Florida Low Cost Life Insurance?

Florida life insurance involves a contract that requires payment of a monthly premium, which in return will provide a benefit to your beneficiaries at your death. As a result, your beneficiaries will not be subject to financial risks due to remaining obligations or debts.

Do I need a life insurance policy?

If you’re like most people, you’ve worked hard to get where you are.  And as your financial responsibilities increase, so does your need for affordable life insurance.

Consider what would happen if you were to pass away unexpectedly:

• Could your family afford to stay in your home?
• Would your children be able to attend college?
• Or would your spouse have to get a second job top make ends meet?

Concerns like these are why having life insurance in place is so important.  A term life insurance policy can help your family during the most difficult time in their lives.

Should I buy Life Insurance?

Every single individual has the responsibility to consider what financial obligation will remain after they pass away. Life insurance requires a monthly premium payment, so each person must decide if the benefit is worth the costs. The most important factor to consider is if you have anyone who depends on you. If people rely on you financially, whether it be your spouse, parents, children or others, it is likely life insurance will be a worthwhile investment.  To determine your needs, you will need to consider your dependents and what support they will need once you are gone.

If you are single and do not have any dependents, you will need to analyze the benefits of life insurance to you. Consider if you would like to leave behind an amount of money to a beneficiary for costs associated with your death. This will depend on your individual financial circumstances.

How do I benefit from Life Insurance?

It is important to consider your entire financial picture which includes social security, pensions, savings, other insurance policies and your potential debts. Life insurance policies are helpful for covering expenses for beneficiaries including:

• mortgage payments
• living expenses
• medical bills
• left over debt
• outstanding loans
• future college expenses
• costs associated with death, including probate
• any miscellaneous costs that savings will not cover

The coverage gives you peace of mind, as you know that in the event something does happen to you, your beneficiaries will be provided for.

Term life insurance is designed to cover you for a certain length of time, usually ranging from 5 to 30 years. It is usually purchased to cover obligations such as mortgages, college education, and future income for a surviving spouse. If you die during the term of the policy, your beneficiary receives the stated death benefit income tax free. For example, when you purchase a 20 year 250,000 term life insurance policy, whether you die in year two or year nineteen, your beneficiary still receives the same amount; $250,000.

If you outlive the term of your life insurance policy, protection will end unless there is a renewal provision in your policy and you opt to renew it. There is no accumulation element, or cash value with term insurance. Newer types of term life insurance policies  do offer a return of premium ROP feature.

Types of Life Insurance

Choosing a low cost Florida life insurance plan is an important decision, but it often can be complicated. As with any other major purchase, it is important that you understand what your needs are and the options available to you.  Once you have decided to buy life insurance, you need to decide which type will best suit your needs. Policies are designed with different terms, benefits and premiums, to fit a variety of circumstances. Here are the most common types:

Term Life Insurance

Term life insurance is a short-term life insurance policy which offers lower premium rates that increase over the term. This can be helpful in situations where families would like full coverage, but are just finishing college or starting their career. The term for this kind of policy can range from 1 year, to up to 30 years, and can be renewed when the term ends.

Final Expense Life Insurance for Seniors

Final Expense Life Insurance for Seniors in Florida is typically whole life insuarnce policy designed for people age 50 to 85.   These policies are designed to help pay finald expenses after death which may include funeral and burial expenses, credit card debt and medical expenses to name a few.  These policies typically do not require a physical exam or blood work and issued very quick.

No Medical Exam Term Life Insurance

As the name implies, no medical exam term life insurance is a type of policy that does not require  a physical exam by a doctor or nurse.  It does not require needles, blood draws  or urine specimens.  The underwriting process typically is shorter and a policy can be issued in as few as 10 minutes in some cases.

Whole Life Insurance

Whole life insurance is a type of insurance that is considered long-term and offers permanent protection for the entire span of a person’s life. The level premiums that are typically charged for whole life insurance are higher than the beginning rates for term insurance, but they do not increase over time. They are determined based on age when signing up, and will not go up due to aging or health issues that develop. If you are looking for coverage for the remainder of your life, and have a steady income, whole life insurance is a good solution.

This type of insurance also provides the opportunity to build cash value which is “tax deferred”. When paying your premium, you will be paying for your insurance, administration costs of the insurance company and toward your cash value. The cash value of the policy builds each year and accumulates interest which is tax free until you withdraw it. If the policy holder dies, the beneficiary gets at least the face value of the policy.

Universal Life Insurance

This is a more flexible approach to whole life insurance, which allows for making adjustments based on a person’s changing needs throughout life. It is also considered permanent and provides cash benefits. The variables that can be changed include the cash values, premiums and level of protection. As far as the cash values, they earn interest based on a rate set by the insurance company, which often has a minimum rate guarantee.

Variable Life Insurance

Variable Life Insurance is considered a permanent, long-term policy, and includes insurance along with an investment into the insurance company’s portfolio. In this type of policy, the amount paid for premiums by the policy holder, is partially invested into a money market with the choice insurance company. A portion of the money is allocated to a reserve account, while the other is invested. This can result in fluctuations in the cash value and death benefit amounts on an account.

Guaranteed Issued Life Insurance

Guaranteed Issue life insurance is a different type of policy that financial institutions offer as a kind of last resort. If a person cannot get approved for another kind of insurance due to their health history, they can sign up for guaranteed life insurance. The only requirement is paying the premium. However, these premiums are often more expensive, while offering the same coverage as other plans.

These are the basic insurance types available through life insurance providers. You will need to decide if you are looking to just cover your dependents, build cash value or make an investment as well. There are options no matter what your circumstance or preference.

Return Of Premium or ROP

Return-Of-Premium Term or (ROP Term) in a nutshell is a term life insurance policy that has a feature built into the policy that guarantees to return all or a prorated portion of your premiums after you have had the policy for a certain number of years. An example would be if you purchased a 20 year level term policy with the return of premium feature. After 10 years of premium payments if you decide you no longer needed the protection you could turn the life insurance policy in and get approximately 50% of your premiums back in the form of a refund. However if you kept the policy for the full 20 years you would receive a 100% refund of all the premiums paid. Some people feel that the slightly higher premium that they would have to pay for the return of premium feature is justified because they feel their money is not wasted.

At Nisona, we make it easy for you to compare rates  and options from multiple insurance companies at one time and get the life insurance coverage you need.

Through NISONA, you can:

• Compare rates in seconds from major competing insurance companies
• Purchase up to 500,000 of no medical exam term life insurance
• Buy your choice of 10, 15, 20, 25, 30, and even lifetime term life coverage

We want you to be confident that your family is adequately  protected.  For free quotes and advise without any sales pressure, simple click on the type of coverage directly below or call us at 1-888-564-2326.

Related life insurance articles:

Life insurance for elderly parents