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.
My husband and I recently moved to Florida from out of state. We'd both been with the same insurance company since before marriage, over 25 years each to date. Unfortunately, all aspects of the move (homeowners, auto, property, and a new construction) proved beyond difficult for our company, to the point we started looking for a new provider. Shapiro came highly recommended by a neighbor and we were not disappointed. Unlike other companies we investigated, Jessica Coop with Shapiro responded immediately. Without the promise of future business, she provided a quote for our new home that the bank required. We decided to take it a step further and met with her to discuss transferring our business. She was on a mission, searching for the best packages for all our individual needs, while ensuring she was keeping us at the protection and service level to which we'd become accustomed with the other company. She was very frank about each cost vs. benefit decision. She has continued to help us navigate our coverage throughout the construction process. We have never felt so secure with our insurance portfolio and are grateful for her expertise and professionalism!
— Julia L.