Reader’s Question:

A bunch of us are being temporarily laid-off from our office here in Tampa, Florida, does this mean that I am no longer covered under our company’s Group Life Insurance Plan?

Zacharias

Tampa, FL

That would depend on your employer. Is your compensation with your employer also suspended? Where you given an assurance or a specified date when you are expected to be reinstated back? Since employers are usually the one that pays for your group life insurance, if you are not getting compensated then your might have also been temporarily removed from your employer’s group life insurance. If your company there in Tampa, Florida has a salary continuation plan that may be paying you full or a portion of your wages, then your group life insurance coverage should also continue. Most large corporations are able to do this for their employee’s even during temporary lay-offs.

In any case, you should get in touch with your Human Resources or Compensation department to clarify this further (if they have not done so when you were briefed about the temporary lay-off). You should know about your status with your company since you are only given 30 days to notify your employer, or your employer’s group life insurance company, if you would want to convert your coverage into an individual life insurance plan before the said coverage is terminated. This may or may not involve having to undergo at least some form of physical or medical exam so that the life insurance carrier can properly determine your insurability, and therefore charge you the appropriate premiums. We do hope that everything works out for the best with you and your employer.

Tags: Group life insurance, life insurance advise, life insurance info, affordable life insurance, life insurance question

Reader’s Question:

I have a fairly good idea of how permanent life insurance policies work, would it be a good idea to just go for a term life insurance policy and invest the rest of my money here in Tampa, Florida, somewhere else?

Eoin

Tampa, FL

This is a very interesting question. To some people, having to pay high life insurance premiums makes whole life insurance policies not a very popular first choice for coverage. The best way to answer your question would be to first identify your purpose of getting life insurance coverage there in Tampa, Florida.

If you are only getting life insurance coverage so that family members or people who rely on your income would have financial protection in case you pass away, then it may be better to just go with a cheap term life insurance policy and put the rest of the money into time deposits, your 401(k) or an IRA. Your money would most likely enjoy higher interest rates than it would most life insurance policies.

If, on the other hand, you plan to have lifetime life insurance coverage, and would want all of your money to eventually become proceeds to your beneficiaries once you pass away, you may want to consider a Whole Life Insurance policy than other investment mechanisms. First of all, proceeds from a life insurance policy are (except for a few instances) tax-free. With whole life insurance policies your beneficiaries are already guaranteed to get a huge amount of money once you die. The same can be said about term life as well but the cost of keeping term life in the long-run is much higher then a whole life policy.

Tags: permanent life insurance, term life insurance, life insurance advise, life insurance information

Reader’s Question:

I’ve heard of viatical settlements but not life insurance settlements. How does this work?

Chad

Tampa, FL

With viatical settlements, a person who is terminally ill can sell his/her life insurance policy for portion of the face value of the policy. With life insurance settlements, also called senior settlements, a policyholder, although he/she is not terminally ill, can sell the life insurance policy. However, under this contract, the investor who will buy the life insurance policy will only pay a portion of the life insurance policy’s face amount rather than getting what the death benefits would have worth. The investor will then continue the payments for the life insurance policy and will also receive the full amount upon your death.

This is not the same as merely surrendering your life insurance policy. When you surrender the policy, this means that you are selling the policy back to the life insurance company for a cash value. Furthermore, the amount of money that you will be receiving from life insurance settlement is substantially higher than that from surrendering your life insurance policy to the life insurance company. Life insurance experts say that the value of life insurance settlements is higher than the cash value by 25%.

Tags: life insurance

Reader’s Question:

What kinds of conditions would make my life insurance provider here in Tampa, Florida, increase my premiums?

Gus

Tampa, FL

There are many things that can cause your life insurance rates there in Tampa, Florida to increase, but one of the most common factors would be your age. Of course a younger person would have less risk of dying sooner than an older individual, but it wouldn’t be just because one is closer to the end their lifespan as the other, however, the increased risk of dying due to illnesses or complications caused by unhealthy habits over the years would be a significant factor as to why older age is synonymous to higher life insurance premiums.

Life insurance companies also use mortality rates or tables where people fall into age categories and each category will have a statistically-based predicted number of deaths. These will influence how much premiums a life insurance company will charge your particular age group in order to compensate for death benefits costs in your age segment.

Changes in health, habits, lifestyle and even your job can also influence your rates however, changes in rates would be most profound for those who signed up for short or brief term life insurance and would have to renew more frequently as compared to those who signed up for whole life. So the type of life insurance policy you got would also play a role in how your premiums change. It would be best to consult your policy’s terms of agreement to determine exactly what factors can cause your provider to increase your premiums.

Tags: affordable life insurance, life insurance online, life insurance advise, life insurance rates

Reader’s Question:

Is it true that I am paying my life insurance provider here in Tampa, Florida, by being a smoker?

Kevin

Tampa, FL

On average, those who smoke pay three or four times more on life insurance rates and premiums than non-smokers annually. So smokers like you are charged more due to the inherent risks associated with tobacco and cigar use. For example, for a policy of $500,000.00 worth of “Face Value” or the amount a life insurance company agrees to pay your beneficiaries in the event of your untimely demise, a non-smoker can get a monthly rate of $27 - $30 while a smoker may be charged from $60 to $70 for the same kind of life insurance policy. Doing the numbers with these figures and you probably already have an idea how much those packs of cigarettes are costing you on an annual basis, and that’s not including the estimated thousands of dollars an average smoker will be spending for medication or treatment due to smoking-related illnesses by the time they hit their senior years.

So if you can, quit smoking as soon as possible, your life insurance provider there in Tampa, Florida would probably encourage you from quitting by agreeing to lower your rates within two or three years that and you have managed to stay clean. If you are tagged as a smoker under your policy, it is recommended that you get in touch with your provider to see exactly what rates they can provide you, and when, for quitting smoking.

Tags: smokers life insurance, high-risk life insurance, life insurance, advise, life insurance information

Reader’s Question:

Hi I’m from Florida. I’m planning to get a life insurance. My friend mentioned to get return of premium. What does this have to offer?

Bryan

Tampa, FL

The return of premium offers death benefit protection and return of premium. The insurance company will return the entire insurance premium you paid when the period ends provided that keep the policy for the term period. You will receive the premium back no matter how long the period is.

If you want to cancel the policy, you will still receive some premium. The longer the period of keeping the policy, the higher the return, which is according to the sum of the cumulative premium that was paid during the period. Furthermore, this type of life insurance is tax free so have all
your money back without giving some away to the government.

If you want to consider this option, you can contact your agent in California to find out more about this.

Tags: life insurance

Reader’s Question:

After two years of engagement, I finally got married to the woman I love. We are now happily living together in Tampa Florida FL. We are not planning on having a baby soon since we’d really want to enjoy ourselves. Would I still need life insurance?

Kennedy

Tampa, FL

Hello, Kennedy, allow me first to greet you and your lady love warm congratulations and best wishes. It is not true that the world don’t need another lover, I more of subscribe to the school of thought that preaches “all you need is love” because with love, there’s nothing you can do that can’t be done.

Before I get all lost, I’d like to point out to you that this is a common enough misconception among young people. I am assuming that you are quite young if you can afford stalling to have a baby, Kennedy, so let’s get back. As I was saying, it is a common enough misconception: because I don’t need life insurance now, I will not get it yet, if at all. Life insurance takes time to develop and in most cases, it takes about ten to twelve years before it even generates cash value. By the time it has matured, or even by the time you have completed your payments, a lot of things may have already happened in your married lives. Even if you don’t have children, you may have acquired property and other assets which your wife may not be able to shoulder on her own if something bad happens to you and you are no longer generating income. In fact, if you’d permit me to say so, this is a better time for you and your wife to acquire these investments because your expenditures will never be as low as you have it now. Over the years you will fall into a pattern of spending – traveling, buying a house, buying a car, having a baby – and that life insurance will soon be forgotten!

Why don’t you make it your wedding gift to yourselves? There are many qualified professional in Tampa Florida FL who will be wiling to help you with this. Or, you can also try to work it out between you and your wife. There are many guides that can be found with the internet and this page can calculate five proposals for you if you just plug in your Trenton Tampa Florida FL zip code on the blank space. Good luck, Kennedy, have a long happy, insured life ahead!

Tags: cheap life insurance, life insurance leads, life insurance online

Reader’s Question:

My job takes me to various dangerous places and I am afraid that one day I just cannot go home to my family. I understand what I went into but I’d want to make sure that my family in Tampa Florida FL will be taken care of when I die, apart from what the government will give to them. Is life insurance the solution?

Kaden

Tampa, FL

Kaden, you are the epitome of responsibility, Kaden. I can see that you have a very high sense of responsibility for your country and countrymen. This is very rare to see nowadays and it is always inspiring to hear somebody who still believes in noble causes such as the one I am sure you are in. Indeed, you are today’s modern hero.

Unfortunately being a hero does not feed the family, nor does it bring the kids to school, and while it builds pride and honor among your brood, they will still have to go through the daily activities of life to survive and these would always entail money.

Definitely life insurance will come in very handy for them should you one day find yourself unable to return to your family in Tampa Florida FL. If nothing else, life insurance will tide them over for sometime until they find their bearing again after losing you. Funeral and burial expenses can also be covered by life insurance but since you are working for the country this will not be a problem for you. Even so, a life insurance policy can enable your family to continue living their lifestyle (if you get enough) even when you are no longer around to provide for them.

Because you are away most of the time, you may not have the luxury of going through the motions of applying for life insurance. What you can do is shop online for quotes, similar to what you can do on this page, by entering your zip code at the top of this page. You can even purchase life insurance online if you are really short on time. Most insurance companies in Tampa Florida FL will offer this service for you.

Tags: life insurance leads, life insurance options, life insurance quotes, life insurance rates, high risk life insurance

Reader’s Question:

Every firstborn male in our family went to a certain university here in Tampa Florida FL. I want to make sure that this tradition continues even when I am no longer available to make this happen. Is life insurance in any way connected to my wish?

Paul

Tampa, FL

This is one of the things I like about my job – I get to hear different family traditions, odd stories, and even sometimes unique beliefs in a town or in a family that I would never otherwise have been privy to. Over the years I’ve heard many family tales that make me feel as if I know these families and I am glad to encounter them.

Your story, Paul is another one for the books, but one I can easily understand. In many places and in Tampa Florida FL as well, there may be generations and generations of a family name with certain practices, unbent over time. For example, I’ve heard of a father whose dad went to the same barber he has, and this same barber gave his son his first haircut, too, so that’s three generations patronizing a specific barber. And there is nothing wrong with this; it only means that you have been happy with the time you were there and also with the services given to you.

For your family to continue this tradition, you need to make sure that there will be enough money for your son to go to this prestigious school. We all know that education costs have steadily risen over the years, and may still do so in the future, so we may be talking about a huge amount of money here.

Life insurance will be the perfect answer to your wish, Paul. By getting universal life insurance, you know there will be enough money left for him to get into this school and to stay there. So you better look now at the many life insurance plans available for you. Just make sure you know your Tampa Florida FL zip code because this will be asked for you to trigger the exercise.

Tags: cheap life insurance, life insurance leads, life insurance options, life insurance quotes, universal life insurance

Reader’s Question:

I have a very basic request and I hope you don’t ridicule me. I want to know the types of life insurance in Tampa Florida FL and how they differ. I hope you understand.

Joel

Tampa, FL

Joel, you do not have to be apologetic in any way, you can ask any question about insurance that you want to. Insurance company agents in Tampa Florida FL are trained and primed to answer any question a person will have about insurance, and it is also their job to make sure that you have understood the explanation. Do not hesitate to approach these agents because there may be something they can help you with, and in turn secure the future of you and your family.

So thank you, Joel for giving me the opportunity to explain this seemingly basic topic, but one that is very critical in investments and insurance. There are three types of life insurance available for you in Tampa Florida FL and let me take this opportunity to tell you that you can get multiple free quotes for all of them on this page just by typing in your zip code.

The first and cheapest is called term life insurance, which is applicable to those who probably don’t expect to live longer beyond the “term” with which they have engaged their insurance. Beyond this term, there can be no claims made against a policy and so therefore I would not recommend this if you do not expect to pass away in the next few years. The other two life insurances are called permanent life insurance because the policy will be effective for life as long as payment of premiums have been fulfilled. It is further split into two – whole life and universal life – which differ only in the methodology of payments and calculation of death benefits. Whole life has fixed schemes – payment of premiums, calculation of death benefits and cash value, while universal life has all of these in flexible terms.

Whatever policy you may get after we discuss, Joel, just please make sure to read carefully and thoroughly your life insurance policy to avoid wrong expectations.

Tags: cheap life insurance, cheapest life insurance, life insurance options, term life insurance