Best Life Insurance Companies in Miami Gardens, FL

FAQs

• What happens to unclaimed life insurance benefits in Miami Gardens?

  Unclaimed life insurance benefits in Miami Gardens, upon the policyholder's demise, are reclaimed in two ways. First, insurance companies are obligated to perform comprehensive internal searches and return the funds directly to beneficiaries per regulatory settlements. Alternatively, if beneficiaries cannot be located, these unclaimed benefits are forwarded to Florida's Department of Financial Services' Bureau of Unclaimed Property. Families can initiate a search for these funds under their loved one's name at https://www.fltreasurehunt.gov/ to facilitate the collection of unclaimed property.

• Do single people in Miami Gardens have to get life insurance?

  Single people in Miami Gardens are not required to obtain life insurance, especially if they do not have children. However, it is recommended that individuals obtain one if they have student loans, a mortgage, or co-signed debts, and if they want to cover end-of-life expenses and leave a legacy. Single people should consider purchasing life insurance if they have non-biological financial dependents or business partners.

• Is a medical exam required to be qualified for life insurance in Miami Gardens?

  A medical exam may be required in Miami Gardens to qualify for life insurance. However, term or whole life insurance policies may still be able to provide life insurance without requiring a medical exam. Age, way of life, desired level of coverage, and medical history are just a few of the factors that influence the cost of no medical exam life insurance.

• Can life insurance companies in Miami Gardens reject claims?

  Yes, the insurance company in Miami Gardens has the right to deny the claim if the policyholder dies during the contestability or two-year term. The contestability period for life insurance in Florida is two years from the beginning of the policy's active period. Within this time frame, insurance companies conduct investigations to ensure that the applicant for life insurance coverage provides accurate information.

• Are innocent mistakes on an insurance application in Miami Gardens grounds for denial of the death benefit?

  Even if people in Miami Gardens who apply for life insurance make an error, the insurance company may still be required to pay the death benefit. This is due to Florida Law, F.S. 627.409, which states that some insurance forms ask applicants about their true knowledge and beliefs — a state standard that prohibits insurance companies from canceling policies due to unintentional misrepresentations.

• 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.