The Best Life Insurance Companies In Florida
If you are living in Florida for the purposes of retirement or you were born and raised there, you are going to need a strong understanding of how life insurance will work.
We put together this post so that you can have quick access to the Flordia department of insurance as well as the Florida guaranty association.
You will also find out why you need life insurance if you live in Florida.
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Comparing Florida Life Insurance Quotes
What's The Free Look Period
When you purchase your life insurance policy you still have what is known as the "free look" period in which you can return the policy.
If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.
The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.
How Life Insurance Rates Are Determined In Florida
Age
Age is going to be one of the largest factors when determining your life insurance rates in Florida. The younger you are when you purchase coverage, the more affordable it is going to be.
Gender
Your gender is going to be the second largest factor when figuring out your life insurance rates. You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.
Tobacco Usage
If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in Florida, and since smoking increases your rates considerably, if you smoke, it's probably time to quit.
Coverage Amount
The amount of coverage that you purchase will also change your rates. The higher the coverage amount you purchase, the more expensive the policy will become.
Term Length
Term lenght is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.
Current Health
Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different.
Driving Record
Life insurance companies want to know that you aren't a crazy driver. If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.
Top 10 Leading Causes Of Death In Florida
It is essential that you purchase Florida life insurance when you are young so that your rates are affordable.
- 1Heart Disease - 45,440 Deaths
- 2Cancer - 45,131 Deaths
- 3Accidents - 13,059 Deaths
- 4 Chronic Lower Respiratory Diseases - 12,619 Deaths
- 5Stroke - 12, 602 Deaths
- 6Alzheimer’s Disease - 6,980 Deaths
- 7Diabetes - 6,172 Deaths
- 8Suicide - 3,227 Deaths
- 9Kidney Disease - 3,172 Deaths
- 10Chronic Liver Disease/Cirrhosis - 3,089 Deaths
A life insurance policy would cover all of the above deaths, including suicide after 2 years of having the policy.
Florida Department Of Insurance
Website: Florida Department Of Insurance
Insurance Commissioner: David Altmaier
Consumer Insurance Helpline: 1-877-MY-FL-CFO (1-877-693-5236)
Office Hours: Monday - Friday 9:00 am to 5:00 pm
File a Consumer Insurance Complaint: Complaint Page
Find a Licensed Life Insurance Agent: Agent License Search Page
Florida Life & Health Insurance Guaranty Association
The Florida Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:
Website: Florida Life & Health Insurance Guaranty Association
Phone: (904) 398 – 3644
Address:
Florida Life & Health Insurance Guaranty Association
3740 Beach Boulevard, Suite 201-A
Jacksonville, FL 32207-3877
Florida Guaranty Association Protection Limits
Each state has a specific limit that they can go up to in case your life insurance company fails.
Life INSurance resources
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