Florida Life Insurance

Protect your love ones with a solid financial plan that includes life insurance.

 

Cash Value Term Life Insurance

Check out the new form of life insurance. Traditional level term can be the ideal life insurance product when your protection needs are confined to a 20 to 30 year time frame. But life rarely goes as planned.

Advantages

Unlike traditional term, Cash Value Term has the flexibility to deal with life's unexpected twists and turns. With yearly renewable term (YRT) rates at the end of the level period as little as 30% of those in traditional level term, extending coverage is much more affordable. Alternatively, the reduced paid-up option can provide for the continuation of up to 50% of the initial death benefit with no further premium required.

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Term Life Insurance

Is term life insurance right for you? Term life insurance is for a set period of time and will only pay out if you pass away during the time the policy is in force. It has no cash value, and only offers a death benefit. Because of the rather limited scope of term life insurance, it often costs much less than other types of life insurance policies. As you get older, the price of your term life insurance will rise. The dollar amount of coverage you purchase will also affect how much you pay for your policy. Term life insurance can usually be converted to permanent insurance, and has some advantages and disadvantages.

Advantages

  •    Term life is perfect for time-sensitive issues like college tuition or a mortgage that would need to be paid in the event of your passing.
  •    You will pay less for premiums for term insurance.

Disadvantages

  •    There is no cash value with a term life policy.
  •    Older people will see higher premiums.

 

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Whole Life Insurance

There is no specific term limit for whole life insurance. Paying your premiums ensures that your beneficiary will receive the policy benefits upon your death. You can also accumulate cash value with a whole life policy, but the premiums may be more expensive than term life policies. Like other types of policies, there are advantages and disadvantages to whole life insurance policies.

Advantages

  •    Since the premium stays the same, budgeting for it is easy.
  •    Your policy will build cash value, and that value will have a guaranteed minimum amount as long as premiums are paid.

Disadvantages

  •    Unlike some other types of permanent insurance, with whole life insurance:
  • ** You won't be able to increase your death benefit.
  • ** The frequency of your premiums is not flexible.
  • ** You will not have the option to decrease your premium payments.

 

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Universal Life Insurance

Universal life insurance is a permanent, flexible life insurance option. It builds cash value that is tied to market conditions and earns interest.

Advantages

  •    Once your initial premium is paid, you can pay premiums in any amount at any time, as long you meet minimum requirements and don't attempt to pay more than the maximum.
  •    You have the option to change your death benefit.

Disadvantages

  •    Your death benefit can fluctuate based on the market, as can the premiums that you are paying.
  •    Your policy must be closely managed so that your beneficiary does not end up with a nasty surprise. You must also try to avoid surprises with your premiums by watching your policy carefully.

 

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