Florida Life Insurance

Florida life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Florida life insurance regulations.

Explains the protection of the Florida Guaranty Association.

Links to more information about life insurance in Florida

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

Use InsureME to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Florida life insurance rights and regulations

The insurance industry in Florida is regulated under the Florida Insurance Code (FLIN-ADC). These laws govern claims procedures and policy requirements in an effort to protect you, the consumer.

One such consumer protection is the "free look" provision required by Florida law. This provision allows potential policyholders to decline their life insurance policy within its first 10 days for a full premium refund. Some Florida life insurance companies give the consumer 30 days to decide.

Florida also requires insurance companies to allow a grace period of 30 days for overdue premiums. The life insurance policy cannot be cancelled during this time.

To file a life insurance claim in Florida, you will need to send your insurer the following documents:

a completed claim form
a certified copy of a death certificate and
the insurance policy.

Florida does not enforce a time limit on the settling of claims by insurers. However, the state does require that insurers pay interest on death benefit proceeds from the day they receive proof of death until the claim settlement.

Recently Florida's Department of Insurance also passed consumer privacy standards, which will require insurance companies to ask permission before they share your medical records. (Still, be sure to read any document carefully before signing to ensure you aren't inadvertently giving permission to share sensitive health information.)

If you request medical information to be sent to you by the insurance company, they will send it to a physician of your choice, not directly to you. The request should be honored within 30 days of receipt, but this time limit is not enforced by law.

Florida law also extends some benefits to insurers. If you lie about your medical history on an application, the insurance company can rescind the policy and refund your premiums. A misstatement of age will usually result in a recalculation of benefits.

And Florida life insurance companies are also not bound to cover death by suicide.(Some will begin this coverage two years after the policy's effective date, but this varies from insurer to insurer.)

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If you are ready to apply for a Florida term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Florida Life Insurance Guaranty

If your life insurance company is licensed in Florida your policy is backed by the Florida Life and Health Insurance Guaranty Association (FLHIGA). This organization helps protects you, the insured, should your insurance company go bankrupt. In Florida, life policies are protected up to a maximum of $100,000 for cash surrender, or $300,000 in death benefits.

To find out if your insurance company is licensed call the Florida Consumer Helpline at 1-800-342-2762.

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Apply for a quote with confidence at Insured Street
(for Florida term life insurance), or InsureME.
Your insurer will be licensed in Florida.

Viatical settlements

Viatical settlements, which are purchasing agreements between an insured and a third party, are allowed in the state of Florida. Under these arrangements, a third party buys a policy from the insured, pays its premiums, and becomes the policy's beneficiary.

More FL life insurance help

If you want more help getting the best value on your FL life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about FL life insurance laws and regulations, visit the state's official website at the Florida Department of Regulatory Agencies, Insurance Division.