Florida Life Insurance

Life insurance is not regulated in Florida on the policy itself. This is common in most states across the nation. However Florida life insurance is controlled through the The State Insurance Code of Florida. It applies the code to regulate insurance claims. There are also specific regulations to safeguard Florida residents while they're buying life insurance. Here are 2 examples.

1. One-Month Grace Period for Florida Life Insurance Premiums

Florida state code allows a 1 month “Grace Period” for not paying your Florida life insurance premium without the insurer being able to cancel your policy. This is under the condition that you bring your account up-to-date in 30 days or less.

2. Ten-Day Money-Back Guarantee on Florida Life Insurance

If your life insurance turned out to not be the best program for you a “Free Look” lets you cancel your policy and reconsider what life insurance would meet your needs. This applies even if you have already signed an insurance contract. You have a minimum of 10 days to formerly cancel your policy without incurring a penalty. You may get as much as 30 days to return a policy from some insurance companies in Florida and still get a complete refund.

Here are some statics to help you understand why it may be good idea to obtain Florida life insurance.

- Florida ranks 21st in life expectancy among the 51 US states and DC. Its life expectancy is 77.6 years old.

- For every 100,000 Floridians, 900 people between the ages of 55 and 64 die each year.

- About 1,900 people pass away out of every 100,000 individuals that are between the ages of 65 to 74.

- More than 4,000 Florida residents between 75 to 84 years old pass away each year out of every 100,000 residents.