There are different policies for life insurance available in Miami, FL. You can discuss with an agent at NEA Insurance Group LLC to find the best policy that will suit your needs. The most common decision people must make when deciding on which policy is between term versus whole life insurance. Term insurance is just a pure insurance policy, where you pay the premium and, if you pass away during that period, the death benefit goes to your beneficiaries. Term life policies can be more affordable but will expire at the end of the term unless you renew. Whole life insurance not only has a death benefit, but there is also some cash value. Whole life policies will last if you pay an premiums. The cash value component can make a whole life insurance a little more complex, but it could provide you with some added benefits.
In Florida, you get at least a 10-day period for a free look. This means you can return the policy to the company within the first 10 days and you will get your premiums refunded. If a death occurs during the period, then the insurance company still needs to pay the claim. There is also the industry standard 30-day grace period. This means there is a 30-day period after a payment is missed that a beneficiary can still file a death claim. This grace period will prevent the policy from lapsing. If a payment is submitted during that period, then the policy is back in good standing. Florida law helps with quick death claim payouts. Starting on the date the insurer gets the death certificate, interest will begin to accrue until the claim is paid. To save money, insurance companies like to pay out as quickly as possible.