Life Insurance
If you have loved ones, you’ve probably had a least a passing thought about their life without you when you’re not around anymore to spend time with you. If they’re dependent on you, then you know how important it is to prepare for the day when they are on their own. Having a Life Insurance policy ensures that your loved ones will be taken care of after you’re gone. By paying premiums over time, you can provide for financial benefits to your beneficiary(s) at the time of death.
The needs of each individual are different. For example, the head of a young family with a mortgage and car payments will require a different form of life insurance than a widowed retiree. In Florida, life insurance is used for a variety of expenses depending on the deceased’s role in the family:
- Financial support for surviving family members
- Funeral and burial expenses
- Mortgage payoff and other debts
- Estate taxes
- Retirement funds
Florida Life Insurance
For Those Who Depend On You
Fortunately, not all life insurance is the same. There are generally three types of life insurance which provides a bit of flexibility as you weigh your options. Each of the types below also offer additional variants that we’re happy to explain to you in full in person or by phone.
- Term life insurance – Since the usual function of life insurance is to financially provide for those that depend on you after your death, a term life insurance policy might be an option for you if you have an aggressive retirement plan and will only require life insurance for the next say, 10 years. After that, you will have amassed enough funds to take care of your family without life insurance. To maintain this type of coverage, fixed payments over specified amount of time. Once the policy expires, benefits are no longer paid after your death.
- Whole life insurance – This type of coverage is in force for your whole life (usually 95 to 100 years old.) In short, even if a policy holder lives beyond the policy, death benefits are still paid. These policies require annual premiums as a rule and the cash value of the policy is usually guaranteed to increase and can pay dividends. Whole life insurance can also be liquidated under certain conditions.
- Universal life insurance – This type of policy is somewhat similar to whole life insurance but has adjustable death benefits and more flexibility in the premium payment schedule.
Our knowledgeable experts at Brown Insurance Services can explain each of these insurance types to help you understand what will work best for you and your family. You will probably have questions regarding the size of the death benefit you’ll need, the term of coverage you might require, and what sort of physical exam is required for Florida Life Insurance. The answers to these questions really vary per individual so we’d love to answer these by phone or in person. Contact us today!
