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Life insurance helps protect an individual's loved ones from financial burdens in the event of death. People have many different reasons for buying a life insurance policy. Parents may purchase one to protect their children or older individuals may buy one to prevent their family members from having to pay their debts. No matter what the reasons may be, the decision to buy life insurance should not be taken lightly. Review policies to guarantee that your needs are going to be covered.
A life insurance attorney at the Coye Law Firm can help you determine the potential expenses and benefits of a life insurance plan. Additionally, our life insurance lawyers will fight for your rights as a consumer should a dispute arise. The following page is meant to give an overview of life insurance coverage in Florida, but there is no substitute for meeting with us. Call today to schedule a meeting with an experienced life insurance lawyer.
Types of Life Insurance
There are three common types of life insurance. These include:
- Whole life insurance
- Term life insurance
- Universal life insurance
It is important to consider your own and your family's needs when deciding what type of policy to buy. For example, term life insurance can be purchased to cover only 5 years of one's life. Whole life insurance, on the other hand, covers the policyholder until death and builds cash value that can be borrowed in the form of a loan. Universal life insurance combines both of these features, but can be risky.
The Florida Department of Financial Services has a brief guide to buying life insurance. It explains the differences among policies and which may be best for you. A more complete guide issued by the state is available here.
The National Association of Insurance Commissioners also has a guide to buying life insurance.
An Attorney's Help
Insurance policies can be some of the most important investments that individuals make. However, disputes over benefits or other terms can occur. The insurance attorneys at the Coye Law Firm are experienced in insurance disputes and resolutions. Our insurance law firm examines policies and communicates with companies to protect the interests of policyholders and consumers. If you are trying to negotiate with your insurance company, it is vital to have the experienced legal representation that the Coye Law Firm offers.
Your life insurance plan can have an affect on the amount of taxes you pay. The funds paid to an insurance policy may be taxed differently and it is important to know how the payments are classified. If you are considering a life insurance policy, a tax attorney at the Coye Law Firm can inform you of financial obligations beyond the policy's payments. Our attorneys are experienced in tax matters in addition to insurance and provide comprehensive legal advice.
Insurance policies are designed to protect your interests. However, a few companies take advantage of the fact that consumers are worried about their futures. Some insurance policies become little more than a scam and consumers lose money. If you have questions about an insurance company's financial strength, visit the A.M. Best company's website. This company analyzes the insurance industry's strength in areas such as life, health, and property insurance. You can also use the search engine at the Better business Bureau's website to verify that a company is upstanding and honest in their policies. If you have been the victim of a fraudulent insurance policy, call the Coye Law Firm immediately to pursue justice.
The Coye Law Firm is a multi-faceted insurance law firm that can help you determine if life insurance is a wise choice for your unique circumstances. Call one of our offices today to speak with an experienced member of our staff about your questions or concerns.