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How Florida Residents Are Getting Life Insurance

March 10, 2016

Faina Life Insurance

The Life Insurance Mistakes To Avoid

When you choose to purchase a life insurance policy, you are buying a promise from an insurance carrier that it will pay your loved ones listed as beneficiaries on your policy a set amount of money. This money is also known as a death benefit, and it is paid out if you pass away in the middle of the policy’s term. In exchange, you agree to pay regular monthly premiums to the insurance company throughout that term.

For numerous individuals, it might be appealing to go with the lower regular monthly payment that term insurance seems to offer on the surface. It’s kind of like renting the house versus buying the house. When you buy the house, you spend more money up front, but over the long term, the cost of housing is going to be less expensive. Conversely, if you “rent” or purchase term life insurance, the initial outlay is less money, but when compared to permanent coverage from a permanent life insurance policy, it is not going to be as cost effective. Here are also some other things to think about:

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Does Your Existing Life Insurance Include A Conversion Feature?

Check to see if your existing term insurance policy has a conversion feature. If it does, you would then have the choice to “convert” the existing term policy into permanent life insurance policy. This would keep you from needing to re-qualify for coverage with a brand-new medical examination.

Can Existing Health Issues Impact Your Ability To Buy Coverage?

If you know that you have some health issues, and you currently have a term policy that is going to be soon approaching the end of its term, you would be wise to ask your insurance agent if there is a conversion feature on your policy. This option would be an opportunity allowing you to continue coverage with a new policy. However, you wouldn’t have to go through the underwriting that comes with another medical exam.

When Purchasing New Life Insurance, Anticipate A Medical Exam

If you have to buy a brand-new life insurance policy, you’ll be questioned about your health history in detail. Do not be stunned if you’re asked the exact same set of questions more than one time, initially by your insurance agent and then once more by the medical professional who takes your blood sample.

Be Truthful On Your Life Insurance Application

When asked if you utilize nicotine, it’s vital that you respond truthfully. Lying on an insurance application is regarded as fraud, and it is something that insurance companies do take quite seriously.

What Other Life Insurance Policies Do You Currently Own?

Expect to be asked about the coverage amounts of other active life insurance policies you currently own. The reasoning behind this questioning is that insurance companies aren’t going to issue life insurance coverage on an insured that makes you worth more dead than you are worth alive. It is in your best interest that insurance companies think this way.

What If You Can’t Qualify?

You might have to take into consideration buying an insurance policy that does not involve a medical exam. If you need to take this path, you will need to pay higher premiums for the quantity of coverage that you are purchasing, but at least, you will have some coverage. It is much better to have some life insurance coverage at a more expensive rate than to leave your surviving loved ones with no coverage at all.

Are You A Florida Resident Without Life Insurance?

Contact us. We can evaluate your specific situation and make professional recommendations.

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Categories: Insurance Tips & Advice

Lisa Faina is a Trusted Advisor with an insurance agency in Cooper City, Floria, offering numerous insurance products. For over 20 years, Lisa Faina and her team continue to be regarded as a valuable resource to their clients and to residents of Florida..

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Lisa Faina, CIC, LUTCF

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