The least expensive life insurance initially is term life insurance. However, as a person ages, it does become more expensive. With this type of insurance, you will gain death benefit coverage, at a low monthly premium. There are several types of term life insurance you can purchase from a Jacksonville agent, including: Annual Renewable Term Life Insurance – The death benefits don’t change throughout the defined period of the policy, but the premium may adjust depending on your age. Joint Term Life Insurance – For married couples, joint term life insurance may be the best choice. This is also known as first-to-die insurance and provides protection in the event of an untimely death of either partner. Decreasing Term Life Insurance – The premium payment will stay the same for a longer amount of time, while the payment for death benefits will decrease over the term. This choice makes the most sense for individuals with financial obligations expected to decrease over time. Return of Premium Term Life Insurance – A more complex policy, this type of insurance is a bit of a hybrid. It will cost more than a traditional policy, but the insured may get his or her premium back after the policy has matured. Key Person Term Life Insurance – Used mainly to protect a business in the event of loss income or profit coming due upon the death of a key person within the business. The policy is used to protect business operations during the time after the unexpected death. Term life insurance will provide the lowest monthly premium. There are many different types perfect for a variety of different situations. If you’re not sure which is right for you, contact your Jacksonville insurance agent for more information and for a free life insurance quote.

With whole life insurance, you can protect your financial future. This type of policy can be used as asset protection, while guaranteeing your insurability. Most whole life insurance policies will include a set amount of death benefits, cash values and maximum premiums when issued. These terms cannot be altered during the life of the policy. You won’t be denied for this type of coverage if your health condition changes with time. However, the premium on a whole life policy will be more expensive, but does provide value as a lifetime policy, cash values and other features with some policies. It’s often used to help protect current assets for your children and others including loved ones and charitable giving. If you’re considering a whole life insurance policy, it’s a good idea to discuss your specific situation with your Jacksonville personal agent.

A universal life policy is a bit of a hybrid of whole and term life insurance. This type of policy provides the same low-cost protection a term policy provides, but also carries the savings element of a whole policy. As the policyholder’s circumstances change, the policy benefits and premium can be reviewed and adjusted. The interest from accumulated savings can also be used to help pay premiums. The universal policy was created to provide more flexibility for those unsure of whether they need term or whole life insurance. It provides benefits from both and fits many situations. Find out more about universal life insurance by speaking with a Jacksonville agent today.

Most life insurance policies provide coverage for funeral and burial costs. However, final expense insurance provides a better level of coverage with the ability to cover all the necessary funeral and burial costs for a low monthly premium. Since this type of policy won’t exceed your needs, it won’t have as high of a premium as a life insurance policy will carry.