Florida Life Insurance

Florida, like most states, does not regulate life insurance on the policy level the way that states Departments of Insurance regulate other insurance such as health or auto. Purchasing a life insurance policy in the state of Florida today is the smartest move you can make to be sure that your loved ones will always be protected, even if you 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 It?

Take a look at these figures.

Florida is ranked 21st out of 51 States and The District of Columbia in Life expectancy with a life expectancy of 77.6 years.  For every 100,000 people in Florida, over 900 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that more than doubles to around 1,900, and at 75 to 84 well over 4,000 Floridians die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Florida can be found at: http://www.cdc.gov/nchs/pressroom/data/Florida09.pdf

For more reasons why you should apply for a Life plan, and for help in finding the appropriate type for your needs, at the best value, take a look at our section called "Most Important Questions ".

Florida Specifics

The insurance industry in Florida is regulated by specified Title of 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 make your account current within 30 days. This is known as a Grace Period.

Free Look: If, after further review, you feel you have not purchased a plan that was right for your needs, a free look provision allows you to rethink and cancel a policy even after you have signed the contract.

In most cases, you will have at least 10 days to cancel without penalty. Some Florida Insurance Companies will give you as much as 30 days to turn in a policy and receive a full refund.

Insurance fraud is a growing concern in states such as Florida. The state regulations also provide some protections to the companies against consumer fraud. The insurance company can challenge any information you put down on your application for up to two years from the effective date of the policy. If they find any inconsistency or wrong information, especially regarding dangerous habits or tobacco use, they can terminate the policy immediately.

Florida 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/

Florida Company Ratings - These companies provide ratings for Florida Insurance Companies based on financial strength and past performance
http://www.ambest.com/
http://www2.standardandpoors.com