LIFE
Insurance
Life insurance provides financial protection and peace of mind, helping to cover expenses like mortgages, education, or day-to-day living if the unexpected happens. Whether you’re looking for term, whole, or universal life insurance, we’ll help you find the policy that fits your goals and budget—because securing your family’s future is priceless.
Peace of Mind for Your Loved Ones
Life insurance ensures your family is financially protected if the unexpected happens. It can cover living expenses, mortgage payments, education, and end-of-life expenses so your loved ones have less stress during a difficult time.
Strong Consumer Protections
In Florida, life insurance policies include safeguards like a 30-day grace period for late payments and a 14-day free-look period to review or cancel your policy for a full refund.
Affordable and Flexible
From term life for temporary needs to whole life for lifelong coverage, there’s a policy to fit every budget and goal.
INSURANCE
life
Life insurance in Florida is governed by specific terms and conditions designed to protect policyholders and ensure transparency. Key aspects include:
1. Policy Provisions:
Entire Contract Clause: The policy and the application constitute the complete agreement between the insurer and the insured.
Grace Period: Policyholders are granted a minimum of 30 days to pay overdue premiums before the policy lapses.
Incontestability Clause: After a policy has been in force for two years, the insurer cannot contest its validity, except under specific conditions like non-payment of premiums.
2. Consumer Protections:
Free-Look Period: New policyholders have at least 14 days to review their policy and cancel for a full refund if unsatisfied.
Disclosure Requirements: Insurers must provide clear information about policy terms, premiums, benefits, exclusions, and limitations to ensure consumer understanding.
3. Regulatory Oversight:
Licensing: Agents and brokers must be licensed by the state to sell life insurance products, ensuring they meet educational and ethical standards.
Guaranty Association: In cases where an insurer becomes insolvent, the Florida Life & Health Insurance Guaranty Association provides coverage up to certain limits to protect policyholders.
It's essential to review your policy documents carefully to understand the specific terms, conditions, and exclusions applicable to your coverage. A BetOnYou licensed insurance agent will provide personalized guidance tailored to your needs.
A BetOnYou licensed professional will help you review life insurance policies to fully understand the terms, conditions, and protections available under Florida law.
Learn about our competitive prices
Life insurance is one of the most important financial decisions you can make.
It ensures that if something happens to you, your loved ones won’t face financial hardship on top of emotional loss. At Bet On You, we help Florida families find the right life insurance coverage at affordable rates.
Why You Need Life Insurance
Replace Lost Income: If your family depends on your income, life insurance ensures they can continue paying the mortgage, bills, and daily expenses.
Pay Off Debts: Life insurance can cover outstanding debts mortgage, car loans, credit cards, student loans so your family isn’t burdened with payments.
Cover Final Expenses: Funeral and burial costs average $10,000-$15,000. Life insurance prevents your family from facing this unexpected expense during an already difficult time.
Fund Your Children’s Future: Life insurance proceeds can pay for your children’s education, giving them opportunities even if you’re not there.
Leave a Legacy: Life insurance allows you to leave something meaningful for your family, a charity, or a cause you care about.
A common guideline is 10–12 times your annual income, but your real needs depend on your personal situation.
Calculate your coverage by:
Adding:
Outstanding debts (mortgage, loans, credit cards)
Future expenses (children’s education)
Final expenses ($10,000–$15,000)
Income replacement (annual income × years needed)
Subtracting:
Savings and investments
Existing life insurance
Social Security survivor benefits
Spouse’s income
Example:
Someone earning $60,000/year may need about $1.2 million in coverage when factoring income replacement, mortgage, education, and final expenses.
Life Insurance Costs
Life insurance—especially term life—is often more affordable than expected.
Monthly rates for a $500,000, 20-year term can range from $18 to $250, depending on age and health.
No-Exam Life Insurance Options
You can get coverage without a medical exam:
Simplified Issue: Health questions only, fast approval.
Guaranteed Issue: No questions or exam; approval guaranteed, but higher cost and lower coverage.
Frequently Asked Questions
1. Do I really need life insurance?
If your loved ones depend on your income, life insurance provides financial security to cover expenses like mortgages, education, or daily living costs in your absence.
2. What’s the difference between term and whole life insurance?
Term Life: Coverage for a set period (e.g., 10, 20, or 30 years).
Whole Life: Lifetime coverage with a savings component that grows over time.
3. How much life insurance do I need?
The amount depends on your income, debts, and family needs. A general rule is 5–10 times your annual salary, but we can help customize the right amount for you.
4. Are life insurance payouts taxable?
No, life insurance payouts are usually tax-free for your beneficiaries.