September is Life Insurance Awareness Month
By Space Coast Daily // September 4, 2014
Florida CFO Jeff Atwater
TALLAHASSEE, FLORIDA –Florida Chief Financial Officer Jeff Atwater released the following statement regarding Life Insurance Awareness Month.
“As Florida’s Chief Financial Officer, one of my roles is to educate Floridians about insurance and to be an advocate for Florida’s insurance consumers.
Since 2011, our department has advocated on behalf of 70,000 Floridians and helped return $87 million to insurance consumers.
September is Life Insurance Awareness Month, making it an ideal time for me to remind you and your family to re-familiarize yourselves with your life insurance plan or, if you do not have life insurance, evaluate whether your family has the financial protection necessary to withstand the loss of a loved one. Currently, there are more than 400 life insurance companies doing business in Florida that provide $44 billion in coverage to Florida policyholders annually.
The primary purpose of life insurance is to provide a financial benefit to dependants in the event of a premature death of an insured person. The policy pays a specified amount called a “death benefit” to the named beneficiary, when the insured dies.
People purchase life insurance for many reasons. These reasons include providing an income to replace lost earning potential, funding business or partnership buyouts in the event of the death of one of the business owners, funding retirement plans, paying for college educations, providing dependency income for families and protecting future insurability, among many other reasons.
For information about the types of insurance policies, definitions of common insurance terms, insurance tips and more, please visit our Division of Consumer Services website. Should you need additional information or need to file an insurance complaint, you can speak with an insurance specialist at 1-877-MY-FL-CFO (1-877-693-5236).”
