Life Insurance Lead Tampa Florida FL
Reader’s Question:
I am looking for a life insurance and this is going to be my first time if I’m going to purchase one. An agent based in Tampa, Florida FL called me and presented the options. I’d like to know what is the cheapest among life insurance.
Dylan
Tampa, FL
There different types of life insurance and they vary depending on their features but there are two basic types of life insurance, term life insurance and permanent life insurance.
Among the life insurance, term life insurance is considered as the cheapest. The reason for this is that it only covers a specific period of time usually 5 years to 30 years depending on your needs. On the other hand, there is this one called permanent life insurance which doesn’t actually expire and you can even use it to pay estate tax.
If you will get my advice, I’d prefer you get term life insurance over permanent life insurance if your resources is limited. One of the sad features of term life insurance is that after the policy expires you will renew it at a higher cost and people who get ill after the term ends will be charge extra or sometimes the insurance company will refuse to renew your policy.
But if financial side is not a problem to you, then get permanent life insurance and invest you money here, in due time your money will earn cash value that can be use as saving tool in the future.
Tags: permanent life insurance, term insurance, term life insurance renewal
Universal Life Insurance Tampa Florida FL
Reader’s Question:
Our eldest son is considering the purchase of a permanent life insurance in Tampa Florida FL. Somebody from a local insurer he called up over the phone has recommended he look into a Universal Life Policy. Is this some sort of new insurance policy which just emerged in the market? I have a whole life policy and have been happy with the results, so shall I have him try the other one?
Justin
Tampa, FL
Glad to hear that your whole life policy has lived up to expectations to suit your needs. Actually, universal life insurance is an offshoot of whole life insurance policy. You and your son should get together with your agent in Tampa, FL and get all the details of a universal life insurance policy for you to know the pros and cons.
Flexibility is the key to universal life insurance policy which, unlike whole life policies, allows for the increase or decrease of the death benefit. The same will be true of the premium amount for this type of insurance. Your son, as the policy owner is responsible for maintaining the cash value of the universal policy. On the other hand, with whole life the premium is fixed at inception. This is not really the case with universal life policies. The policy holder has some flexibility with the premium payments in Tampa Florida FL.
The cash value of universal life insurance policy will be linked to the policy’s interest rate. This has potential for greater growth as compared to the whole life insurance policy, whose cash value is determined by the performance of the carrier’s operations.
Universal life has many tax advantages also which can be something you might take a look at. The premiums can be greater than the cost of insurance at the onset and the surplus yields tax-deferred cash value. Remember the premiums were paid with after-tax income and usually too, the growth is not taxable. This will also apply to any loans against a universal life insurance policy from your local provider in Tampa Florida FL.
Tags: life insurance leads, life insurance savings, universal life insurance, whole life insurance