Life insurance provides a very important level of protection, but it can often be overlooked. If you were to pass, would your family be protected financially? Would they be able to pay off the debts you left behind, take care of funeral and burial costs and get by until they can pick up the pieces?
Every family is different, but every family really needs an adequate level of life insurance protection. No matter which type best fits your specific situation, protecting your family’s finances after you’re gone is paramount. Life insurance quotes are good, but you should also understand the value of what you are purchasing … so let us help you, there is No Charge and No Obligation.
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.
Just as the name suggests, this is a type of life insurance that must be issued if you pay the premium. For most people, a guaranteed issue policy is a last resort option. You won’t have to provide any medical information other than your age, but the premiums for this type of insurance are higher than other types of coverage. The cost is higher because you won’t have to answer health questions, which also makes this a better choice for those with existing conditions keeping them from getting another type of policy.
A guaranteed issue policy will often come with a smaller amount of benefits, usually ranging from $5,000 to $50,000. However, if you don’t qualify for any other type of life insurance, this may be your only option.
Before you choose a guaranteed issue life insurance policy, contact your local Jacksonville insurance agent to exhaust all other options.
A very similar type of insurance to whole life insurance, a modified issue policy provides guaranteed death benefits, cash value and security for a growing family. However, a modified issue policy comes with more flexibility with the premium payments, especially when the policy first starts. This allows the insured to build up cash value before the premium increases.
This type of policy is one of the best choices for a young family. It will allow you to build assets without the large financial drain some whole life policies come with. The premium will be set at a lower cost for the first five years and will increase in the sixth year. You will be able to build cash value and may be eligible for dividend payouts when the premium increases.
With so many different types of life insurance to consider, it’s a good idea to contact a professional agent to discuss your options and receive a free quote. A local insurance agent will help you obtain multiple life insurance quotes and give you the difference in benefits for each. With this information, you can make a wise decision when choosing the right type of protection for you, your family and your financial assets. Speak to an agent today for a free Insurance Quote.