Life Insurance in Sunrise, FL
Life insurance can help provide financial security for you or your loved ones by replacing lost income and covering various expenses after your death or when the policy’s term is up. If you’re looking for life insurance, we’re here to help. Our agency is ready to discuss your life insurance needs and help find a policy that’s right for you.
What Is Life Insurance?
Life insurance is a contractual agreement between you (the policyholder) and the insurance company. In exchange for paying the insurer a regular premium, your beneficiaries will receive a lump-sum death benefit when you pass away or after a specific amount of time has passed.
What Are the Types of Life Insurance?
There are two primary types of life insurance, including:
- Term life insurance—A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the expiration date of the policy. If you do not die during this time, the policy does not pay and will expire when the term ends. You will also have to reapply for a new policy if you want to continue to have coverage.
- Whole life insurance—A whole life policy will last for the remainder of your life once you enroll. It will not expire unless you stop paying for it. Additionally, such a policy offers cash value investment opportunities. This cash value component can enable you to receive a source of income during your lifetime (in addition to the eventual death benefit).
- Indexed Universal Life-A type of permanent life insurance that combines the death benefit protection of life insurance with the potential for cash value growth tied to the performance of a market index, such as the S&P 500. Unlike traditional whole life insurance, IUL policies offer more flexibility in premium payments and the ability to adjust the death benefit coverage as your needs change over time. The cash value in an IUL policy has the potential to grow tax-deferred based on the positive performance of the underlying index, while also providing some downside protection if the market declines. This combination of insurance coverage and growth potential can make IUL an attractive option for those seeking long-term financial protection and the opportunity for cash value accumulation.
Several other types of life insurance also exist. Speak to one of our agents to determine which type of coverage suits your particular needs.
How to Get Life Insurance
If you’re in need of a life insurance policy, we’re here to help. Give B R Taxes and Insurance a call or request a quote online to get started.