Best Life Insurance Companies in Jacksonville

Frequently Asked Questions

• Can you get more than one life insurance policy in Jacksonville?

  No laws in Florida and throughout the country restrict consumers from obtaining more than one life insurance policy. Consumers in Jacksonville can use different types of life insurance to meet various financial needs and goals. These needs can be income for surviving family members and payment for funeral or death expenses.

• Should a lawyer be hired if an insured person in Jacksonville has been accused of material misrepresentation?

  A lawyer can help protect the rights of the insured when a claim of material misrepresentation has been raised by the insurance company in Jacksonville. Such claims allege that the insured knowingly omitted, concealed, or falsified certain information during the application process, which significantly changed the characteristics of the policy. These claims can be used as a defense by some insurers to deny or delay the payout of the benefits. With a lawyer on their side, beneficiaries can understand their rights under the law to make better decisions.

• How can you verify the license of an insurance company, agent, or broker in Jacksonville?

  Use online the licensee search tool provided by the Florida Department of Financial Services. The Florida Office of Insurance Regulation also has an online database that you can use to check if any insurance company, agent, or broker in Jacksonville has current disciplinary actions. To report any possible licensing violations, call the Insurance Consumer Helpline at 1-877-MY-FL-CFO (1-877-693-5236).

• Can your medical file be the possible reason for the application denial of a life insurance policy in Jacksonville?

  It is possible. Your medical files, such as hospitalization reports, lab tests, and medical exams, are recorded by the Medical Information Bureau (MIB). When you apply for a life insurance policy in Jacksonville, your information on the MIIB database is used as part of the evaluation process. Check if your information on the MIB is correct by requesting a copy of your file, and you can do so by calling (866) 692-6901.

• Since the application, how many weeks does it take for a policy to be approved and enforced in Jacksonville?

  Usually, it takes four to six weeks on average to receive approval from the time you submit your application in Jacksonville. This much time is called the underwriting process, during which the insurance company will assess your health and background to determine how much you will pay for the premiums. There are simplified insurance policies that take shorter underwriting time, and some of these include no-medical-exam life insurance and accelerated underwriting life insurance.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.