Whole Life Insurance for Jacksonville, FL
Is whole life insurance a good way to protect your financial future?
That depends. Whole life insurance can be a useful financial instrument that can protect important assets while guaranteeing your insurability. In most cases, the amount of death benefits, maximum premiums and cash values are set when the whole life insurance is issued and cannot be altered during the life of the policy. On a positive note, you cannot be denied coverage should your personal health condition change over time. Unfortunately, whole life premiums can be more expensive and at a time in your life when you can least afford to pay more for the coverage your family needs. Generally speaking, whole life is used to protect your current assets for the next generation, so if this is something you need to consider, it is best to discuss your specifics with an experienced insurance agent or financial planner.
Lost Opportunity Cost of Purchasing Life Insurance
Since the original life insurance product only provided temporary coverage for the term of an agreement, some consumers were critical of the lost opportunity to use their money for other things. After all, term insurance only pays a claim for death benefits if the insured dies during the period when the policy is active. Once the termination date of contract is reached, the policy expires and you are left with nothing to show for contributions made to the plan. Consumer demand led insurance actuaries to develop a new product that would allow a cash reserve to build up over a lifetime. That way if the insured died, the beneficiaries would receive the death benefit and the insurance carrier would claim the existing cash value. In cases where the insured out lives the term of the contract, the accumulated cash (minus specific costs for expenses) is paid out when the insured reaches a predetermined age.
Permanent Life Insurance Products for Jacksonville, FL
Over time, variations of the earliest permanent life insurance products have continued to evolve producing offerings, such as universal life insurance, survivorship life insurance and variable universal life insurance. These policy types differ in investment options, flexibility and emphasis on the growth of cash value. If you need advice on how to use any life insurance product to protect your family from lost income, or to provide cash for payment of debt or future expenses like yours children's education, call Shapiro Insurance Group to speak directly with our agent or use this website's contact form for a prompt email response.
I have worked exclusively with Shapiro, and Jessica Coop for years, on our Florida homes, cars, boats. She is the most diligent, proactive agent I have come across. Given the complexities of flood, wind, insurance in Florida, I am lucky to have her on my team. Oh, and not only is she nice, she is patient, as I tend to trade things around quit often!!
— Tom R.