Life Insurance In Broward County

Life insurance plan is the lifeline you need to secure your family’s financial status after your demise. The insurance policy provider transfers “death benefit” to a named beneficiary to cover for any financial hiccups after you have passed.

Life insurance plans can be classified into two major types, namely: ‘term’ and ‘permanent’ life insurance. For each type, there are few other policies you should think through before buying. But, what advantages does life insurance provide for the holder?

Why Should I Get Life Insurance?

Some who have hesitated to get coverage mention that life insurance is expensive. In reality, you may find out that it is actually quite cost-effective.

We’ll share this secret with you–getting life insurance with a custom policy can be extremely affordable. Now is the best time to do so because, as you grow older, insurance rates grow too. Getting coverage now is the smart thing to do. In the long run, you will save yourself a significant amount of money.

Here, we listed some things that should motivate you to consider getting yourself covered:

1. Covers Burial Expenses

Death is an inevitable occurrence that afflicts us all. When death occurs, dependent family members might experience both emotional and potential financial pain. Nowadays, even simple burial services could run into the thousands of dollars. You wouldn’t want to let your family become overwhelmed due to the added cost of financial stress. Life insurance will help alleviate this financial burden for your family.

2. Helps Clear Debts

Death does not automatically clear off debts. For instance, if you have signed up for loan or mortgage with your spouse, the other person is left with the sole responsibility of paying it back. And worse, creditors might opt to sell your estates in a solvent just to clear off the debts.

3. Covers Lost Income

Life insurance plans cover the financial needs of your loved ones after your demise. That means that your child can still go to college and the daily needs of your family can still be met when you are no longer able to provide.

4. Good for Business Planning

If you own or plan to own a business, then you should consider getting covered. Your availability and presence may be crucial for the continued functioning of your business. But if unforeseen events take you from your business, the insurance plan will cover for the expenses to keep it alive. Also, if you signed up for a joint business, a life insurance plan will serve as the ‘shock absorber.’ Your business and hard work will not go down the drain if you have coverage.

5. Buying Now is the Best Time

The older you get, the more likely you are to develop health issues, not to mention the higher life insurance rates. Buying a life insurance plan when you are young is one of the smartest things to do. You can get coverage that is appropriate for your budget and your situation, since insurance plans come in different packages. You may want to speak with a financial expert to guide you on which plan is best for your budget.

How Does Life Insurance Work in Broward County?

The state of Florida passed a new law in 2018 regarding life insurance. This law helps life insurance beneficiaries in Florida and Broward County get what they are entitled to after the death of the insured. In some cases, families of a deceased may not be aware that their loved one had a running life insurance plan before death.

The law requires that insurance companies should locate and notify members of the deceased of the person’s passing and coverage. They are to do so within four months (120 days) after discovering that the insured has passed. If the insurance company cannot locate any family members of the deceased, then “death benefits” will be transferred to the state government. The government will then continue with the search efforts.

Since a deceased person cannot make a claim on his or her benefits, won’t there be an extensive delay in payouts, especially if the members are not aware of the insurance policy? To solve this, the law requires that life insurance companies in Broward County and in the rest of Florida must set up a monitoring program to find out when policyholders are deceased.

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What Should I Look for When Buying Life Insurance in Broward County

There are options to choose from when you are considering an insurance plan in Broward County. So we’ve come up with helpful tips to think through as you shop for the right coverage.

First, understand the vocabulary

There are particular terms used when explaining the meaning of life insurance. Some of them are; “dividend,” “premium,” “whole,” “term,” “policy,” “beneficiary,” etc. Speak with your financial advisor to learn how these terms affect your policy.

Go for the right amount of coverage

To know the right amount of coverage, you should decide what you intend to accomplish with the policy. Your priorities in life will help in making this decision.

Check the financial strength of the company

A company with strong financial standing is more likely to be around much longer to continue paying clients than a company with weak financial capacity.

Find the right policy provider

The right company will offer the right policy that will fit your need. There are various life insurance policy providers in Broward County–so you can shop around to check which one offers the best services.

Find out what other clients are saying about the insurer

The insurer’s reputation will help you determine if you should buy a policy from them or not. Check out for insurer’s complaint ratio score on the National Association of Insurance Commission to check any particular insurance company’s reputation.

Discuss this with a financial expert

A financial expert can help you consider which factors (such as your needs and your family’s needs) meets your financial status.

How Gold Coast Life Insurance Can Help

There is a saying: “If you fail to plan, you plan to fail”. Gold Coast Life Insurance will help figure out the plan that will work best for you.

Here at Gold Coast, we accept members with pre-existing conditions and do not require a medical exam. We even take high-risk clients. So it doesn’t matter what stage of life you are in. Our experts will help match you with the policy that is perfect for your situation. Protect your family and get a free quote today!

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