Life Insurance in Florida

If you have dependent family members whose financial survival largely or entirely depends on you, you need to start thinking of protecting them from unforeseen and unplanned complications.

No one wants to anticipate something as sobering as their own death, but it is important to make sure that those who depend on you will be taken care of in the event that you pass.

Getting life insurance in Florida has never been easier, but it is important to get to know what to expect from a policy.

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Why Should I Buy Life Insurance

It is understandable why many people don’t feel comfortable discussing their passing. However, because tragedy can strike at any moment, preparing for your death extremely important, and the best way to do that is by having a life insurance policy.

There are several types of life insurance policies available, but regardless of the type, the primary purpose of the policy is to protect your dependents from financial problems should you pass sooner than expected.

Apart from this, having life insurance gives you peace of mind as you go about your daily business knowing that your loved ones are well-covered in the event of a tragedy.

Things like life insurance premiums may deter you from seeking the protection you need. However, if you consider the long-term effect of living without it, you will understand that the benefits of life insurance exceedingly outweigh the short-term cost.

Not having life insurance may subject your loved ones to devastating financial problems if you were to pass. You definitely don’t want to add fiscal difficulties to the sorrow of losing a loved one. The best thing to do is to protect their finances so that healing can begin.

How Does Life Insurance Work in Florida?

The state of Florida has been a progressive scene for life insurance. In 1979, the state worked with policy providers in Florida to create the Florida Life & Health Insurance Guaranty Association, which leveled the playing field for both insurers and the insured. FLHIGA is an association consisting of all insurance companies in Florida.

Also in the state is the Florida Office of Insurance Regulation, founded in 2003. It is a government-owned agency created under Section 20.121,(3)(a)1, Florida Statutes. The office is headed the Commissioner of Insurance Regulation. The primary responsibility of the office is to monitor and regulate all activities concerning insurers and other risk-bearing entities according to the insurance code in the state.

Also, in 2017, the Florida Senate came up with new laws which ultimately protect  consumer interest. Some of the provisions of the new insurance amendment bill made it obligatory for insurance companies to advise the policyholders to first consult a licensed insurance or financial advisor before making changes in their existing status. It also protects consumers against insurance fraud, since each provider must designate at least one primary anti-fraud employee for this purpose.

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What makes life insurance more interesting in Florida is that if any provider goes out of business, the agency takes over to guarantee the policyholders’ protection and to make sure that there is no gap in coverage. With all these agencies and laws regulating life insurance in the state, Florida is one of the best places to buy a life insurance policy.

However, despite all these provisions from the government and the advantages therein, it is surprising to note that only 62% of men and 53% of women in Florida own life insurance in Florida. This means that almost half of the population is without a life insurance policy.



What You Should Look for When Buying Life Insurance in Florida

There are some things to watch out for when buying a life insurance policy. If caution is not applied, divergent views about life insurance policies could be confusing and misleading. Here are some crucial things to look out for when buying life insurance in Florida.

Determine the Amount of Coverage

Having decided on what type to go for, you will need to consider the amount that will cover the policy. This amount will be determined by the purpose you wish it to serve. For instance, the amount that will cover a beneficiary with special needs will be different from the amount for a beneficiary without these needs. Likewise, you may need to pay more for a charity giving than for funeral coverage.

Choose the Company to Deal With

Your feasibility study should include the company with the best policy that meets your needs. No matter how good a life insurance policy looks on paper, it can be made or marred by the company providing it. You will want to make sure you choose wisely to avoid regrets later.

Read and Understand Terms & Conditions

The terms and conditions statement governing each policy is unique in its own right. Be sure to read the terms before making a choice.

Know the Pedigree & Customer Service of the Insurer

You sure don’t want to deal with an unstable company with the possibility of becoming insolvent without warning. This is the reason why you will need to check the financial strength of the company you are choosing.

Expert Advice

Yes, you might have read the terms, but you will also need to consult your financial advisor who will give you an expert analysis, and explain the details of the policy in plain terms. Otherwise, you might be unknowingly stepping into some pitfalls.

How Gold Coast Life Insurance Can Help

The best way to maximize the benefits of a life insurance policy is to be equipped with an expert guide and to choose the right company. Gold Coast Life Insurance is here to help you with all of your life insurance needs.

Our exceptional services make us the best in Florida. We accept members with pre-existing conditions, and becoming a member doesn’t require a medical exam, which makes getting started as easy as filling out a short form. You too can enjoy these benefits and many others by getting a free quote.

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