Cheap Life Insurance in Tampa, FL

Thinking about death and dying, especially when you’re young and healthy, can be undesirable, but it is necessary. Even though thinking about dying one day isn’t a fun subject, you don’t want to die unexpectedly and leave your family to struggle to pay for your final expenses as well as to make ends meet. So, if you are seeking cheap life insurance and you live in the state of Florida, then you’re in luck.

What is life insurance?

Life insurance is coverage in the event of a covered person’s death, and after making an initial down payment, you will be required to make monthly payments on whichever plan you opt for. You could also choose to pay off the entire plan at once, depending on the specific type of plan. When a person dies, there are many expenses, including the cost of the actual funeral and burial, the casket or cremation, and much more. Life insurance provides funds to cover these costs, and whatever is leftover can be used for any purpose that the beneficiary desires. 

What exactly does life insurance cover?

Life insurance covers natural death that is a result of illness, accidents, and natural causes. Again, not all policies cover suicide, as things can become complicated when a person is suspected of taking their own life. In most cases, suicide causes a policy to become null and void.

How much coverage is needed?

Not everyone’s needs will be the same when it comes to the amount of life insurance coverage, and you must take several things into consideration when trying to make this determination. First of all, determine how much the entire funeral, burial, etc. will cost and then add in any balances on houses, cars, etc. that you might owe, as well as what your income would cover each month for your family. If you’re still not sure of the amount of coverage, ask your insurance agent for guidance. 

Qualifying for life insurance

Again, each insurance agency that offers life insurance is different, and qualifying for coverage under one agency’s life insurance plan may not necessarily be valid for the same person under a different plan. Some insurance companies require a medical history and possibly even a physical, while others only require that you be a certain age. So, as you perform your research on life insurance, make sure you ask about specific qualifications. 

Some insurance companies refuse to approve the policies of people who have pre-existing health issues such as diabetes, obesity, hypertension, etc. If you have these conditions or other pre-existing health conditions, it doesn’t mean that you won’t be able to qualify for insurance at all, but only that you’ll need to find another agency that accepts new policies regardless of current health.

Are there any exclusions when it comes to life insurance?

Every life insurance policy is different, so before choosing a specific plan, you must inquire about any exclusions. For many life insurance plans, one common exclusion is suicide. This means that if a person who is covered under many life insurance plans were to commit suicide, their beneficiary is unable to obtain benefits. Again, each life insurance plan and company is different, so you must ask for clarification regarding their exclusions before deciding on a plan. 

Fraud is also another reason for exclusion from benefits, as insurance companies are better at more easily identifying fraudulent situations now than ever. 

Can you borrow money from life insurance policies?

In certain situations, life insurance policy owners can borrow money from their life insurance policies, but this isn’t possible with a brand-new plan. With other life insurance plans, you might even have the ability to cash in on the policy. If you’re ever interested in doing either, you need to contact your insurance company. 

Types of life insurance policies

There are different types of life insurance plans to choose from, and before you can choose the plan that works best for you and your family, you need to know what your options are. The three types of insurance policies that you need to be aware of are: term, whole and universal.

Term life insurance is the most basic type of life insurance coverage you can buy, and it only covers you for a specific number of years. If you’re still alive at the expiration of the policy, then it will be necessary to renew it, or you can opt to choose a different kind.

Whole life insurance is a more permanent form of insurance that actually gains cash value as you make payments. It is necessary to make continuous payments if you choose whole life insurance, as it can’t be paid off like term life insurance plans can.

Universal life insurance is another type of permanent life insurance, though it’s different from whole life insurance because it involves ownership of stock, which determines its cash value.

So, now that you know all there is to know about life insurance, it’s time to choose your policy with Affordable Car Insurance Tampa and get covered as soon as possible. It’s easy to find affordable life insurance, home insurance, and car insurance in Tampa, FL. Contact us today!