Best Life Insurance Companies in Palm Coast

FAQs

• Can life insurance agencies in Palm Coast legally increase premiums after years of having the same cost?

  If the policy in Palm Coast has a flexible premium, then it is legal. This type of coverage is often known as a universal life insurance policy. Insurance premiums for this plan rise steadily alongside the policyholder's age, and if interest rates are low, the policy accumulation value may not keep up with the annual cost. This is when adjustments to the annual premiums are made.

• How does material misrepresentation affect a Palm Coast individual's life insurance claim?

  An insurer in Palm Coast would often evaluate the policyholder's initial application in-depth after receiving a life insurance claim to look for any potential mistakes or omissions that might be construed as material misrepresentation. A material misrepresentation is when someone intentionally hides or lies about a fact during the application process, which would have made a big difference to the contract if the truth was known. This may result in a claim denial, though a beneficiary will typically still have options.

• If a life insurance policy in Palm Coast is lost, missing, or stolen, what alternatives do the beneficiaries have?

  If a beneficiary cannot locate their loved one's life insurance policy in Palm Coast, they may contact the decedent's financial advisors, previous employers, the policyholder's insurance company, and the Florida Department of Financial Services. Additionally, beneficiaries can use the policy-locating service offered by MIB Group, Inc. This is a nonprofit member-owned company with around 500 member insurance firms in the US and Canada. A lawyer can also help beneficiaries locate a decedent's life insurance policy.

• Which government agency in Palm Coast regulates life insurance companies?

  Insurance agencies in Palm Coast and the rest of the state are overseen by the Florida Office of Insurance Regulation. The primary objective of this government agency is to foster a competitive insurance market, all while ensuring adequate safeguards are in place to protect consumers who purchase insurance. Additionally, the agency offers consumers an Active Company Search tool that they can use to look up full names, company addresses, and other identifying details for businesses operating in Florida.

• How does one file a complaint against a life insurance agency in Palm Coast?

  You may opt to submit a complaint with the state against your Palm Coast insurer if you have had trouble getting in touch with them after filing a life insurance claim, have seen an unusually long delay in claim payment, or received a lowball offer of settlement. To file a complaint, call the Insurance Consumer Helpline at 1-877-MY-FL-CFO (693-5236) or visit their website. Please have the following information ready:

  • Insurance company's full name.
  • Policy number.
  • Claim number (if applicable).
  • Consent to act on the insured's behalf, if necessary.
  • A comprehensive explanation of the matter.

• 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.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.