What is Life Insurance?

Life insurance is a type of insurance one would pay similar to other types of insurance. When the person who has life insurance passes away, the insurance company promises a specific beneficiary an amount of money.

 

When Should You Get Life Insurance?

For many reasons, generally, the younger you are when you get life insurance, the better. When you are younger, you can qualify for better rates and plans. As you get older, certain health factors or other variables could make life insurance more expensive and potentially unavailable to you. Although both term and permanent life insurance are better to start sooner rather than later, you should plan term life insurance for when others may depend on it. Whole life plans that you start at a young age can grow substantially. Some typical times throughout life that many people decide to get life insurance are when getting married or if one spouse doesn't work, maybe if you choose to have children, get a mortgage, or get into business. It's not so much about the insured person as it is about the loved ones of that person.

 

Which Type of Life Insurance is Right for Me?

Talk to a life insurance consultant in Florida to get all the details and make the right decisions. The two primary life insurance policies in Florida are term and permanent. There are various other forms of life insurance like no medical exam, first to die, survivorship (second to die), final expense, decreasing term, and group life insurance. 

 

Term life insurance is as it sounds. An insurance company will pay the people you choose a fixed amount of money as long as you die within the term of the policy you set up. If you don't die during the outlined "term" of the term life insurance policy, it is not worth a thing. That is why, as we mentioned above, if you are younger, you should logically plan out a term policy if that is the route you decide to go. In general, term life insurance tends to be cheaper. 

 

Permanent life insurance can be much more expensive, and there are many different kinds, each with specific structures and benefits, but they all last a lifetime. Some of the most common types of permanent life insurance include Whole, Universal, and Variable. Whole life insurance has fixed premiums, while you can change premiums with universal and variable life insurance. Those three specific types of permanent policies also have guaranteed death benefits and build cash value over time. Talk to a life insurance advisor to find out what fits best for you. Life insurance in Florida can be a big deal but should be taken care of, so do it rationally and with the proper guidance. 

 

Why Should You Use a Life Insurance Advisor?

Life insurance in Florida can be confusing. That is why consultants are available to help you with life insurance planning and determine what insurance rate, amount, and kinds of policies are best for you! You should find a life insurance advisor that can work with the specifics about you to determine the best fit. Various factors are crucial aspects when choosing a life insurance policy in Florida. Things like age, marital status, income, dependents, etc. Don't just sign up for something online or let your questions go unanswered. You don't want to feel pushed into any decisions, but rather become fully informed and make your own. 

 

Contact Oxford Advisory Group to Plan Your Life Insurance

If you are looking for life insurance in Florida, the life insurance consultants at Oxford Advisory Group are ready to meet with you. They are ready to guide you in the right direction to give you and your family peace of mind. Life insurance is a magnificent tool that you should utilize to protect and preserve the assets that will help you and your family live the retirement you've always dreamed about and worked so hard to get.