Life Insurance in Fort Lauderdale

Benefits of Life Insurance in Fort Lauderdale

Several benefits come with a life insurance policy, which makes it a must-have for everyone who desires a better future for themselves and their dependent family members.

With a life insurance policy, your loved ones will have financial protection that takes care of their needs when you pass on. The benefits could also be used to pay off debts incurred during your treatment or settle burial expenses. Even though you might not feel comfortable talking about the possibility of you passing away, loss of life remains both inevitable and unpredictable. Moreover, you wouldn’t want your loved ones to inherit a financial burden after you have passed.

Life insurance is a perfect tool for taking care of some of your commitments in life even after you have passed on. There are contracts whose benefits can be tied to the funding of your business, payment of estate taxes, or continuing your charitable donations, all after your passing.

Contrary to what you may have heard, buying life insurance is not as expensive as you might have guessed. There are varieties of contracts that are very affordable and easy to obtain regardless of your financial status. You only need to have the right information at your disposal.

How Life Insurance Works in Fort Lauderdale

Since 1979, when the state of Florida worked with the policy providers in the state to create the Florida Life & Health Insurance Guaranty Association to provide quality life insurance contracts for its citizens, Florida has been one of the best places to buy a life insurance policy nationwide. The state government and the FLHIGA have laws that protect policyholders from losing out on their plans payment in case their insurer goes insolvent by absorbing them under their receiverships.

Apart from that, to ensure the named beneficiary of a life insurance contract is in full control of the proceeds therein, the Florida Senate 2018 Life Insurance Act 222.13 stops the benefit payment from being claimed by creditors.

A part of the law states that “the proceeds [of the benefits] shall be exempt from the claims of creditors of the insured unless the insurance policy or a valid assignment thereof provides otherwise.”

Also, at the local level, the Fort Lauderdale city management equips the residents with useful information about life insurance policies. The city has a dedicated website and toll-free line to keep its residents abreast of the latest in the insurance world.

With poisoning, road traffic accidents, and different chronic diseases being among the leading causes of death in Florida, a life insurance policy can no longer be treated as an afterthought—it should be considered part of topmost priorities in life.