Best Life Insurance Companies in Plantation, FL

FAQs

• 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.

• 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.