 Cancer 42,735 155.9 37th 163.2
3 Lower Respiratory Disease 11,379 39.9 33rd 42.1
4 Accidents 8,735 39.1 38th 39.4
5 Stroke 8,598 30.6 43rd 36.2
6 Alzheimer's Disease 5,093 16.9 44th 23.5
7 Diabetes 5,238 19.2 35th 21.2
8 Influenza/Pneumonia 2,662 9.5 49th 15.9
9 Kidney Disease 3,130 11.1 33rd 13.2
10 Suicide 2,928 13.8 28th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Florida Life Insurance Market Share – 2013

Source:  Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 AEGON $2,198,172 7.2%
2 American International Group $2,098,671 6.9%
3 Lincoln National Corp. $1,963,376 6.5%
4 MetLife Inc. $1,729,526 5.7%
5 Jackson National Life Group $1,672,723 5.5%
6 Prudential Financial Inc. $1,525,945/td> 5.0%
7 Manulife Financial Corp. $1,242,515 4.1%
8 Nationwide Mutual Group $1,112,238 3.7%
9 Massachusetts Mutual Life Insurance Co. $1,015,136 3.3%
10 Guggenheim Capital LLC $952,259 3.1%

Financial Strength Ratings of Top Florida Life/Health Insurers

Source: A.M. Best (Ratings as of 8/31/2015)

  • AEGON: A+
  • American International Group: A
  • Lincoln National Corp.: A+
  • Metlife Inc.: A+
  • Jackson National Life Group: A+
  • Prudential Financial Corp: A+
  • Manulife Financial Corp.: NR
  • Nationwide Mutual Group: A+
  • Massachusetts Mutual Life Insurance Co.: A++
  • Guggenheim Capital LLC: B++
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Rating Guide

Florida Life Insurance Regulations

Insurance in Florida is governed by the laws defined by Title 37 of the Florida Statutes, as outlined by the Florida State Legislature.

This legislature, which contains two parts and 84 chapters, is used to regulate claims and provide certain protections to Florida consumers, for example: 

Grace Period: Any life insurance policyholder in Florida is entitled to a 30-day grace period” to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.

Guarantee on Death Claims: If an insurance company is unable to make payments on death claims, the Florida Life and Health Insurance Guaranty Association will cover up to $300,000 of death benefits. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit, though the amount is the same regardless of how much the policy is worth.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Florida insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Florida Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the FLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(904) 398 – 3644
Address:
Florida Life & Health Insurance Guaranty Association
3740 Beach Boulevard, Suite 201-A
Jacksonville, FL 32207-3877

Florida Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Kevin M. McCarty
Insurance Hotline:
(850) 413 – 3140
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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