Florida Life Insurance
Protecting your family’s financial security is the fundamental purpose of life insurance. Determining the coverage that will best provide for your family requires understanding your life insurance options. Your Strassman Insurance Group agent can explain each type of insurance to help you make this important choice.
Florida Life Insurance Types
Whole life – This is the simplest type of permanent guaranteed life insurance. It can help you protect your family in the future, as well as accumulate money over time.
Whole life insurance offers such features as:
Death Benefit: The amount of the policy that is paid to beneficiaries.
Lifetime Coverage: Offers protection during your lifetime. Your premiums and coverage level will remain the same.
Cash value: Whole life insurance allows you to build cash value over time, as it offers a savings component. Its cash value will increase, regardless of market conditions. While you can access the money your policy has accumulated, this will reduce the surrender value and affect the amount your beneficiaries would receive.
Universal life – This is similar to a whole life insurance policy in that it has a simple savings component that earns interest – thereby building cash value. The policy’s cash value is tax-deferred, and you can decrease your plan and payments as your needs change. It is also possible to increase your plan’s coverage (with underwriting approval).
A variation of universal life insurance is variable universal life insurance. This type of policy offers potential lifelong protection and a cash value that can build over time. You can invest the policy’s cash value in options. Variable universal life insurance has more financial risk, but also offers the potential for greater financial reward.
Term life – As the name implies, this type of policy provides coverage for a set amount of time. It doesn’t require a medical exam – however, your coverage and cost of your monthly premium will depend on your answers to a health questionnaire. You can choose from a range of coverage benefit amounts, giving you the flexibility to make sure your family can comfortably meet its financial needs.
Because every family and financial situation is different, your Strassman Insurance Group agent has the experience necessary to guide you through the process and answer your questions so that you can make an informed decision.