19 BEST Life Insurance in Florida (Q&A )

19 BEST Life Insurance in Florida (Q&A )

Life insurance can be an extremely important, even essential, part of your financial plan.

One of its most attractive aspects for many individuals and families is the death benefit of the policy—the money that the insurance company pays out in the event of the insured’s death.

But navigating the life insurance landscape can be tricky—and people often make costly mistakes.

Three of the biggest we see regularly:

  • Buying too much—or too little—insurance due to a lack of understanding of their true financial needs
  • Paying for life insurance using a less-than-ideal method or executing that payment method poorly
  • Misunderstanding life insurance’s purpose and the reasons for having it

What is term life insurance?

It’s a type of life insurance that provides a death benefit to your beneficiaries if you die within the agreed upon term of coverage. It’s the simplest and most affordable type of life insurance available. In my opinion, it is recommended for by far the majority of people. A cheap term life insurance policy is all you need.

What is permanent life insurance?

It’s a type of life insurance that provides coverage for the whole lifetime of the policy and includes an investment component. The investment component is called “cash value” that can grow at a guaranteed rate or you may invest it within an index or sub-account.

You can take loans against the cash value. Some types of permanent life insurance are eligible for cash dividends which the policyholder can take in cash or use to pay for premium or additional coverage.

What is universal life insurance?

It’s a type of permanent life insurance that offers flexible payment options for premiums. Since it has cash value, it can be used to adjust the amount of premium you pay annually (you’ll still need to pay the minimum policy premium though).

It can be a good choice for people looking for flexibility in adjusting premiums and coverage amounts and the ability to borrow from it in times of financial need.

What is Variable Life Insurance (VUL)?

It’s a type of permanent life insurance policy that has the same features of universal life–flexible payment options and the ability to adjust the death benefit. Where they differ is how the cash value in the insurance earns money.

VUL invests the cash value in “sub-accounts”. These sub-accounts function like mutual funds and are invested in the stock market. The gains or losses of the cash value in the insurance will depend on the performance of the sub-accounts. On the other hand, Universal Life Insurance earns money from the interest paid on the cash value.

 

Life insurance is about what a person is going to leave to his or her heirs after he or she dies (and that “what” means m-o-n-e-y).

But, life insurance can be much more than that; in fact, life insurance can be a way to build up a personal fund that you may use yourself BEFORE you die.

19 BEST Life Insurance in Florida (Q&A )

Buying life insurance can be very confusing because, today, you have so many choices.  If you’ve ever thought about “What is the best type of life insurance to own,” the simple and best answer is “The type of life insurance that is in force on the day your heirs need it!”  That may sound like some salesperson’s quick retort, but it is really The Truth!

However, most Americans have many, many other questions bouncing around in their minds when they get around to giving serious thought to buying life insurance.

19 BEST Life Insurance in Florida (Q&A )

The 19 questions below are both “technical” and “non-emotional.”  But, underneath, there are “emotional” and “real” questions that deserve truthful answers to help you decide what to do to protect your heirs (family or others) financially upon your death.

HERE’S 19 LIFE INSURANCE QUESTIONS YOU NEED TO ASK YOURSELF BEFORE YOU MAKE A DECISION:

  1. “Which type of policy should I buy?”
  2. “How much coverage do I need?”
  3. “How long will I need that coverage for?”
  4. “How much will I be able to afford to spend on life insurance?”
  5. If you’re married, you might be asking,“How will my spouse pay our mortgage and any other debts I leave behind?
  6. If you have children, you’re probably wondering, “How will my children pay for college?”
  7. If you and your spouse are somewhat older, you may be worried about,“What happens when one of us dies and the smaller social security checks disappears?  How will my spouse make up for this loss of income?”
  8. If you own and operate a business, you’re undoubtedly worried about,“How will my business continue after I’m gone?  What will my heirs do without my help in running the company?  Where will they find the money to hire and who will be my replacement?”
  9. Do I need a doctor’s physical before getting a life insurance policy?Yes, some insurance companies will send someone to your home to perform the checkup at your convenience.
  10. How do I know what amount of life insurance is right for me? The insurance company looks at your assets, liabilities, and dependents and recommends how much insurance you need.
  11. I’m young and healthy. Why should I buy life insurance? The answer to this one was to plan ahead. Whether you qualify and how much you pay for life insurance depends on factors such as your health, age, occupation, and others. 15 – 20 years from now you may find yourself in a much more expensive category or even uninsurable so you should lock in your insurance rates now.
  12. I have a life insurance policy from my employer. Isn’t that enough? Do not rely only on your employer for coverage. If a person wants coverage their company doesn’t offer, moves to a new job that doesn’t have the coverage they need, or wants to start their own company then having a separate life insurance policy would fill those gaps.
  13. Wouldn’t I be better off investing the money I’d otherwise spend on insurance premiums? You could just put the money in the stock market but there is more risk using this approach. You could lose all your money in the stock market but the coverage provided by the life insurance policy is guaranteed.
  14. Can children be named as beneficiaries of a life insurance policy? Yes, but it should be done through a will. The legal documents should appoint an executor to manage the money and a guardian to take care of the kids.
  15. When should I buy Life Insurance Young and healthy is exactly when you need life insurance, not when you are old. This is assuming, of course, that you are paying a mortgage and supporting a family. Life insurance provides financial stability for those that depend on your income. By the time you are old, you are closer to having your mortgage paid off and your children are financially independent, so there is less of a need for life insurance. Similarly, if you are young and don’t have a family or aren’t paying a mortgage, there is less of a need for you to get life insurance. If you buy a 20 or 30 year policy now, your rate will be much lower and will not change over the course of the policy.
  16. Should I buy life insurance on my children?People do this for two reasons. The first is to help through a transitional stage in the horrible event you do lose a child. The second is to lock in life insurance at a low rate for your kids.
  17. How frequently do I need to pay my premiums? You can choose from annual, semi-annual, quarterly or monthly. Like most payment plans, it’s usually cheaper if you make the payments on an annual basis versus quarterly or monthly.
  18. Is the cost of my policy fixed for the rest of the coverage? Yes, the rate should be locked in for a (level) term life insurance. The price structure can vary though if you get permanent life insurance or one of its subtypes. It is vital you clarify this with your agent or insurance company.
  19. Is it possible to get a life insurance without a health exam?Yes, they are called “Guaranteed issue” insurance policies. However, they tend to be more expensive. This is because the insurer will be taking on greater risk (which they offset by requiring more expensive premiums) since they won’t have a full medical information.

Best Life Insurance in Florida Free Quote Online

If you need life insurance, don’t procrastinate. Premiums tend to go up as you age, plus you run the risk of developing health problems that could make insurance more expensive or even unattainable. Do the right thing by the people who depend on you, and buy it now.

Call us at 813-964-7100

or go to to get a free Life Insurance In Florida Quote

www.MintcoFinancial.com