Life Insurance from Absolute Insurance of Palm Beach County
Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured. This is often calculated with a free asset ratio. The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured. It is essential for applicants to analyze their financial situation and determine the standard of living needed for their surviving dependents before purchasing a life insurance policy. Agents or brokers are instrumental in assessing needs and establishing the type of life insurance most suitable to address those needs. Several channels are available including whole life, term life, universal life and variable universal life (VUL) policies. It is prudent to re-evaluate insurance needs annually, or after significant life events like marriage, divorce, the birth or adoption of a child and major purchases, like a house.
In other words, a life insurance plan provides funds when you die, so that your loved ones aren’t left in a difficult situation. Absolute provides the following types of coverage:
- Term Life- these inexpensive policies provide funds for loved ones to carry on after you are deceased
- Whole Life- build cash value with this tpe of policy
- Universal Life- flexible premiums as you need them
- Mortgage Protection- protect your home asset
- Annuities- yearly cash payments can provide you the stability you need