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What Is Florida’S Definition Of Life Insurance Replacement

When What Is Florida’S Definition Of Life Insurance Replacement you think of life insurance, what comes to mind? Probably a picture of a jolly insurance salesman coming to your door with a policy that will protect your loved ones in the event of an unfortunate accident. But what if something happens and the policy isn’t enough? What if your loved ones can’t afford it or you don’t want them to have to sell their home in order to get the coverage they need? In this blog post, we will explore Florida’s definition of life insurance replacement and how you can take steps to make sure you and your loved ones are adequately protected.

General Information

Florida’s definition of life insurance replacement is a bit different from most other states. In Florida, life insurance replacement means the purchase of a policy that pays out a lump sum if the policyholder dies before the policy anniversary. This type of policy is usually cheaper than traditional life insurance policies, but it comes with some disadvantages. For example, the policy may not provide enough money to cover estate taxes and other funeral expenses.

Replacement Values

Florida Statutes Section 740.01 defines life insurance replacement value as “the sum of the cash value and the face amount of the policy, less any applicable premiums, if the policy has a surrender value.” In other words, when a policyholder dies, their insurer pays out the replacement value of their policy minus any premiums that were paid.

For example, if someone has a $100,000 life insurance policy with a surrender value of $25,000, their insurer would pay out $75,000 upon their death – or $100,000 less any premiums that were paid. It’s important to keep in mind that this definition is based on the assumption that the policyholder remains alive until they die. If a policyholder becomes terminally ill before they die, their insurer may only be able to pay out the remaining term of their policy – which could be much less than $100,000.

What is Not Covered

Florida law defines life insurance replacement as the purchase of a life insurance policy that replaces an existing policy. This policy must have a term of at least 10 years and provide at least $50,000 in death benefit coverage. There is no age limit on eligibility for life insurance replacement coverage.

What is Covered

In Florida, life insurance replacement means the payment of benefits in lieu of the death of the insured. The benefit must be payable to a designated beneficiary and cover at least the insured’s eligible minimum periodic benefit (EMPB) as defined by state law.


As you may know, Florida has a unique definition of life insurance replacement. In short, this means that if you are unable to take care of yourself due to a disability and need help from your loved ones, your family members can make a claim on your policy for the benefit of those you have left behind. This law is designed to protect people who might not be able to rely on their own resources if something happened to them. Although this law can be complicated and require legal assistance, it can also provide peace of mind for those affected by it. If you are considering buying life insurance in order to protect your loved ones, it is important to understand Florida’s definition of life insurance replacement so that you know what rights you have.

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