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Life Insurance in South Florida

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The primary goal of life insurance is to provide economic benefits to the dependents of an insured person after death. As a life insurance policyholder, your provider pays a specific amount of money called “death benefit” to your beneficiary after you are gone.

Apart from the direct benefit to your family members, life insurance is also helpful in paying off debts, offsetting funeral expenses, settling medical bills, carrying on your charitable deeds, and many more benefits. It is not surprising then that so many people seek this financial coverage to protect themselves and their families.

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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.

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From time to time, the state government has made adjustments to the rules of engagement in the insurance sector of the state to ensure a level playing field for both the policyholders and the companies. Notable among these is the 2017 amendment, which is highly customer-oriented as it ensures that the companies don’t just sell policies, but must as well prioritize the financial protection of their customers against fraudulent activities.

What You Should Consider When Shopping for Life Insurance in South Florida

Understand the essence of life insurance

The first thing to have in the back of your mind is that the primary purpose getting life insurance policies should be to help protect your loved ones financially in the event of your death. So this mindset will help you choose carefully which policy and company to go for.

Leverage on the look-free period

With the look-free period provision, you’ll be in a position to have a specific amount of days where you can make adjustments to your insurance policy. This gives you the opportunity of taking a second look at the policy. If you later realize that the policy does not suit your plans, you would have the liberty of adjusting or rejecting it. Be very sure you ask the insurance representative about this before finalizing the policy agreement.

Improve your life insurance coverage with good policy endorsement

After choosing from an insurance policy that suits your needs, ask the insurance representative about the policy endorsement available for you. Policy endorsement is designed so that you can plan your insurance coverage to meet your budget and financial plan.

Purchase your life insurance from a publicly-endorsed insurance company

The reputation of the company you purchase life insurance from in South Florida will go a long way in determining how well you will enjoy your insurance policy.

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.

How Gold Coast Insurance Can Help

It is strongly advised by the government of Florida that, as a policyholder, you seek a licensed insurance agency or financial advisor guidance before buying or adjusting your life insurance policy. The primary purpose of this is to help you make the best decision and to get the best from your chosen policy.

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