17 Best Miami, FL Life Insurance Companies | Expertise.com (2025)

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FAQs

• What is the minimum age to purchase life insurance in Miami?

  In Miami, anyone who is at least 15 years old can buy life insurance, either for themselves or for someone else in whom they have an insurable interest. Despite being a minor, individuals under the age of 18 have the same legal rights and responsibilities concerning the insurance contract as an adult.

• Can you get life insurance without taking a medical exam in Miami?

  Yes, you can get life insurance in Miami without having to go through a medical exam. Some policies provide no-exam coverage to make the life insurance purchasing process easier. Instead of having to wait several weeks for coverage, these policies allow you to get it in a matter of days, and in some cases, hours, after submitting your application. It is important to note, however, that not all policy types automatically guarantee coverage eligibility.

• Can you secretly buy life insurance for someone else in Miami?

  No, you cannot buy life insurance for someone in Miami in secret. This is because the person being insured must consent to the insurance company collecting data such as their medical history by signing the application. As part of the application process, they may be required to undergo a medical examination.

• What types of deaths are not covered by life insurance in Miami?

  If you die in Miami as a result of a high-risk hobby or a hazardous job, your insurance company may withhold benefits based on the terms of your policy. While most life insurance policies include suicide coverage, there is usually a waiting period from the time the policy is purchased. Furthermore, if your beneficiary is found to be responsible for your murder or has a close relationship to it, the insurance company may refuse to pay the death benefit.

• Can you buy life insurance with pre-existing health conditions in Miami?

  Yes, you can buy life insurance in Miami if you have pre-existing medical conditions. Pre-existing medical conditions do not necessarily preclude you from obtaining life insurance. However, applying for insurance as soon as possible is generally recommended because obtaining a policy before your pre-existing condition worsens can result in lower premium costs.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows:

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments.
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated.
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.

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