Life Insurance in Pompano Beach

According to the 2014 Florida Office of Insurance Regulation (FLOIR), the entire life insurance industry in Florida saw a decline in revenue of over $50 million. The office also reported increased life insurance product filings. According to the office, “This trend is expected to continue as products are designed to provide additional types of coverage under broader, single-policy structures”.

This decline in revenue of the entire life insurance industry could also be associated with a reduced number in policyholders. Most consumers do not fully understand the reasons behind getting life insurance, and 80% of consumers misjudge the expenses associated with term insurance policies.

Why Should I Get Life Insurance?

People purchase life insurance for many reasons, and you probably understand that the most common reason is to provide financial protection for the insured’s dependent family when the insured person has passed. While it is true, there is a lot more to it. Here are more reasons why you should consider buying a policy:

It provides liquidity for your business

According to a Forbes report, many businesses don’t survive after the death of the owner. In the most likely instance, there wasn’t enough cash back up to keep it running.

If you own a business, you may want to consider buying a life insurance plan. Even after your death, selecting a capable beneficiary with cash as a backup will keep your business afloat. Having a running insurance policy will protect your business in the event of your sudden passing.

Protects a mortgage

One of the best reasons for buying an insurance policy is because it helps to cover a mortgage for a family’s house. Imagine if, in addition to mourning your loss, your family stood a chance of losing the house as well. Life insurance can help with that. The good news is that you can easily measure it out with a term life insurance plan.

Cover college expenses

Your passing does not have to negatively impact your child’s chances at success. Life insurance can cover your student loan debt (so that it does not pass to your posterity) and protect the cost of your children’s college. The new tax guidelines show that there are circumstances where student loan is not forgiven even after death.

If you have kids, you understand that college fees are far from being cheap. A life insurance policy can ease you the burden on student loan debt on your children. The death benefits of your plan will cover this.

How Does Life Insurance Work in Pompano Beach

The State Group Insurance Program of the State of Florida has a provision for eligible workers and their dependents.

However, only term life insurance plan is available to qualified candidates. The provision is available in six different categories: salaried employees, other personal services (OPS) employees, retirees, spouse programs, dependents, and surviving spouse.

For the basic coverage, full-time salaried employees receive a benefit of $25,000.

Part-time employers would need to pay prorated premiums, which are calculated based on their full-time equivalent (FTE).

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Also, through relevant offices and stakeholders like Florida’s Office of Insurance Regulation and Department of Financial Services and the Attorney General’s Office, the state of Florida is protecting the right to death benefits for beneficiaries.

In the past, some insurance companies have refused to transfer the benefits of the insured to the beneficiaries. This inaction from the insurance companies led FLOIR to investigate and recover beneficiaries’ annuity.

The result of this investigation has seen changes in the way the entire industry operates with a policy that ensures insurers locate and pay beneficiaries as at when due.

What Should I Look for When Buying Life Insurance in Pompano Beach

There are many things to plan for in life such as education, career, marriage, family, financial stability, and so on. While all these things are essential for a future plan, many do not remember to include life insurance coverage, or worse, they ignore the risk of not having protection.

If life insurance makes your list of things to plan for, then there are certain things you need to know before buying. Keep reading for some pointers on how to go about purchasing life insurance in Pompano Beach.

Know the purpose of buying life insurance

People often admit to buying things they don’t really need. Some are influenced by advertisers or because they know of a friend or neighbor that owns one. But buying a life insurance plan is different. Your purpose for buying shouldn’t be on mere happenstance or just because you heard it’s a good thing.

The primary purpose of buying life insurance is to protect your family that depends on your earnings. Once you set a beneficiary, your death benefits will be transferred to him/her after your death. This will help cater for their basic financial needs when you’re gone.

If you think you have no family that depends on your income, then life insurance policy might not be for you.

Understanding the types of life insurance before buying

Life insurance coverage can be confusing, especially if you’re buying for the first time. In general, there are two types of life insurance plans: Term Life Insurance and Permanent Life Insurance. Term policies provide coverage for a specified number of years, while permanent policies provide lifelong benefits.

Depending on your present financial status and your needs, you can get the right policy that works for you. First, start with understanding what each policy stands for and how you can choose the most appropriate type for you.

Chose the most appropriate policy

Understand that just because a policy works for someone else, doesn’t mean it will work for you. This is due to the fact that circumstances vary widely from person to person including health history and employment or financial status.

If you’re not sure about your options yet, speaking with a knowledgeable insurance broker or financial professional will help you make the most informed decision about your coverage.

Ensure that you look at the quality and rating of the provider

If you are the type of person that prefers buying quality over quantity, then choosing an insurance policy giver shouldn’t be an exception. While most insurance companies may claim to provide you with quality, you still need to do your due diligence to make sure that you are getting the most benefit for your dollar.

For example, the sustainability of a company is crucial. You want to make sure that the provider is around for as long as your coverage lasts. The financial buoyancy of a company is one of the things that sustains the insured.

How Gold Coast Life Insurance Can Help

Finding the best life insurance company with the right policy can be daunting. It involves looking at financial strength, customer service, and policy price. Gold Coast Life Insurance is a reputable and fully-licensed insurance company that is committed to securing your future finances. Here at Gold Coast, we show personal interest in our clients and are willing to assist you with everything you need to know about life insurance. We accept members with pre-existing conditions without a need for the medical exam.

We even take high-risk clients. You can take full advantage of our free quote and get started today.

Term Life Insurance

Affordable Life Insurance

Pre-Existing Conditions

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