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Who Benefits From My Life Insurance Policy?

In your younger days, the only person you needed to worry about was yourself. You bought auto insurance for your car in case of an accident. You got renter’s insurance for your tiny one bedroom apartment in case a thief broke in and stole the TV. When you decided to start putting down some roots and buy a new house in Orange Park, FL, you purchased a home insurance policy from First Florida Underwriters Inc. Now that you are a bit older with a growing family, it is time to start thinking of someone else for a change. Should anything happen to you, a life insurance policy will take care of the people we cherish most in this world.

Who Benefits From My Life Insurance Policy?

According to Florida state law, you can name any person as a beneficiary as long as it is a contract on your own life. If you wanted to procure a life insurance contract on another individual, the law states that the person must be an insurable interest. This used to be the case for your own life as well, but the law was changed in 2008. That means that now you can choose anyone to receive benefits from your life insurance whether it be an insurable interest (i.e. one individual, a group of people, a trust you have established, your favorite charity, not-for-profit organization, your estate, etc.) or not. The important thing is to provide financial security for those you care about. With a life insurance policy, you can rest easy knowing that your loved ones’ best interests will be looked after in your absence.

If you would like more details on the various life insurance options in Orange Park, FL, be sure to reach out to First Florida Underwriters Inc for a consultation.

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