Best Life Insurance Companies in Pembroke Pines

Frequently Asked Questions

• Can policyholders in Pembroke Pines add multiple beneficiaries to their life insurance plans?

  Yes, policyholders in Pembroke Pines add multiple beneficiaries to their life insurance plans. The insured may add a primary beneficiary or the first person they want to receive the benefit from their life insurance policy when they pass away and a contingent or secondary beneficiary, who will receive the benefit if the primary beneficiary can’t or won’t. Beneficiaries can be a family member, a friend, a charity, or a trust.

• Do ex-spouses in Pembroke Pines still qualify as beneficiaries for life insurance policies after a divorce?

  Ex-spouses in Pembroke Pines will no longer qualify as beneficiaries for life insurance policies after a divorce, in accordance to the Florida state law. The insured must confirm that the ex-spouse will remain the beneficiary after the divorce if the parties to the divorce want to keep the beneficiary designation.

• How is the benefit distributed to the beneficiaries in Pembroke Pines upon the death of the insured?

  The death benefit in Pembroke Pines can be distributed through the following methods:

  • Per capita: The money is split equally among all the intended recipients.
  • Per stirpes: If a child passes away before the policyholder, their own children (the grandchildren) receive the share that would have gone to the deceased child.

• What may give rise to a life insurance claim dispute in Pembroke Fines?

  Life insurance claim disputes in Pembroke Pines often arise due to two primary reasons:

  • Beneficiary Change Errors: When policyholders make mistakes in attempting to change beneficiaries, such as incomplete paperwork or missing signatures.
  • Coercion Allegations or Fraud: When a former beneficiary claims that the policyholder was coerced into altering beneficiaries.

• How soon should someone in Pembroke Pines file a claim for life insurance benefits?

  Individuals in Pembroke Pines have a maximum of five years to claim benefits from a life insurance policy in accordance with Florida Statute § 717.107(1). Any assets kept under a life insurance contract or annuity policy that has matured and become due and payable are regarded as unclaimed. A lawyer can be hired to assist with presenting life insurance claims.

• 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.