Life insurance in Margate: local facts that shape your coverage
Margate has about 60,100 residents and the second-oldest population on this list: 23.5% are 65 or older. It also has one of the highest rates of homeownership in Broward, at 77.2%.
The median home value is about $316,200 and the median household income is $62,450. About 40.6% of residents were born abroad, and 40.5% speak a language other than English at home.
Source: U.S. Census Bureau QuickFacts for Margate, 2025 population estimate and 2020–2024 American Community Survey. Life insurance prices are not set by city.
Which life insurance fits Margate households
Term life insurance
Working Margate homeowners with a mortgage usually choose term life insurance that runs until the loan is paid down.
Whole life insurance
Many long-time owners want a guaranteed death benefit that lasts for life; whole life insurance provides that with level premiums.
Indexed universal life (IUL)
We discuss indexed universal life only when a client has income to fund it for many years and wants permanent coverage with flexible premiums.
Final expense insurance
With nearly a quarter of residents over 65, final expense insurance is one of the policies we write most often in Margate.
How much life insurance a Margate household might need
This example uses Margate’s median household income of $62,450 and a home near the median value of $316,200.
| What the policy covers | Amount |
|---|---|
| Replace 10 years of income (10 x $62,450) | $624,500 |
| Pay off a mortgage (80% of a $316,200 home) | $253,000 |
| Funeral and final expenses (typical allowance) | $15,000 |
| Estimated coverage need | $892,500 |
This is an illustration, not a recommendation; your amount depends on your own income, debts, savings and family. See what life insurance costs in Florida, or request a quote and we will run the numbers with you.
The 80% mortgage balance and the $15,000 final-expense allowance are assumptions for illustration.
Life insurance questions from Margate residents
I own my Margate home. How can life insurance help my heirs?
A policy can cover final expenses and any remaining debts so your heirs can keep or sell the home on their own schedule, rather than to pay bills.
Should I buy a policy or rely on savings for final expenses?
If your savings can cover a funeral without strain, you may not need a policy. Final expense coverage makes sense when you want to keep savings for your spouse or avoid a bill falling on family.
Can I change my beneficiary later?
Yes. On most policies you can change the beneficiary at any time by sending a form to the carrier, unless you named an irrevocable beneficiary.
Getting covered in Margate
Most Margate clients finish by phone and e-signature, in English or Spanish; larger policies may need a short medical exam at home. For how coverage works across the county, see our guide to life insurance in Broward County.
Nearby cities we serve
We also help families in Coconut Creek, Coral Springs, North Lauderdale and Tamarac.
Local resources
Useful local links: City of Margate, Broward County Property Appraiser, Florida Department of Financial Services, Margate Catharine Young Senior Center and Margate Chamber of Commerce.
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At Lifeworth Insurance Agency, our goal is ensuring you have the proper coverage for you and your loved ones. Contact us today to learn more about how we can help secure your future.