Florida Life Insurance

You want to make sure your family is protected and so do we. That’s where a good life insurance plan comes in. We can help you determine how much coverage you need and which plan works best to achieve your goal.

The two most popular forms of life insurance are term life insurance and permanent life insurance.


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What is term life insurance?


What is permanent life insurance?


What is universal life insurance?


Can I combine different types of life insurance to meet my needs?


What type of life insurance do I need?


When will my coverage take effect?


How can I save money on my life insurance?


What is term life insurance?

Term Life insurance is purchased for a specific time period and only pays if the policyholder dies during that time period. Term life insurance is the least costly form of life insurance. A term life insurance policy:

  • allows you to purchase a maximum amount of life insurance for minimal cost;
  • is generally available in 1, 5, 10, 20, or 30 year increments;
  • does not accumulate any cash value in the policy;
  • may be convertible, meaning the policy can be exchanged for a permanent life insurance policy.

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What is permanent life insurance?

A permanent life insurance policy is purchased to protect for the entire lifetime of the policyholder. This policy pays when the policyholder dies, regardless of age. A permanent life insurance policy:

  • is more expensive than term life policies.
  • pays benifits upon the policyholders death or upon maturity – which is often the policyholder’s 100th birthday.
  • sets premiums at a fixed rate throughout your lifetime.
  • can be set up to accumulate cash value throughout the life of the policy and cash can be withdrawn from this policy.
  • can use the cash value in the policy to make premium payments.
  • may be used as collateral.

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What is universal life insurance?

A universal life insurance policy is a combination of a term life insurance policy with the capability to accumulate cash value. A higher premium is charged for a universal life policy than the term policy. Part of the premium is used to purchase term life insurance and the remaining portion of the premium is invested to accumulate cash value in the policy. The universal life policy:

  • allows the policyholder more control over premiums.
  • is more flexible than a whole life policy.
  • accumulates cash value.
  • allows withdrawls or loans against the cash value.
  • can use the cash value to pay the insurance premiums.
  • allows the policyholder to change the death benefit at certain times.

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Can I combine different types of life insurance to meet my needs?

Due to the low cost of a term life insurance policy and the higher cost of a permanent life insurance policy, some people combine a term policy with a permanent policy. They will purchase a permanent policy to cover expenses that they will need to cover for the rest of their life and then they will purchase term life insurance for a specific time period that higher coverage may be necessary.

For example, if you have a 20 year mortgage you may want to purchase a smaller universal life insurance policy and combine it with a 20 year term life insurance policy. After 20 years the mortgage is paid off and you do not need as much life insurance. The 20 term policy expires and you are still left with your universal life policy to cover you to age 100.

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What type of life insurance do I need?

It is best to discuss this with a licensed insurance agent. Determine how much insurance it would take to:

  • pay off all your short term debts such as credit cards and car loans.
  • pay off all your long term debts such as a mortgage.
  • pay for living expenses for a for a certain number of years.
  • replace your income for a minimum of 3 years depending on how many dependents you have.
  • leave an predetermined amount of inheretence for your dependents.
  • Add these figures together and then subtract any current life insurance you may have. You will also subtract any investments you have except retirement funds.

    It is best to discuss this with a licensed insurance agent. Determine how much insurance it would take to:

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When will my coverage take effect?

There are generally two ways your policy will take effect:

  • You will pay your premium at the time you complete your application and your coverage will take effect right away. This is providing all underwriting guidelines are met and there is nothing in the application or your medical history that disqualifies you for coverage.
  • You may apply for coverage and, once all underwriting is complete, the carrier will provide you an offer of coverage. You may then send your payment to the carrier and coverage takes effect when the payment is received.

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How can I save money on my life insurance?

  • The best way to save money on your life insurance in Florida is to get quotes from an expert. We have access to top Florida life insurance companies and shop all their rates to see who has the best offer. We know what factors will get you the best rates. Get a quote now!
  • Age. The longer you wait to get life insurance the more costly it will be. Rates are based on the age of the applicant and the older you are the more you will pay.
  • Gender. Females live longer than males so their rates are lower.
  • Health. Good health is also rewarded by life insurance companies. The better your health, the less you will pay.
  • Non-smoker. Smoker rates are almost double what non-smoker rates are. Depending on your age it may be more than double. Most carriers offer the non-smoker rate if you have not used tobacco in the last 12 months.

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Serving all of Florida, including Tampa, St Petersburg, Orlando, Jacksonville, Miami, Tallahasse, Fort Lauderdale, Fort Myers, Cape Coral, Pembroke Pines, Dade City, Wesley Chapel, Zephyrhills

Disclaimer: This is only an example of how coverage could apply and does not represent any guarantee of coverage. This site contains general information relating to Florida life insurance and is not intended to be a substitute for the law.

 

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