Why should you purchase a life insurance policy?
There are many reasons why you might want to purchase life insurance, though life insurance isn’t necessarily for everyone. Some great reasons to purchase life insurance are financial security for your loved ones, funerals are expensive, you never know what’s going to happen, and simply for peace of mind.
Do you want to purchase a term or permanent life insurance policy?
Term life insurance is set for a specific amount of time and can be compared to renting an apartment. You purchase a term policy for a designated period of time, whether it be for 10, 15, 20, or 30 years. If your policy expires while you are still living, you have the option to renew your policy, but you risk paying a higher premium because of rate increases. If you die during your chosen term, the insurance company will pay a death benefit to your beneficiaries.
When you purchase permanent life insurance, you have insurance to cover your lifetime. This type of life insurance can be compared to owning a home. Though you will have to pay a higher premium, you can earn additional cash value, similar to having a built-in savings account. You may access the cash value whenever you need to, but by doing this, you will reduce the amount of the death benefit received by your beneficiaries.
What factors affect your life insurance rates?
Like with every insurance policy, there are certain factors that affect your life insurance rates. Some of those include: tobacco use, medical history, height, weight, age, and amount of death benefit.
What company should you purchase your life insurance policy through?
If you call Westgate-Jones Insurance Agency, one of our agents will be able to find the right life insurance policy for you. By taking your personal needs into consideration, we will be able to match you with an insurance company that will be able to provide you with a great Florida insurance policy. Call us today at 352-787-7548 to receive a quote. For more information about our agency and what types of insurance we work with, check out our website.