Term Life Insurance : What You Need to Know!
Renewing term policy, have an increased premium amount, because of the age of the policyholder. Otherwise, Permanent life insurance policy continues coverage, until the policyholder dies. Always good idea, to lock – in a Long Term policy, which premium stays the same, during that time. Most term policy, have the option to convert to whole life insurance or type of insurance policy. This maybe important, if the policyholder health declines, which would make it difficult to renew to term life, but easier to convert to another type of policy. Conversion usually allowed until age 65. Beware insurance agents will more likely, encourage to buy Whole Life Insurance, where the commission is several times higher. Term insurance does not accumulate cash, as with whole life insurance.
When purchasing life insurance, ask your insurance agent for Return of Premium term life insurance. This type of policy, insurance holder pays the premium during the term, and then at the end of the term, receives guaranteed return of total cumulative premium paid on the policy. The term policy only, money is wasted, if the policyholder lives beyond the term life.
(Example: Annual premium = $900: Return of Premium after 30 years = $27,000) The life insurance return premium is Tax Free Income, because the money is return of the amount paid into the policy. Lifeinsurance.Com offers this type of policy – Tele: 866 – 691 – 0100
The Veterans Administration (http://www.insurance.va.gov) offers term life insurance policy. This policy renews every five years, regardless of health and provides coverage up to $250,000. However, premiums will increase. More information call: 800 – 419 – 1473.
Term life is most suitable for those that have children, provide financial support to their parents, and death may cause serious financial hardship to their family. Beneficiary (ies) would able to use the money to pay off any existing mortgage, debts, funeral expense or loans that the policyholder was paying. Term life provides the highest paid amount to beneficiary (ies).
In the state of Florida, anyone from eighteen to eighty-five years old qualifies for term life. Life Insurance Companies licensed in state of Florida, backed by Florida Life and Health Insurance Guaranty Association (FLHIGA). This association protects policyholders, in case the insurance company goes into bankruptcy. The policyholder is protected up to $100,000 for cash surrender or $300,000 for death benefits. The higher rating an insurance company receives by one or more rating agencies, the more likely the insurance company is financially strong. Contacting the Florida Consumer Helpline: (Tele: 1 – 800- 342 – 2762), determine if the insurance company is licensed in State of Florida.
Average cost for term life insurance, regarding a Thirty Year Old nonsmoker, is $150 – $200 a year with coverage of $250,000. Anyone that quits smoking can save up to 60 percent premium. Listed life Insurance Companies: SelectQuote (800 – 343 – 1985), InsuranceQuote (800 – 972 – 1104), and TermQuote (800 – 444 – 8376). In the state of Florida – contact: The Dardick Resource Group to receive five least expensive life insurance quotes, for your age bracket: Telephone:
1 – 800-432 – 6624 or The Dardick Resource Group – 9100 S. Dadeland Blvd. Suite 1110 – Miami, Florida 33156 – E-mail: email@example.com. Also, residence in Florida contact: www.intelliquote.com (Compare Florida life insurance quotes online) – Telephone: 1 – 800 – 543 – 3467.