Orlando Life Insurance

Your Complete Guide to Orlando, FL Life Insurance

(Get help finding the policy that is right for you.)

If you are an Orlando resident who works for a large company like Disney or the Orlando Regional Health System, you probably have group life insurance as part of your employee benefits package. However, if you leave your job, you also leave that benefit behind. It is therefore a good idea to have a personal life insurance policy so you can be sure that your family is covered no matter what.

Life insurance can be fairly complex, so many people find choosing the right policy to be confusing. Fortunately, you can get help and guidance by consulting one of the many independent insurance agents in Orlando. Find an insurance agent near you to learn more.

What Can Orlando Life Insurance Do for Me?

Naturally, nobody likes to think about death, but if you're responsible for the well-being of others, it's an important consideration. What if you were involved in a fatal collision on the Florida Turnpike? Or what if you were diagnosed with pancreatic cancer and given just a few months to live? How would your family cope financially without you?

Life insurance is designed to provide your loved ones with a financial safety net in the event of your passing.

The average life expectancy in Florida’s Orange County is 80.3 years, so chances are good that you'll live well into your retirement years. However, if you are diagnosed with a chronic illness or are involved in a fatal accident, life insurance can ensure that those you leave behind won't have to worry about their finances.

If you have young children, you may want enough coverage to enable your spouse to raise them and put them through college on one income. If your children are grown and prosperous, you may only want a small policy that's designed to cover your burial expenses and estate settlement. Whatever your reasons for buying coverage, there's an Orlando life insurance policy that's right for you.

How Much Does Life Insurance Cost in Orlando, FL?

The cost of life insurance will vary from one person to the next. Factors that can influence costs include:

  • Your age: The younger you are when you purchase your policy, the less it will cost you. That's why it's a good idea to start thinking about life insurance while you are still young and healthy.
  • Your personal health history: Insurance companies will typically ask questions about your health history as well as health issues affecting members of your immediate family. You may also need to submit to a physical exam, including blood work as well as a drug and tobacco test.
  • Whether you use tobacco products: Smokers pay two or three time more for their coverage than non-smokers. If you're a former tobacco user who quit smoking more than a year prior to purchasing your policy, you may be able to qualify for non-smoker rates.
  • The amount of coverage you are purchasing: Obviously, a $1 million life insurance policy will cost far more than a simple $10,000 policy. Your agent can help you review rates for different levels of coverage.
  • The type of policy you are purchasing: Term life insurance costs much less than permanent life insurance. Depending on your life situation and what you want your life insurance policy to do for you, one may be a better option than the other.

Talk to a local independent insurance agent to find out how much a life insurance policy will cost you.

What Is Term Life Insurance?

Term life insurance is temporary coverage that stays in effect for only a designated period, or term. Terms typically range from 5 to 30 years.

  • Pros: Term policies are the least expensive way to obtain a high level of coverage during the years you need it most, such as while your children are young or you still owe a lot on your mortgage.
  • Cons: At the end of your term, you will no longer be covered. At that time, it may be difficult, or even impossible, to purchase another policy. This is particularly true if you've been diagnosed with a chronic or life-threatening illness.

If you would like to learn more about term life insurance and get an idea of what a policy will cost you, talk to a local independent agent.

What Is Whole Life Insurance?

Whole life insurance is permanent coverage. Unlike a term policy, whole life insurance does not expire. This coverage lasts for your entire life or at least until age 100. These policies are best if you begin them at a young age so that you can maximize your benefits and lock in affordable rates.

  • Pros: Your tax-deferred premiums not only fund your policy, they also build cash value. You can tap into this money at any time if your financial situation warrants doing so. You can do this in the form of an interest-free loan or by cancelling and cashing out your policy. If you miss a payment, funds may be taken from your accrued balance to cover your premiums.
  • Cons: This coverage comes with a much higher price tag. Permanent policies typically cost six to ten times more than term policies so you may not be able to afford to buy as much coverage as you can with a term policy.

For more information about whole life insurance and to review customized quotes, contact an insurance agent near you.

What Is Universal Life Insurance?

Universal life insurance is another type of permanent life insurance. These policies are similar to whole life but are more flexible because they allow you to adjust your coverage amount and premium payments to fit changes in your life circumstances or financial situation.

  • Pros: These policies give you flexibility in premium payments and coverage amounts, which can be changed at any time. Also, you can use funds from your accumulated cash value to pay your premiums if your financial situation warrants it. These policies have a cash value that you can tap into if needed.
  • Cons: These policies cost much more than term policies. Also, they typically have adjustable rates of growth so their cash value might not build as quickly as with a whole life policy. However, in a good year, they have the potential to grow faster.

If universal life insurance sounds like a good fit for you, you can get more information and start reviewing quotes by talking to a local independent insurance agent.

Which Policy Type Is Right for You?

For most people, the most difficult decision when purchasing life insurance is determining which kind of policy to buy. Often, a financial adviser or a trusted insurance agent can help you review your current circumstances and advise you about which may be the better choice. Ultimately, however, the decision is a personal one and is yours alone to make.

Independent insurance agents can answer your life insurance questions and can help you review quotes for each type of coverage so that you can have all the facts before making a decision.

How Much Orlando Life Insurance Do You Need?

There is no hard and fast rule for how much life insurance is enough. Different people have different life circumstances and financial situations. While a young couple with children may want enough coverage to ensure that their kids can live a comfortable life and afford college, a retiree may only want enough coverage to handle funeral expenses so as not to burden their family.

If you are purchasing your policy for the purpose of income replacement in the event of your untimely demise, most financial advisors recommend that you purchase a policy that provides as much as ten to twelve times your annual income.

Why Buy Life Insurance through an Independent Insurance Agent in Orlando, FL?

When you are ready to start looking into purchasing a life insurance policy, a local independent insurance agent can help. These agents can help you compare rates and quotes from a variety of insurance companies so that you can be sure that you are getting your policy at a reasonable price. They can also help you compare rates for different types of coverage if you are still undecided about which kind is best for you.

Are you ready to learn more? Contact an insurance agent in Orlando to get started.

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