Florida life insurance laws are regulated by Title 37 of the Florida Statutes. 

Insurance companies in Florida are also required to have anti-fraud departments. 

If you’re purchasing life insurance in Florida, here are some things you need to know: 

• Florida law requires insurance carriers to find and notify any of the beneficiaries within 120 days of acknowledging the death of the insured. If they aren’t able to locate any of the beneficiaries, then the proceeds go to the Florida state government until the required beneficiary is found. 

• A 10-day “free-look” period is provided by most life insurance companies in Florida. This gives the potential policyholder time to cancel their coverage/get a refund of the premiums paid. 

• A 30-day payment grace period for a policyholder in Florida ensures that the insurance company does not cancel the policy during that time frame.  

• If the death benefits aren’t paid by the company to the beneficiary within 30 days, then the amount goes to accrued interest from the date of death. 

• As an insured, your beneficiaries can claim death benefits, even if the insurance company goes bankrupt. This is backed up by the Florida Life & Health Insurance Guaranty Association. 

• There will be guarantees of up to $300,000 for death benefits that are lost, and $100,000 for lost cash surrender value under the Florida Life & Health Insurance Guaranty Association.  

To learn more book a discovery call with one of the agents : https://bit.ly/3P5sjdS

Largo, Florida