Life Insurance provides financial support for your loved ones in the event of your passing. In the unfortunate event of your death or a terminal illness diagnosis during the policy's term, it can offer a cash payout to alleviate the financial burden.
Why is it a necessity?
Life insurance is crucial if you have dependents or a partner who relies on your income. It ensures their financial security in case of your absence.
If you have a mortgage, life insurance can help your loved ones meet those financial obligations, preventing the risk of losing their home.
Additionally, you may want to explore policies that cover funeral expenses, relieving the financial burden on your family during a challenging time.
While life insurance isn't mandated by law, it has the potential to offer your dependents a sense of financial security upon your passing.
How does life insurance work?
Life insurance provides a lump sum payout in the event of your death. Some policies also offer a payout if you're diagnosed with a terminal illness and have a life expectancy of less than 12 months.
When you obtain a policy, you have the flexibility to determine the coverage duration, the payout amount, and the designated recipient.
Do I need life insurance?
It's common for people to recognize the need for life insurance during significant life events such as marriage, buying a home with a mortgage, or starting a family.
Life insurance can serve as protection for any outstanding financial obligations you may have, such as mortgage or loan repayments, ensuring your family isn't burdened with unaffordable expenses after your passing.
Before purchasing a life insurance policy, you'll need to make several decisions. For instance, you must choose between an insurer paying a fixed sum upon your death, regardless of how long you've held the policy, or having the insurer decrease the coverage value over time to align with your outstanding debts.
The choice of policy is heavily influenced by your specific circumstances.
Annuity Plans
You have the flexibility to purchase annuity or pension plans at various stages of your life. Some individuals opt for these plans as they approach retirement, while others secure them during their mid-career to safeguard their assets. In the realm of insurance, certain products allow you to build a fund that can be used to purchase an annuity in the future. However, if you already have a lump sum of funds available, you can acquire an immediate annuity. These are commonly referred to as deferred and immediate annuities, respectively.
We invite you to reach out to us at (813) 469-9918
Areas Covered
Greater and New Tampa, Pinellas County, Polk County, Hillsborough County, Pasco County
5331 Primrose Lake Circle, Suite 107, Tampa, Florida 33647
