Premium Payments

Life insurance premiums are determined by the financial risk involved in a chosen package. The insurer will decide the insurance cost—which includes administrative dues, mortality fee, and other cover maintenance costs—and set the premium proportionately to the risk. Other factors that determine premium payments are the medical history of the insured, age, occupational risks, and personal hazard tendency.

Death Benefit

The death benefit is the amount paid by the insurer to the named beneficiary after the death of the insured as contained in the contract. The beneficiary is required to file a life insurance claim to initiate the process. The primary purpose of the benefit is to provide the dependents of the insured person with income to cover their financial needs.

Why is Life Insurance Important to Have?

Life insurance will give the desired financial security to your surviving relatives after you pass. It could also be used for alimony and child support. You begin the process of acquiring life insurance coverage by carefully considering your financial strength and the living standard desired for your dependents.

Most life insurance policies are very flexible and allow you to adjust to your specific needs. With this, you can choose to reduce, increase, or skip some of the features in the policy. Apart from that, life insurance death benefits are usually tax-free, which allows your dependents to use all of the income for their welfare.

Before buying a life insurance policy, the policy providers will review your insurance needs and institute the kind of life insurance that’s most appropriate to solving the needs.

Most insurance firms in Palm Beach County also offer insurance riders, which are add-ons to the primary policy, and it can be amended if necessary to meet a policyholder’s individual needs. Life insurance riders include premium waiver riders, disability income riders, and accelerated death benefit riders.

How Does Life Insurance Work in Palm Beach County?

Life insurance in Palm Beach County is regulated by the Florida Office of Insurance Regulation (OIR). The state of Florida is known to be among the five best in examining the claim settlement practices of life insurance and annuity companies nationwide.

In the Fiscal Year 2017-2018 alone, nothing less than $24.4 million was recovered by OIR on behalf of Florida policyholders. The office also went further to help consumers reform claims settlement practices used by life insurance in the state.

However, as efficient as the OIR is, the majority of people in Palm Beach County are not maximizing the windows of opportunities provided by this government regulatory body.

For instance, a survey conducted by County Health Rankings & Roadmap showed that over 268,000 (26%) of Palm Beach population is uninsured.

This poses a significant threat to people’s welfare as the county is, according to a study in 2015, one of the places with the highest death rate in Florida. While the death rate is alarming, more alarming is the fact that many don’t have a life insurance policy which will allow their dependent family members to enjoy the benefits provided by the insurers in Palm Beach County.

What You Should Look for When Buying Life Insurance in Palm Beach County