Best Life Insurance Companies in Plantation

Frequently Asked Questions

• Can your life insurance policy in Plantation no longer be contested once the contestability period has elapsed?

  According to Florida Statutes Section 627.455, insurance firms in Plantation retain the right to decline a claim even after the initial two-year contestability period. Denial of beneficiary or policyholder claims can occur if premiums have not been paid or if specific provisions regarding disability benefits and additional insurance for accidental death apply.

• Can you sue a person in Plantation if they take out a life insurance policy on another person?

  Yes. According to Florida Statutes 627.404, your representative or lawfully acting agent in Plantation can sue a person if they take out a life insurance policy under your name for no valid reason and receive the benefits after something happens to you, like injury or death. Taking the person to court can help you or your loved ones get back the money from them.

• Can a beneficiary of a Plantation life insurance policy be changed after a divorce?

  Yes. As per Florida Statutes 732.703, if an insured person in Plantation names their ex-spouse as the life insurance beneficiary, this designation becomes null and void. However, if the life insurance is provided through the insured's employer, ERISA overrides Florida Statutes. In such cases, if the insured does not update the beneficiary post-divorce, the ex-spouse will receive the death benefit according to ERISA, even if Florida law invalidates the beneficiary designation.

• Can minors be included as beneficiaries in a Plantation life insurance policy?

  Yes. In Plantation, it is possible to designate minors as life insurance beneficiaries. However, a court-appointed guardian or adult custodian will be the one to manage and receive the funds on their behalf. The minors can only gain access to the insured's life insurance policy benefits once they reach the legal age.

• Are you still eligible for the Florida Medicaid ICP program in Plantation if you already have a life insurance policy?

  Yes. You can qualify for the Florida Medicaid ICP program even with existing life insurance, specifically if the policy holds a cash value. Given Medicaid's $2,000 asset cap, Medicaid assesses the policy's cash value akin to funds in a bank account. They often consider the borrowable amount in the life insurance policy when evaluating applicants.

• 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.