Life Insurance in Florida
Florida, like most states, does not regulate life insurance on the policy level the way that the state Department of Insurance regulates other insurance such as health or auto.
Purchasing a life insurance policy today is a smart way for people in Florida to help ensure that their loved ones will always be protected, even if they are not there to take care of them. As you shop around, you should be aware of the state specific regulations that are in place to protect your rights.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Florida was ranked 21st out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.48 years. With this in mind, people living in Florida may want to consider their life insurance options.
Florida life insurance specifics
The insurance industry in Florida is regulated by the The State Insurance Code of Florida. The state uses this code to regulate claims and provide certain provisions to protect Florida consumers, such as:
- Grace Period
You are entitled by the Florida State code to miss a monthly premium and not have the policy canceled – so long as you pay your premium within 30 days. This is known as a Grace Period. - Incontestability
After your life insurance contract has been in effect for at least two years, it is considered incontestable, unless you don’t pay your premiums.
Florida life insurance state resources
Florida Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Florida life insurance industry.
http://www.floir.com/
Florida Life & Disability Insurance Guaranty Association
State guaranty associations are there to provide protection and continuing coverage, even in the event that a company selling life products becomes insolvent.
http://www.flahiga.org/
Life Insurance Company Ratings from A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.
www.ambest.com
