Whether you are a Jacksonville resident who is currently enjoying retirement or you are preparing to start school at the University of North Florida, it is never too early to start thinking about life insurance. Buying in young lets you lock in great rates for life, while buying a policy later in life can help to ensure that your family doesn’t face unmanageable expenses when you pass.
When you are shopping for a suitable life insurance policy, an independent agent near you can help. These agents can answer your insurance-related questions, offer you information and advice, and can even provide you with a variety of competitively priced life insurance quotes. Contact an insurance agent in Jacksonville to learn more.
Why Should Residents of Jacksonville, FL Buy Life Insurance?
Statistically speaking, chances are good that you will live a long life. The life expectancy in Florida’s Duval County is 76.5 years. Still, according to the Federal Reserve Bank of St. Louis, there are approximately 4.5 premature deaths per every 1,000 people living in this county.
Nobody likes to think about the possibility of a sudden, early death, but if you have loved ones who are dependent on you, this is something that must be considered. Life insurance can ensure that your family will be able to cope financially if you are no longer there to provide a source of income or other important role, such as stay-at-home parent.
The cost of childcare in Jacksonville runs about $211 a week per child in a daycare center, and about $580 a week if you're hiring a nanny. This may be too much for a surviving spouse to handle alone. For those who don't have children to worry about, consider this: The average cost of a funeral is currently $8,755. Is that a burden you want to place on those you leave behind?
You can buy a life insurance policy that's large enough to cover these costs so that your loved ones are left financially stable.
What Are the Different Kinds of Jacksonville Life Insurance?
When you're ready to purchase a life insurance policy, you'll have to select a policy type. There are two main types of life insurance policies to choose from:
In addition to each of these broad categories, you can often find hybrid policies or customized policies, such as life insurance that will provide coverage for accidental death only.
The type of policy that's right for you will depend on several factors such as your current financial situation, your current and expected life circumstances, and your personal preferences. An independent insurance agent can help you weigh the pros and cons of each of your options so you can make an informed decision when making a selection.
The Pros and Cons of Term Life Insurance for Jacksonville Residents
Term life insurance enables you to buy a high amount of coverage at a low rate. These polices are purchased for a given length of time (or “term”) that typically ranges between 5 and 30 years. If you happen to pass away during the course of your term, your beneficiaries will receive funds in the amount of coverage that you purchased.
- Pros: Term life policies are the least expensive way to obtain a high level of coverage. You can purchase your policy to provide coverage only during the years you need it most, such as while you're still paying for your house or until your children will have grown and completed their post-secondary education.
- Cons: Term life policies have no cash value and leave policyholders without life insurance once they expire. At that time, depending on your age and health status, it may be very expensive, or even impossible, to purchase a new policy.
If you would like to learn more about term life insurance and find out how affordable it can be to buy a large amount of coverage, talk to an independent insurance agent near you.
The Pros and Cons of Permanent Life Insurance for Jacksonville Residents
Permanent life insurance, as the name suggests, will stay in effect for your whole life, as long as you continue to pay your premiums.
- Pros: In addition to providing death benefits to your beneficiaries, these policies serve as an investment vehicle and hold a cash value. This means that you can close out your policy and collect cash at any time. Some insurance companies will even allow you to take out a low-interest loan against your accrued value.
- Cons: Whole life insurance costs a lot more than term life. However, because your premiums will remain at the same rate for life, you can save money by buying into them while you're still young and healthy.
Under the permanent life umbrella, you will find whole life insurance, universal life insurance, and some hybrid life insurance policies like variable rate life insurance, which you can customize to match changing life circumstances. You can discuss the various types of permanent life insurance with a local independent insurance agent.
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How Do I Know How Much Life Insurance I Need?
The amount of coverage you need depends largely on your reasons for buying a policy.
If your children are grown and you have already paid off your mortgage, you may only need enough insurance to cover burial and estate settlement costs. You don’t want to saddle those you leave behind with large expenses. In this case, a small $10,000 to $20,000 policy may suffice.
If you have young children and large debts, you'll probably want a much larger a policy that can enable your spouse to pay off the house and afford child care. You may also want to leave sufficient funds to pay for your kids’ college education. Depending on how many kids you have and the value of your home, you may want to purchase between $500,000 and $1,000,000 in coverage.
It is important to consider both the immediate and ongoing needs of your loved ones when you are deciding how much insurance to purchase. An independent insurance agent can help you evaluate these needs when you're purchasing a Jacksonville life insurance policy.
Is Life Insurance Expensive in Jacksonville, FL?
The cost of your life insurance policy will depend on many factors. These can include:
- Your age at the time you purchase your policy
- Your current health status
- Your family’s health history
- Your current occupation
- Whether you use tobacco products
- The type of policy you are purchasing
- The amount of coverage you want to buy
In most cases, you will be required to answer a health questionnaire. Sometimes, you may also need to complete a medical exam, including blood work and a drug test, before you can be approved for a policy at your quoted price. Smokers can expect to pay much higher rates than non-smokers.
The one thing you should keep in mind is that it's best to buy life insurance when you're still young and in good health. Doing so can enable you to get coverage at a great rate for the rest of your life. Unfortunately, if you're older and have been diagnosed with a fatal or chronic disease, you may find it difficult or impossible to find an affordable life insurance policy.
Why Work with an Independent Insurance Agent in Jacksonville, FL?
When you are ready to purchase a life insurance policy, you can get reliable guidance from a local independent insurance agent. Your agent can help you assess your coverage needs and can explain the details of your many policy options. Because independent agents are free to work with a variety of insurance companies, they can present you with several competitively priced policies for your consideration.
Are you ready to begin your search for the best life insurance policy in Jacksonville? Contact an insurance agent near you to get started.
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