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Florida Life Insurance

June 13, 2012

florida life insurance

Is Your Florida Life Insurance Co Scamming You?

Your current Florida life insurance company may not be providing you with the best possible rates. The fact is that your current agency may be charging you more than they need to. Here are a few of the scams you should watch for.

Bait and Switch of Florida life insurance

A reputable Florida life insurance company will never engage in this type of scam, but some companies are not as honest. The commissions for life insurance can be hefty, and whole life pays a more attractive bonus than term life. Some agents have been known to tell customers they were receiving one type of policy, only to sign them up for the more expensive option. Watch your statements closely. If you are charged more money than you feel you should be, call the company directly to find out why. A Florida life insurance policy can be cancelled at any time, and you should not hesitate to cancel any policy if this has happened to you.

Unpaid Benefits

Your Florida life insurance will proactively gather information to stop annuity payments if a policyholder dies. They do not, however, use these same skills to contact beneficiaries if a life insurance customer dies. The companies will only pay benefits if you contact them and file a claim, and the unpaid claims are very lucrative for insurance companies. If you invest in a Florida life insurance policy, make sure your family is aware of the policy. Secure the paperwork in a firebox, making it easy for your widow to file the claim and receive the benefits you have secured.

Improving Health, Same Premiums

Your Florida life insurance rates are based largely on your health records and medical exam. If you quit smoking or lose a lot of weight after getting a policy, you might be able to get lower rates on life insurance. Talk to your agent about recalculating the rates to see if you can save money every month.

You don’t have to continue being scammed by your current life insurance company. A comparison website can be used to help you determine if you qualify for lower rates with another agency. Taking the time to shop around will help you save money by receiving lower monthly premiums.