Term Life Insurance in Florida
Term life insurance is often the most affordable coverage because it offers protection for a specific number of years. Our Agents have heard some very sad stories over the years about situations where insurance was never taken out and a family member passes away unexpectedly. We all don’t want to think about it but if you do have a family then you need to protect them in the event of the unexpected.
Term life policies are very inexpensive. Make sure your loved ones can carry on if something was to happen to you.
There are 2 types of life insurance categories. There are term policies, which translates to pure insurance coverage, and there are whole life insurance policies. Term life insurance is least expensive way to purchase life insurance. It is a death benefit coverage for a specific amount for a specified time period.
Term life can provide affordable financial protection with flexible benefits for many common situations such as:
Which term life policy is right for you? That’s when you need a professional life insurance agent that has experience like our agents at Absolute Insurance.
- Standard Term Insurance: It is a specific death benefit for a set number of year.
- Annual Renewable Term Insurance: Death benefits for life insurance coverage remain the same for the entire period as defined by the policy but the premiums can be adjusted each year and will typically increase with the age of the insured.
- Joint Term Life Insurance: Married and common law couples can purchase joint (or first-to-die) term life insurance policy to provide protection for loved ones in case of an untimely death of either partner. This type of term policy is especially useful for providing for your children's education or similar expenses where all or a part of the payment would have come from the deceased's future earnings.
- Decreasing Term Insurance: Although the cost of premiums will usually remain the same for an extended period, the payment for death benefits will decrease in value over the relevant term. This is an excellent choice for individuals who have financial obligations that will decrease over time.
- Key Person Term Life Insurance: This is an application of term insurance to protect a business in case of the loss income or profit due to the death of key personnel such as an upper-level executive or salesperson. The death benefit is intended to protect business operations during an interim period. Sometimes, key man term insurance can be used in conjunction with a buy/sell agreement to furnish a cash payment used to repurchase the deceased's stock or ownership interests.
- Mortgage Protection Term Life Insurance: Both level term insurance with a fixed amount for payment of benefits and decreasing term insurance with benefit payments designed to satisfy a balance due can be effectively used for mortgage protection in case of an unexpected death.
- Return of Premium Term Life: This is a more complex term life. Although the cost is much higher than premiums for traditional term coverage, the insured can get his or her premiums back once the policy has matured. Typically, these policies are only useful for insuring young, healthy income producers.