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Whole Life Insurance

Jacksonville, Florida

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.

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Utilize whole life insurance to protect your current assets for your next generations.

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Coverage Explained

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

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.

FAQ

Frequently asked questions

What is life insurance and why do I need it?
Life insurance is a financial product that provides a sum of money to your designated beneficiaries upon your death. It’s designed to offer financial protection to your loved ones, helping them cover living expenses, debts, and funeral costs, and to maintain their standard of living. It’s essential for anyone who has financial dependents or wishes to ensure their family’s financial stability after they’re gone.
How do I choose the right life insurance policy?

Choosing the right life insurance policy depends on your financial needs, goals, and your beneficiaries’ requirements. The main types of life insurance include term life insurance, which provides coverage for a specific period, and permanent life insurance, such as whole life or universal life, which offers lifelong coverage and may accumulate cash value. Consider factors like coverage amount, term length, premium cost, and the policy’s cash value growth potential. Consulting with a financial advisor or insurance professional can help you make an informed decision.

Can I change my life insurance policy once it's in place?

Yes, you can make changes to your life insurance policy, but the options depend on the type of policy you have. For term life insurance, you might be able to convert it to a permanent policy without undergoing a medical exam. For permanent life insurance, you may adjust the death benefit or premium payments, or even access the cash value, subject to the policy’s terms and conditions. It’s important to review your policy regularly and discuss any potential changes with your insurance provider to ensure it continues to meet your needs.

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