2 Types Life Insurance Tampa Florida
If anyone relies on you financially, you need life insurance.
Life Insurance helps compensate for the inevitable financial consequences that accompany the loss of life.
There are 2 Types of Life Insurance Tampa Florida:
- Term life is the simplest, the least expensive and the most widely applicable. With term life, a life insurance company bases the policy premium on the probability that the insured will die within a stated term—typically 10, 20 or 30 years. The premiums are guaranteed for the length of the term, after which the policy becomes cost-prohibitive to maintain or you decide to let it lapse. Yes, this means that you may very well pay premiums for decades and “get nothing out of it.” But that’s good news, because it means you’re winning at the game of life.
- Whole life is appropriately named, because it is for your whole life. The premiums are generally pretty high, since they are, to an extent, guaranteeing to insure you for the rest of your life, for better or worse. Whole Life policies carry a “cash value”, which is what makes it somewhat of an investment.
How to choose a Life Insurance that is best for you and your situation
- Find someone with experience. Life insurance policies are not “one size fits all” and your agent should have the experience to design a policy customized for your needs. This ability comes only with experience.
- Stay away from an agent that only represents one company. Insurance companies are rated on their financial stability, customer service, ease of claim payments, cost, etc. You’ll want an agent that has access to the companies that are best for your situation.
- Likewise, stay away from an agent who only offers one type of policy. For example, there are agents who work for companies that sell only term life insurance. They are skilled at convincing consumers that term life insurance is better than anything.
- Most importantly, work with someone who is willing to spend time with you, offer you different options, and explain the advantages and disadvantages of each and how it may impact your needs now and in the future, and help you calculate the appropriate amount of coverage you should have.
Mintco Financial Team is independent, meaning we work with many TOP insurance companies and shop the best quote for you.
Call us at 813-964-7100