How Much Life Insurance Do I Need in Florida?

A year at a public four-year university in Florida costs about $16,088NCES Digest of Education Statistics 2023, Table 330.20, public 4-year in-state tuition, fees, room and board, academic year 2022-23Verified Oct 17, 2026View source with tuition, fees, room and board; a four-year degree about $64,352NCES Digest of Education Statistics 2023, Table 330.20, public 4-year in-state tuition, fees, room and board, academic year 2022-23Verified Oct 17, 2026View source. Education funding is one of the four DIME components.

No. Florida levies no estate tax and no inheritance taxNo state estate or inheritance tax. Fla. Const. Art. VII, § 5(a) caps any Florida estate or inheritance tax at the federal credit amount; the Chapter 198 estate tax (Fla. Stat. § 198.02) is a federal-credit pickup — not repealed, but $0 since EGTRRA eliminated the federal state death tax credit, and the Florida Department of Revenue confirms the estate tax was eliminated for people who died after Dec. 31, 2004. Florida has no inheritance tax and no gift tax.Verified Sep 15, 2026View source. Only the federal estate tax applies, above $15,000,00026 USC 2001(c), 2010; P.L. 119-21 §70106Verified Sep 15, 2026View source per person, so for most Florida households life insurance planning is about income replacement and debt, not tax.

Florida's cost of living index is 1.034BEA Regional Price Parities, all items, by state, 2024Verified Oct 17, 2026View source, where 1.00 is the national average: near the U.S. averageBEA Regional Price Parities, all items, by state, 2024Verified Oct 17, 2026View source. A median home costs $375,361Zillow Home Value Index, state, smoothed and seasonally adjusted, September 2026Verified Oct 17, 2026View source and a year of childcare $14,230Child Care Aware of America, Child Care in America: Price and Supply, center-based infant care, 2025 report (CO, DC, NM and SC carry the most recent earlier edition)Verified Oct 17, 2026View source. Income replacement is figured on actual income, which already reflects local costs; the index is the context for the debts and the years the coverage has to carry.

The beneficiary designation on the policy, not the will or the trust, decides who receives the proceeds. Florida's rules on divorce revocation, spousal consent and the per-stirpes default can change the outcome, and an outdated designation stays in force whatever the other documents say. The Florida beneficiary designation checker applies those rules.