Life insurance gives designated beneficiaries a death benefit. That benefit can be used to help survivors pay off debts and replace lost income that resulted from the death of the policy owner. There are two main types of life insurance available: term and permanent. Term life insurance is available to the consumer at a lower cost and provides coverage for a designated period of time. Permanent life insurance (also sometimes called whole life) is available at variable rates and provides a specific amount of coverage. Though those are the main types of life insurance, you may want to ask your insurance agent about other various types of life insurance that are available, such as universal life. A universal life insurance policy will accumulate cash value.
Can a Florida Life Insurance Policy Ever be Canceled Due to Health Reasons?
Life insurance is different than health insurance in that an insurance company that issues you a life insurance policy cannot cancel that policy or drop you when you experience health changes. This is provided that you did not give any false or misleading information to the insurer when you submitted your application for the policy. Non-payment of premiums would be the only reason that your policy could be canceled.
The Underwriting Process for Life Insurance in Florida
The process of determining if a policy can be written and the premium rate that will be charged is called underwriting. Many of the following factors may be considered when a company is underwriting a life insurance contract: personal health history, family health history, physical condition, personal habits, occupation, military status, financial status, hobbies, age, and gender. Some low coverage life insurance policies may not require extensive medical history, but policies with higher coverage typically require extensive information regarding the applicant's past and present health condition.
Plan ahead for your loved ones, so they'll be taken care of in the event of your passing. Compare quotes easily online with South Lake Insurance Inc. in Florida to discover all options available to truly protect those you care for.