Life Insurance in South Florida

Why Should You Get Life Insurance?

You may buy life insurance for several reasons, and your motive as the insured will determine the type of life insurance to opt for. However, the major reason for why it is advisable to get life insurance is to secure financial support for your loved ones if you pass unexpectedly. Life insurance is a necessity as you cannot categorically say for how long you will have.

Apart from that, certain life insurance policies help keep a company running as they offer returns in place of lost earning potential and also fund businesses or bail them out should the company’s founder pass. Some policies can also be used to serve as loan indemnifiers in the case of early death, to fund retirement structure, and offer income for the deceased dependent family members.

Life insurance could also be used for alimony and child support purposes.

In light of the above explanation, it’s clear that it is risky if you don’t have a life insurance policy in place for yourself and your loved ones. Think about your kids, your spouse, and how they will cope financially after your demise. With a life insurance package, you can rest assured that your family will not need to worry about what the future holds for them financially.

How Does Life Insurance Work in South Florida?

Essentially, life insurance in South Florida works to provide coverage for people by helping the insured’s family obtain the benefits that the insurance policy promised.

In the late 1970s, the government the state of Florida worked with the life insurance companies in the state to form Florida Life & Health Insurance Guaranty Association, (FLHIGA), a body comprising of insurance policy providers in the state.

Among other responsibilities of this association, it ultimately takes over any insolvent company in its membership and ensures the policyholders under such company are not left high and dry.

Essentially, if your insurance provider goes out of business, you will still have coverage.

Today, FLHIGA has over 50 insolvent companies under its purview, and it is taking care of entitlements due for policyholders under the companies.

Considering Shopping for Life Insurance in South Florida?

How Does Disability Insurance Work in Florida?

In 1935, the U.S. federal government established the Social Security Administration (SSA) agency. The agency will provide support for disabled persons under the SSA disability program. The program has progressed ever since with new programs been added while amending the existing ones.

Over the years, historical changes were made such as the increase in disability benefits of the 1970s, the amendment of the SSA Act in the 1980s, and the welfare reforms that revised a lot of the programs. More changes will likely occur in the future depending on the economic and cultural situation of the United States. To qualify, applicants must pass the rigorous eligibility criteria to benefit from SSA disability insurance program.