Florida Life Insurance
Life insurance is necessary to provide families and financial dependents with income in the event of the insured person’s death. Florida life insurance can also defray the costs of funeral and other final expenses, such as medical bills, utilities, and mortgages, which may be left behind.
Life insurance in Florida offers many life insurance types, options, rates and companies to meet the different needs of individuals seeking low cost life insurance protection. Enter your zip code to get life insurance quotes now and compare Florida life insurance to find the best, affordable policy for you and your family.
Who Should Have Life Insurance?
Most adults should have some life insurance, whether it is to provide financial resources for dependents or simply to cover final expenses, mortgages, credit cards, or tuition expenses. In two parent households with a single wage earner, the stay at home parent should have enough life insurance to cover hiring someone to perform the essential services he or she provides. Seniors should have life insurance to cover funeral expenses and final medical bills or other debts that may be left when they die.
Types of Life Insurance
The two major types of life insurance are term life insurance and whole life insurance. Term life is affordable temporary insurance which pays a benefit if the insured dies within the term of the policy, which is usually 5, 10, 20, or 30 years. Whole life insurance is not as cheap as term life but provides permanent life insurance with a savings feature that allows the policy to accrue a cash value. There are options available which allow those purchasing Florida life insurance to customize term or whole life policies to meet their individual needs.
Florida Life Insurance Regulations
The State Insurance Code of Florida sets forth the regulations and laws for life insurance. The code provides Florida residents who purchase life insurance to have up to 10 days following the purchase of the contract to cancel the policy and receive a full refund.
There is also a grace period which allows policyholders to be up to 30 days late in premium payments without having their policy terminated, voided, or canceled. The code contains provisions which protect insurers from consumer fraud, making Florida life insurance quotes very affordable.
Consumer Fraud Protection
If an applicant for Florida life insurance has discrepancies in the information provided in the application, including age, medical history, tobacco or alcohol use, the life insurance company has up to two years to terminate the policy. The discrepancies must be of such a nature that the insurance company might have refused to issue a policy if they had known the truth.
The most common material misrepresentations regard age, tobacco use or hazardous activities that were not disclosed to the life insurance company on the application.
Why Is Life Insurance Necessary?
Although Florida residents have an average life expectancy of 77 years, not all residents will reach that average. Auto or work related accidents (AD&D life insurance) can result in a sudden, unexpected death that leaves families without financial support or income. Florida life insurance can provide financial dependents with security even if a wage earner dies prematurely.
In addition to covering their funeral expenses, seniors may choose life insurance to leave a legacy to children or grandchildren. By getting instant, free life insurance quotes, consumers can compare life insurance policies, costs, and companies to find affordable coverage.
Life Insurance Quotes – Florida
Consumers can find out more about Florida life insurance through the detailed information we provide on all life insurance policies. We can help individuals learn about life insurance types, companies, rates, and coverage options. TheLifeInsuranceQuote.com offers free life insurance quotes so consumers can compare the best life insurance companies and find low cost life insurance in Florida.
