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Florida life insurance prevents financial loss to dependents in the event of an individual's premature death. A Florida life insurance policy pays a specified amount (or death benefit) to the named beneficiary when the insured dies.
Floridians purchase life insurance for many reasons. Some of these reasons include: providing an income in place of lost earning potential, funding retirement plans, paying off a loan in the event of premature death, or paying for college educations. Regardless of the reason for purchase, all Floridians need Florida life insurance of one type or another.
Two types of life insurance can be purchased in Florida. Term life is the simplest form, and provides financial protection for a temporary period of time. This type of policy may or may not be renewable.
Florida term life policies are normally written for individuals who need
large amounts of coverage for specific time periods. Initial premiums for
Florida term life insurance are usually much less than for Florida permanent
life insurance, but they may increase each year (or remain level) for a
Term life insurance provides good coverage for young Floridian families raising children or paying off mortgages. These policies are, however, short term solutions and do not build equity-but monthly costs are low, so individuals with limited resources are able to purchase life insurance protection in Florida. Most term life policies do not accrue cash value.
Permanent life insurance provides Floridians with long-term financial protection. This includes both a death benefit and, in some cases, cash savings. Permanent insurance equity builds over time-but premiums are higher than those of term insurance. Rates usually remain the same after the policy is purchased. Those who are attempting to meet long-range financial goals do well with this type of insurance.
Floridians can buy either "individual" or "group" plans. Individual Florida life insurance policies are acquired directly through insurance agents or brokers (or through the insurance company itself), whereas group plans are offered through employers. Which form you buy depends partially on whether you prefer to choose your own Florida life insurance company, or you would rather let your employer choose the company for you.
There are some common-sense guidelines you should follow when shopping for Florida life insurance, regardless which type of insurance you buy. Following are some tips for purchasing life insurance in Florida:
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