Southwest Florida (SWFL) Life Insurance
The Value of Southwest Florida Life Insurance
Southwest Florida Life insurance is an investment in the future of your family. As illnesses and accidents can be unexpected; the security of knowing that your family will be provided for is valuable to them and to you. In the event of the loss of a loved one, there should not be an additional dilemma of trying to provide for a family with insufficient means.
Often people have the concern that constant paying to a Southwest Florida life insurance policy that will most likely not be used will constitute a waste of money. Though you likely, hopefully never will use the policy the value of having it is measured not in the return on investment but in the security of knowing that your family will be taken care of.
Choosing a Southwest Florida Life Insurance Policy
Choosing a Southwest Florida life insurance policy can be a daunting task. That’s why we’ve pulled your options into one place. Southwest Florida is a big place and you can’t be running all over town to find the right options for you. Among the many types of policies and the many providers there is a plan that is right for you.
Different types of Southwest Florida Life Insurance
Term Insurance: Southwest Florida Term insurance provides life assurance coverage for a specified term. The policy does not accumulate cash value. Term is generally considered “pure” insurance, where the premium buys protection in the event of death and nothing else. There are three key factors to be considered in term insurance: Face amount (protection or death benefit), Premium to be paid (cost to the insured), and Length of coverage (term).
Whole Life: Whole life insurance provides lifetime death benefit coverage for a level premium in most cases. Premiums are much higher than term insurance at younger ages, but as term insurance premiums rise with age at each renewal, the cumulative value of all premiums paid across a life time are roughly equal if policies are maintained until average life expectancy. Part of the insurance contract stipulates that the policyholder is entitled to a cash value reserve, which is part of the policy and guaranteed by the company. This cash value can be accessed at any time through policy loans and are received income tax free. Policy loans are available until the insured’s death. If there are any unpaid loans upon death, the insurer subtracts the loan amount from the death benefit and pays the remainder to the beneficiary named in the policy.
Permanent Life: Southwest Florida Permanent life insurance is life insurance that remains active until the policy matures, unless the owner fails to pay the premium when due. The policy cannot be cancelled by the insurer for any reason except fraudulent application, and any such cancellation must occur within a period of time defined by law (usually two years). A permanent insurance policy accumulates a cash value, reducing the risk to which the insurance company is exposed, and thus the insurance expense over time.
Universal Life: Southwest Florida Universal life insurance (UL) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payment, along with the potential for greater growth of cash values. There are several types of universal life insurance policies which include interest sensitive (also known as “traditional fixed universal life insurance”), variable universal life (VUL), guaranteed death benefit, and equity indexed universal life insurance.
If you are looking for a quote for Southwest Florida Life Insurance, give us a call and we can help.
Located in Estero, Florida; a family owned and operated business, Rider Insurance Group was originally established in 1999. We do not work for a specific insurance company; we work for you. We represent a carefully selected group of financially sound, reputable insurance companies, and we place your policy with the company offering coverage that matches your described needs at a competitive price.
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