Florida Low Cost Life Insurance
Low cost Term life insurance is designed to provide the maximum amount of life insurance at the lowest cost. It helps protect your family and business, through a guaranteed, preset benefit that is paid out in case of premature or unexpected death, while the policy is in force.
A term life insurance policy lets you determine the amount of coverage you need. You get to decide the term – the number of years – of the policy as well. Once it expires, it is your decision whether to allow the coverage to end or to renew the term level policy. The proceeds from your term life policy are generally tax free and can be used however you wish.
Choosing a low cost Florida life insurance plan is an important decision, but it often can be complicated. As with any other major purchase, it is important that you understand what your needs are and the options available to you.
Term life insurance is designed to cover you for a certain length of time, usually ranging from 5 to 30 years. It is usually purchased to cover obligations such as mortgages, college education, and future income for a surviving spouse. If you die during the term of the policy, your beneficiary receives the stated death benefit income tax free. For example, when you purchase a 20 year 250,000 term life insurance policy, whether you die in year two or year nineteen, your beneficiary still receives the same amount; $250,000.
If you outlive the term of your life insurance policy, protection will end unless there is a renewal provision in your policy and you opt to renew it. There is no accumulation element, or cash value with term insurance. Newer types of term life insurance policies offered just in the last 10 years do offer a return of premium ROP feature.