Insurance is regulated on a state by state basis, so companies have to be licensed in each state they sell policies in. One reason that life insurance can be purchased across state lines is because it is a type of long-term coverage.

Do life insurance policies vary by state?

Do life insurance rates vary by state? No. Life insurance companies do not use your location to determine premium rates.

What type of insurance company is not licensed to transact in Florida?

An unauthorized entity is an insurance company that is not licensed by the Florida Department of Financial Services. Agents and brokers have responsibility for conducting reasonable research to ensure that they are not writing policies or placing business with unauthorized entities.

Can life insurance be sold across state lines?

Allowing insurers to sell coverage across state lines has limited potential for premium savings, as premiums would continue to reflect local health care costs. Out-of-state insurers could have difficulty developing provider networks and negotiating provider payment discounts.

What happens when you change your life insurance policy?

The questions asked when you replace a life insurance policy protect you and also protect the insurance company from agents who routinely change their client’s life insurance policies to get a commission.

What happens if I move to a different state and get auto insurance?

If you move to a different state, then the insurance company can refuse to honor your insurance contract because you essentially lied on your policy. Auto Insurance rates vary from state to state. If you are a resident of two states, many people simply get their insurance in the state where their vehicle is registered.

Do you have to take a medical exam to change your life insurance policy?

When you purchased your life insurance policy, you may have taken a life insurance medical exam and “passed.” If you try and get a new policy, and you have to take a new life insurance medical exam, you may not be eligible for a new policy or may have certain restrictions.

Is it possible to have two life insurance policies?

If you and your spouse are shopping for life insurance together, it’s possible to get a joint life insurance policy or two separate life insurance policies. Joint life insurance is a permanent policy that protects both spouses but is typically more expensive and complicated than separate life insurance policies.