Life Insurance Jacksonville
Life insurance is a necessity for every adult. Life insurance provides your loved ones with a safety net. There are two main types of life insurance in Jacksonville including term and permanent. Each type serves a purpose so it is best to understand the types of policies so you can make a decision that is best for you and your loved ones.
Types of Life Insurance in Jacksonville
The two main types of life insurance in Jacksonville are term and permanent. Term life insurance is the most straightforward type of policy. Term insurance runs for a specific period of time. If you pass away while the policy is in effect your beneficiaries receive a payment. The most common terms are 10 years, 20 years and 30 years in length. Generally, the payments for term life insurance remain constant over the length of the policy.
Permanent life insurance provides lifelong coverage. It is also commonly known as whole life insurance. It is more complicated than term insurance because it accrues value over time and therefore has a cash value. Whole life insurance includes an investment component so that the policy gains in value. You can actually borrow money against the policy once it has accumulated cash value.
Permanent life insurance continues until your death, as long as you continue to make the required payments. Term life insurance is usually less expensive but also may provide lower benefits and it does not accrue value. Both types of policies give a guaranteed payout to your designated beneficiary upon your death.
Tips for Choosing Life Insurance in Jacksonville
Don’t go without life insurance because you want to make sure your family is protected if you pass away. It is best to purchase life insurance when you are young so your payments will be the lowest possible. The cost of life insurance in Jacksonville depends on the type of policy, your age and health and the amount of coverage that you choose.
It isn’t easy to decide which type of insurance policy is best for your particular needs If you only need insurance to cover income that would be lost or to pay off your mortgage, term life may be a good option. It is also the ideal choice for those who need insurance coverage and want the most affordable choice.
Some term life policies can be converted to permanent policies. You may be able to start with a term life policy and convert it to a whole life policy at a later date. A whole life policy may be best if you want to make sure that your heirs can pay for the inheritance taxes on your estate.
The first step towards obtaining a life insurance policy is to discuss your needs with an experienced insurance agent. Your agent will answer your questions and provide you with useful information that will help you make a decision. You can receive a quote for life insurance so you can choose the policy that best meets your needs and your budget.