Who Needs Life Insurance in Florida
Everyone needs life insurance in Florida, especially:
- Parents with young children: The arrival of a baby should spur you to get a life insurance policy, especially if you are the sole provider in the home. This will cater for expenses like food bills, mortgage, and daycare at your demise. If your children are older, you can get a term life policy that can cover their college fees
- Adults with private student loans: You don't have to be married with children before you get life insurance policies. Singles who have private student loans can also consider getting it. They can consider getting a term life insurance policy that can last the duration of the loan repayment
- Spouses who provide most of the income: If your spouse would not be able to handle household and day-to-day expenses after your demise, then get a life insurance policy to provide a safety net for them after your demise. This helps to enhance their financial stability. Consider getting a policy with a large death benefit if you know your spouse is financially vulnerable
- Parents who have dependents with functional needs: About 4,967,863 adults in Florida have a disability which is equal to 28% or 1 in 4 adults in 2021. If you have children of adults with disabilities and require specific care, your life insurance death benefit could ensure they continue to receive that care after your demise
- Older adults without enough savings: The estimated population of Florida residents in 2021 is 21,781,128, with about 20.9% of them age 65 or older. Retirement-age adults without a large amount of savings to draw on can get final expense insurance to pay for funeral or cremation expenses when they die
- Business owners: If you own a small business, you can get a life insurance policy that you can use as part of a buy and sell agreement among your business associates. Your business partners can take out a policy on each co-owner and use the death benefit to purchase the deceased owner's share of the business
Use the Florida life insurance comparison worksheet to simplify the process of shopping for a policy and comparing the received quotes.
Who Should Buy Life Insurance in Florida?
Consider buying life insurance if you have people who depend on your income and might suffer financially if anything happens to you. With life insurance coverage, you will be able to financially protect your loved ones in the event of your demise. There are different life insurance products you can choose from in Florida, depending on your needs. For instance, you can purchase term life insurance if you need coverage for a specified number of years. However, permanent life insurance will be a better option if you want lifelong coverage with a cash value component. If you are an older adult and you are ready to make an end-of-life plan, you can get final expense insurance to cover your funeral costs. Generally, you should consider buying life insurance if:
- You are a parent with dependents
- You are a business owner
- Your funeral will be a burden
- Your spouse relies on your income
- You have debts that your family will have to pay at your demise
- You want to meet your financial goals
Who Can You Buy Life Insurance On in Florida?
You can only buy life insurance with a person's consent and with whom you have an insurable interest. You will need to prove to the insurer that the person will suffer financially at your demise. The beneficiary must be involved in the entire application process, providing details of their medical history, hobbies, signature, and medical exam may be required. You can buy life insurance on your children, spouse, parents, sibling, business partner, and trusted employee.
Who Can You Not Buy Life Insurance On in FL?
You can not buy a life insurance policy on another person without their consent. You also can not buy a life insurance policy on a stranger or even someone you just know casually. According to Florida law, you cannot buy a life insurance policy on your ex-spouse because entering a Judgment of Divorce automatically makes an ex-spouse’s beneficiary designation on insurance policies invalid.
Other Life Insurance Topics of Interest:
- How Does Life Insurance Work in Florida?
- What Type of Florida Life Insurance Does Not Require a Medical Exam?
- What Is a Rider in Life Insurance in Florida?
- How Do Life Insurance Companies Operate in FL?
- How To Choose a Beneficiary for Life Insurance in Florida?
- How Can Life Insurance Work As An Investment in Florida?
