Top Life Insurance Companies for Seniors in Florida
Based on our experience and research, we've chosen Mutual of Omaha as our top pick for life insurance in Florida. This well-established provider really caught our attention for a few reasons:
- No waiting periods for most applicants
- Range of coverage options from $10K - $50K (higher than most competitors)
- Reliably low premiums
Choosing the right final expense life insurance can feel overwhelming, with so many options available. That’s where we can help.
Let's explore Mutual of Omaha's offerings in Florida and compare them to leading competitors to find the best choice for you.
We'll share what we like, what we don't, and why each company might be worth considering.
Our Top Picks
#1. Mutual of Omaha
Mutual of Omaha is a big name in insurance, especially when it comes to final expense coverage.
What makes them the best in Florida? Their affordable premiums and flexible coverage options.
Here are some sample monthly premiums:
$10,000 coverage: $47 for a 65-year-old female; $59 for a 65-year-old male.
$25,000 coverage: $110 for a 65-year-old female; $140 for a 65-year-old male.
$50,000 coverage: $215 for a 65-year-old female; $274 for a 65-year-old male.
What we like: Mutual of Omaha really stands out when it comes to affordability, especially if you're looking for higher coverage amounts. That's important if you need to cover things like funeral costs or debts, such as mortgages or medical bills.
Most of the time, there's no waiting period, so your coverage kicks in right away if you qualify.
Plus, they offer up to $50,000 in coverage, which is more than a other companies provide, giving you more flexibility in planning for final expenses.
What we don't like: The main drawback with Mutual of Omaha is the payment options are limited—Mutual of Omaha does not accept debit or credit card payments for monthly premiums.
Is Mutual of Omaha right for you? If you’re looking for a policy with higher coverage limits and immediate protection, Mutual of Omaha is the best choice. It’s perfect for those in good health who want to ensure that their loved ones are fully protected without worrying about a waiting period.
#2. Aetna
Aetna is a great option for seniors with pre-existing health conditions who might struggle to qualify for traditional life insurance policies due to health issues.
Also, Aetna’s easy application and affordable premiums make it a popular choice for many.
Here are some sample monthly premiums:
$5,000 coverage: $34 for a 65-year-old female; $42 for a 65-year-old male.
$10,000 coverage: $62 for a 65-year-old female; $77 for a 65-year-old male.
$25,000 coverage: $145 for a 65-year-old female; $180 for a 65-year-old male.
What we like: Aetna makes it easy to get insured without a medical exam, which is a huge advantage for seniors with chronic conditions like diabetes or COPD.
Aetna also provides immediate coverage for most applicants, meaning that once you’re approved, you’re covered right away without any waiting period.
What we don't like: Aetna’s maximum coverage amount is capped at $25,000, which may be limiting for those who want more extensive coverage. While $25,000 is sufficient to cover basic funeral expenses, it may not be enough if you have significant debts or want to leave behind more for your family.
Another downside is that Aetna doesn’t offer a guaranteed issue policy, meaning that if your health is particularly poor, you may be denied coverage.
Is Aetna right for you? Aetna may the right choice if you have pre-existing health conditions and want a policy that offers immediate coverage without the hassle of a medical exam. It’s ideal for those who may have been denied elsewhere but still want reliable coverage for their final expenses.
#3. Aflac
Aflac is famous for its quick and easy life insurance application process. Aflac could be a great choice if you're in manageable health and want fast approval without the hassle of medical exams or long waits.
Here are some sample monthly premiums:
$5,000 coverage: $36 for a 65-year-old female; $44 for a 65-year-old male.
$10,000 coverage: $66 for a 65-year-old female; $82 for a 65-year-old male.
$25,000 coverage: $150 for a 65-year-old female; $188 for a 65-year-old male.
What we like: Aflac stands out with its quick approval process—many applications get the green light in just minutes.
Plus, with Aflac's no-waiting-period life insurance policies, you get instant protection as soon as you're approved.
While their premiums might not be the lowest, they are quite reasonable, especially if you're in good health.
What we don't like: Aflac’s modified plans, which are for those who don’t qualify for the preferred or standard plans, come with higher premiums. This can make coverage less affordable for individuals with more serious health issues.
Additionally, Aflac does not offer discounts for customers who have multiple policies with the company, which is something that some of its competitors provide.
Is Aflac right for you? We'd suggest Aflac if you’re looking for fast, hassle-free approval and need coverage immediately. It’s particularly appealing for those in moderate health who want a quick and easy process without the need for medical exams or long waiting periods.
#4. Cigna
Cigna offers straightforward and affordable final expense life insurance policies. While their maximum coverage may be lower than some others, Cigna provides fixed premiums and reliable coverage, making it a solid choice in our opinion.
Here are some sample monthly premiums:
$5,000 coverage: $37 for a 65-year-old female; $46 for a 65-year-old male.
$10,000 coverage: $68 for a 65-year-old female; $85 for a 65-year-old male.
$25,000 coverage: $157 for a 65-year-old female; $197 for a 65-year-old male.
What we like: Cigna offers reliable, fixed premiums, which means your monthly payment will never increase over time. This predictability makes Cigna a great option for seniors on a fixed income who want to avoid surprise price hikes.
In addition, Cigna's life policies accumulate cash value over time, which you can borrow against if needed.
We appreciate Cigna for offering policies that are straightforward and manageable, without burdening members with unnecessary add-ons.
What we don't like: The main downside of Cigna is that it caps its maximum coverage at $25,000. While this is enough for basic funeral expenses, it may not be sufficient for those with larger financial obligations or those who want to leave more behind for their families.
Additionally, Cigna offers fewer options for customizing your policy compared to some other providers.
Is Cigna right for you? Cigna is a good fit if you’re looking for stable, predictable premiums and only need basic coverage to cover funeral costs.
Final Expense Monthly Costs Chart
Here’s a comparison of monthly premiums across these four companies:
Company
Mutual of Omaha
Mutual of Omaha
Mutual of Omaha
Aetna
Aetna
Aetna
Aflac
Aflac
Aflac
Cigna
Cigna
Cigna
Coverage Amount
$10,000
$25,000
$50,000
$5,000
$10,000
$25,000
$5,000
$10,000
$25,000
$5,000
$10,000
$25,000
Monthly Premium
$47
$110
$215
$34
$62
$145
$36
$66
$150
$37
$68
$157
Comparing the Financial Ratings of Final Expense Insurance Providers
Let’s take a closer look at the financial ratings of the four companies we’ve been discussing: Mutual of Omaha, Aetna, Aflac, and Cigna. These ratings are typically assigned by agencies like A.M. Best, which specialize in assessing the financial strength and stability of insurance companies.
Company
Mutual of Omaha
Aetna
Aflac
Cigna
A.M. Best Rating
A+ (Superior)
A (Excellent)
A+ (Superior)
A (Excellent)
What it Means for You
Mutual of Omaha’s A+ rating ensures high reliability for payouts and a strong history of meeting claims.
Aetna’s A rating reflects solid financial health, ensuring dependable payouts even for high-risk policyholders.
Aflac’s A+ rating offers high confidence in payouts, especially with its fast approval and immediate coverage.
Cigna’s A rating shows stable financial strength, offering reliable payouts for basic coverage needs.
Popular Companies To Avoid
Based on our experience, we want to caution you about certain life insurance providers that will not offer you valuable coverage. We suggest steering clear of these.
Colonial Penn - minimal coverage + long waiting period
Colonial Penn offers guaranteed acceptance policies, which can be beneficial for those who may have serious health issues and have been denied coverage elsewhere.
However:
- Colonial Penn’s coverage is minimal, especially for older applicants. For example, a 70-year-old male only receives about $689 in coverage for $9.95 per unit, which is nowhere near enough to cover even basic funeral expenses.
- Additionally, there is a two-year waiting period, so if you pass away from natural causes within the first two years, your beneficiaries only receive a return of premiums plus a small amount of interest.
Colonial Penn’s low coverage and high cost per $1,000 of coverage make it a poor choice for most people. You’d be better off choosing a provider with more comprehensive coverage and no waiting period.
Globe Life - expiration dates + increasing premiums
Globe Life’s policies have lower initial premiums, which may seem attractive for seniors who are trying to budget.
But:
- Globe Life offers term life policies, meaning the coverage will expire at age 80 or 90. This means if you outlive the policy, you’re left with no protection.
- Premiums increase every five years, making it increasingly expensive to maintain coverage.
Globe Life's policies are unsustainable for many seniors on a fixed income.
How to Choose the Best Life Insurance for You
Choosing the right life insurance policy can feel like a daunting task, but it doesn’t have to be.
When we guide people through this process, we like to start by focusing on their personal circumstances - because the right policy for one person might not be the best for someone else.
Let’s talk about how you can find the perfect fit based on your own needs and goals. We’ll look at specific situations and important questions, so you can feel confident about the choice you make.
What’s your current financial situation?
First, we need to assess where you are financially. Are you still working and providing for your family, or are you retired and living on a fixed income?
If you’re the main provider for your family, you may want a term life insurance policy that provides a higher death benefit to replace your income if something unexpected happens.
On the other hand, if you're retired and primarily concerned about covering end-of-life costs like funeral expenses, then a final expense or whole life policy with a smaller, more manageable payout might be your best bet.
Example: Let’s say you’re 60 and your mortgage will be paid off in 10 years. A term life policy that matches the length of your mortgage could be perfect. If something happens before the loan is paid off, your family won’t have to worry about keeping the house.
How is your health and medical history?
Your health plays a big role in choosing the right policy. If you’re in good health, you’ll have more options available to you, and you might qualify for lower premiums.
However, if you have pre-existing conditions, it doesn’t mean you can’t find good coverage.
Companies like Aetna and Mutual of Omaha offer policies designed for seniors with health concerns, even options with no medical exams or simplified underwriting.
Example: If you’ve had health issues like diabetes or high blood pressure, you might feel like your options are limited. But that’s not the case. We can explore simplified issue policies, like those from Aetna, that don’t require a medical exam and still offer immediate coverage.
What are your long-term goals?
We also need to think about what you want this policy to achieve. Are you looking to leave behind a legacy for your children or grandchildren, or do you just want to ensure that your funeral expenses are covered so that your family isn’t financially strained?
Your goals will dictate the amount of coverage you need, so here are some scenarios to consider:
- If your goal is to leave behind a sizable inheritance, a whole life policy that builds cash value and provides lifelong coverage might be the answer.
- If your goal is simply to cover final expenses, a final expense policy with a lower death benefit—around $10,000 to $25,000—could be a better fit.
Example: If you’ve paid off most of your debts and just want to cover the basics like a funeral and some remaining bills, a final expense policy from Cigna could give you the peace of mind you need without overpaying for unnecessary coverage.
How long do you need coverage?
This is an important question. If you only need coverage for a specific period, like until your children are out of college or your mortgage is paid off, a term life insurance policy might be the best choice.
However, if you want coverage for your entire life, a whole life or final expense policy could be a better option.
Example: If you’re in your 50s and still have dependents, a term policy that lasts until your kids are financially independent could be a smart move. On the other hand, if your primary goal is to cover your funeral and leave something behind for your spouse or kids, a whole life policy with a cash value component might make more sense.
Bottom Line
We recommend securing a dependable and affordable final expense policy because it can provide peace of mind for you and your loved ones during difficult times.
When considering final expense insurance options, Mutual of Omaha is our top choice.
We also recommend exploring what Aetna, Aflac, and Cigna have to offer - but highly advise caution with companies like Colonial Penn and Globe Life.
It's helpful to work with an experienced broker to explore various options from different providers. We're happy to help!
FAQs
The best type of life insurance for seniors depends on your needs. If you're primarily looking to cover funeral costs and final expenses, a final expense policy or whole life insurance with a smaller death benefit is usually the best fit. These policies typically don’t require a medical exam and offer lifelong coverage. For those who need coverage for a specific period, like to cover a mortgage or support dependents, term life insurance may be a more affordable option.
Yes, you can still get life insurance with a pre-existing condition. Many companies, like Aetna and Mutual of Omaha, offer policies designed for seniors with health concerns. These policies may not require a medical exam, relying instead on a simplified questionnaire, and can provide immediate coverage, even for those with chronic health issues.
The amount of coverage you need depends on your goals. If you’re looking to cover basic funeral expenses, a final expense policy with $10,000 to $25,000 in coverage is typically sufficient. However, if you want to pay off debts or leave behind a legacy, you may need a larger policy. Assess your financial obligations—like outstanding loans, funeral costs, and how much you want to leave to your family—before deciding on an amount.
Not necessarily. Some policies, like final expense and simplified issue whole life insurance, don’t require a medical exam and rely on a simplified questionnaire instead. However, if you’re looking for more affordable options or higher coverage amounts, a medical exam may be necessary.
Yes, many policies offer flexibility in terms of changing premiums or death benefits later on. For example, with whole life policies, you can borrow against the cash value or adjust the death benefit based on your changing needs. Make sure to thoroughly review the terms and conditions before choosing a policy.
With over 16 years of experience, Matt Kiggins is a senior editor at Florida Insurance Guide. He provides detailed advice on Florida Medicare, life insurance, and dental coverage across forty states. As an reputable authority in the industry, Matt specializes in health plan selection. He holds a resident 2–15 Florida Health & Life Agent License(# P116762) and is a co-founder of Policy Guide, an insurance agency in Pensacola, FL.
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