A Guide to Life Insurance in Florida (FL)

If you are looking to get Florida Life Insurance Quotes in the Sunshine State then it is important to think through exactly what you need and then plan out an appropriate life insurance strategy.

This is more pressing than many people believe, because even households that have life insurance in Florida often only cover one family member, and so in the event of the non-insured partner dying there are no death benefits at all. And almost one third of adults don’t have any individual life insurance cover at all in the United States, so this is much more common than you might think.

For those who are left behind this simply means that the stack of bills becomes an ever pressing concern, and that a time that should have been spent mourning your loss is instead spent worrying about how to pay the bills.

A good first step to remedying this situation is to arrange some Florida Life Insurance Quotes quickly so that you can very fast learn how much different types of life insurance (such as Florida Whole Life Insurance or Florida Term Life Insurance) might cost you, and you can start to plan accordingly.

The key factor here is not to panic, but to instead to remember that you are in control, and that getting yourself protected with life insurance is very easy in Florida, and does not require undue hardship on your part, or a trip to an insurance brokers office. All of the details of your new Florida Life Insurance policy can now be handled online, and because you can quickly compare the rates of the different Florida Life Insurance Companies you can very swiftly draw firm conclusions about which of the life policies that are on offer are best for you.


Florida Life Insurance - The Facts...

Florida Life InsuranceFlorida is a massive state and is also a financial powerhouse in the United States when it comes to life insurance.  There are currently 470 different florida life insurance companies that service the residents of Florida, and the reality is that Floridians are very well catered for when it comes to a choice of Florida Life Insurance.

A quick look at the raw numbers that are involved in the Life Insurance Industry in Florida are quite startling.  Consider for example that according to the American Council of Life Insurers that death benefit cover for the residents of Florida is $1.5 Trillion, and that Group Life Insurance cover is a further $550 billion.

And Consider The Number of Florida Life Insurance Policies...

There are a mammoth 8 million life insurance policies in Florida, and each of them has an average of $130,000 worth of cover per person.

And if you step back for a moment from being a potential consumer of Florida Life Insurance, and instead think about the number of people that are directly employed in the industry, than those numbers too are quite startling. The insurance industry in Florida employs some 46,000 people directly, and a further 56,000 people are supported through finance, mortgages, real estate etc that the insurance companies either own or finance.

Florida itself is the 4th biggest state in the union in terms of population, with an estimated 18.8 million people in 2010, and is renowned for its reputation of people going to Florida to retire, soak up some sun and play golf!

In many ways it is an interesting state for a backdrop of a discussion about Florida Life Insurance Quotes, because life insurance is obviously closely tied in with death and mortality rates, and in those regards (with an aging population), Florida makes an interesting case study.

Nearly 30% of Florida’s entire budget is given over to the cost of Medicaid, and in 2010 the figure of $18.8 billion was spent on caring for 2.3 million people.


Another Factor to bear in mind before buying Florida Life Insurance...

In 2009 Florida was ranked as the 5th most dangerous State in the United States to live. A statistics which was based on the 2008 count of serious felonies committed, despite being one of only four states that has banned the open carry of handguns.

When seeking out the best life insurance quotes in Florida it is worth bearing in mind that because Florida IS such a large state that there is a lot of choice when it comes to the Florida life insurance that you can get, and so it is always a good idea to shop around for the best Florida Life Insurance Quotes online before finally committing to a policy.

 

Florida Life Insurance – The Details

Life Insurance in Florida in terms of legal and statutory requirements is covered by the State Insurance Code of Florida.

You can find the details of that here:

http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Index&Title_Request=XXXVII#TitleXXXVII

This covers Insurance in Florida from a number of different angles. Both from a consumer perspective and what you can realistically expect from your Florida Life Insurance Company, and also what the insurance companies in Florida can expect from you (honesty, not lying on the application form, payment of the premiums etc.)

 

Florida Life Insurance Resources


The Florida Office of Insurance Regulation


This is the official home of insurance regulation in Florida.  It is quite an odd looking site, but it does have some good information, and as with all the national state insurance websites, has contact information in the event of you having any questions about your Florida Life Insurance policy.

If you take a look at the site as a Florida taxpayer, then at least you can rest assured that your state is NOT spending your hard earned tax dollars on web designers!

http://www.floir.com/


Florida Life & Health Insurance Guaranty Association


This is an association that protects resident policy holders in a particular state (in this case Florida) in the event that an insurance company becomes insolvent.

http://www.flahiga.org/

 

Florida Life Insurance Companies Search

This is one of the highlights of the Florida Office of Insurance Regulation website. Here you can choose whatever type of insurance you are interested in ((Florida Life Insurance for example would mean choosing “Life and Health Insurer” in the dropdown) and instantly display the companies in Florida that offer that type of insurance.

One thing I really like about this search is that you can actually leave the company field blank, and just do a search on the type of insurance.

This means that when you instantly see a list of ALL the companies in Florida offering that type of insurance, and you can then click on them for more details, and get all the contact information which is nice.

This makes it easy to search for Florida Life Insurance Companies and see the huge range of comapnies that offer life insurance in Florida.




 

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