Whole Life Insurance Florida

Term vs whole life insurance is one of the main questions people ask themselves when buying insurance of any kind. It’s your responsibility to arm yourself with as much knowledge about each kinds of insurance before you even see a broker. Without it, you will not have any true peace of mind with your policy.

Whole Life Insurance

This is a large permanent life insurance policy that you will carry until the day you die.  The benefits of having whole life insurance are as follows:

• Guaranteed minimum cash value.
• Guaranteed death benefits.
• Dividends can be used to increase cash value of the policy.
• Possible decrease in premiums the longer you hold the policy.
• Does not need to prove good health to get most whole life insurance policies.
• Offers full and total coverage against basically everything.

The disadvantage to whole life insurance is a higher premium cost in the beginning.  However, since builds a cash value, it ends up paying you back.  On the other hand, it’s generally easier to  get whole life insurance with no medical exam.

Term Life Insurance

This is an insurance policy that has a fixed amount of time attached to it; it comes with an expiry date.  The benefits to having a term life insurance policy include:

• Cost less up front.
• Is good for a short amount of time; people with higher than normal risk jobs tend to take out term policy.
• Can be upgraded to a whole policy without a health exam

The disadvantages to term life insurance:

• If you live past the policy expiry date, you get nothing.
• Increase of premiums over the years
• Offers no long term investment plan
• Continuation of the plan usually needs another health exam to determine your over all health

Choosing a Life Insurance Policy

Now you have to ask yourself what your needs are going to be.

Do you want to pay more now, but have a higher pay out on your policy? If this is the case, then having a whole life insurance would be best for you.

Do you have a higher than normal risk job? If this is the case, then having a term policy would have more benefit, as long as you die within the allowed time frame.

Term vs Whole Life Insurance

There are both pros and cons to having either one and there are still many more questions you need to ask yourself, to find out which one will be of the most use to you. And arming yourself with a good idea of what you will need is half the battle you will fight with your insurance broker.   A good insurance broker is interested in the policy best for you and your needs.

Getting the wrong insurance could mean your family pays your estate debt when you pass.  And with you’re passing, your family has had a hard enough time as it is already.  Now that you know  the difference between whole life insurance vs term life insurance, you’ll be able to choose better.

Would You Like a Free Whole Life Insurance Quote?

If whole life sounds like it would be right for you, we’ll be happy to get you a quote.  Just click on over to the whole life insurance quote page and we’ll get the information for you.

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