Nobody likes to think about death, but for St. Petersburg residents who have young children, large debts, or family members who rely on them for financial support, preparing for the unexpected is necessary. Life insurance can provide those you leave behind with a financial safety net in the event of your sudden passing.
Purchasing life insurance requires a lot of decision-making, from deciding how much insurance to buy to choosing the right type of policy. A local independent insurance agent can answer your insurance-related questions and provide guidance so you can make an informed decision. Contact an insurance agent near you to start comparing customized life insurance quotes.
Who in St. Petersburg, FL Should Buy Life Insurance?
Only 57% of American adults have life insurance, and of those, 32% only have life insurance policies through their work. Unfortunately, if these people leave their jobs for any reason, they also lose their life insurance. That's why it's so important to have a personal life insurance policy that will stay with you despite job changes.
Life insurance is an important investment for anyone who wants to make sure that their loved ones won't suffer financial hardship in the event of their untimely death. This insurance is particularly important for people who have recently gotten married, bought a new home, started a family, or have people who depend on them for support or income.
Even St. Petersburg residents who are young and single may want to consider purchasing a policy. This is because the younger and healthier you are when you buy in, the less expensive your life insurance premiums will be for the duration of your coverage. It’s best to lock in a great rate before future health problems make you an expensive, or uninsurable, risk.
What Can St. Petersburg Life Insurance Do for You?
What if you were involved in a fatal collision on I-275? What if you were in a serious accident while waterskiing in Tampa Bay? Though chances are good you'll live a long life (the life expectancy in Pinellas County is 79.2 years), there are a number of ways that an accident can bring about an untimely end.
In fact, in the state of Florida, the third leading cause of death is accidental or unintentional injuries. These accidents account for more than 10,000 deaths a year in this state. Accidental deaths are sudden, leaving no opportunity to get one’s affairs in order or make sure that family members will be provided for.
Life insurance can handle the financial aspect of your loved ones’ loss so they can focus instead on managing their grief. That way, they can heal and move on faster. A good life insurance policy will provide enough money to pay for the things that matter most to you. This can include sufficient funds to cover such things as:
- Your funeral and burial expenses
- Paying off your mortgage
- The cost of childcare costs to assist your surviving spouse
- Your children’s college tuition
- The settlement of your debts and estate taxes
- The creation of a trust fund for your family members
- Support for your favorite charity or charities
Additionally, if you have a whole life policy, you can use the funds you have accrued at any time if you have an emergency and need to replace lost income or cover financial burdens such as your mortgage, rent, loans and any other debts
People have different life situations and financial circumstances. Independent insurance agents understand this and can help you determine what you want your life insurance policy to do for you. They can then assist you with finding the right policy to meet your specific coverage needs.
What Type of St. Petersburg Life Insurance Should You Buy?
There are two main types of life insurance policies available: permanent and term.
Permanent Life Insurance
Permanent life insurance, like its name suggests, does not expire. There are different types of permanent life insurance, including whole life insurance, universal life insurance, and variable rate life insurance.
In addition to paying out death benefits to your beneficiaries if you should pass away, permanent life insurance policies also hold a cash value and can be used as an investment vehicle.
Permanent life insurance policies cost significantly more than term life policies. However, if you buy into them while you're still young and healthy, you can lock in low rates for life. You also have the option of cashing out or borrowing against your policy if you're in financial need.
Term Life Insurance
Term life insurance is the least expensive type of life insurance. Unlike whole life, it has no cash value. Term life policies are designed to provide a high amount of coverage during the times that you are most in need of financial security. These policies are typically purchased by people who have recently gotten married, bought a house, or started a family.
Term life insurance provides coverage for a given amount of time (term), typically between 5 and 30 years. If you should pass away while your policy is in place, your beneficiaries will receive compensation in the amount of coverage you have purchased.
At the end of your term, the policy is no longer in effect. At that time, you can opt to purchase a new policy. However, if you are older or have been diagnosed with a chronic or fatal illness, you may find it difficult or impossible to find affordable coverage at that time.
Let an Independent Insurance Agent Help You Find the Right St. Petersburg Life Insurance Policy
There is no hard and fast rule about which type of life insurance is the right choice for you. When you're shopping for a policy, a local independent agent can provide you with guidance by explaining your various options and answering your insurance-related questions. Your agent can also help you compare prices from different insurance companies.
Are you ready to start comparing customized quotes for St. Petersburg life insurance? If so, contact an independent insurance agent near you to get started.
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