When a person is in the process of securing a Florida term life insurance quote, there are a few things the future policy holder should know. First, a term life insurance policy is a policy that covers the policy holder during the entire term of the policy. The term of the policy can either be five, ten, twenty or thirty years. Make sure to include that when requesting for a quotation as the premium varies depending on the term of the policy. If a person is certain that he or she will be needing insurance protection only for a limited time such as until his or her children graduate from college or after he or she retires from work, only then should he or she proceed in getting a Florida term life insurance quote. If that person, however, is not yet certain as to how long he or she needs insurance protection, or if that person thinks that he or she will be needing protection longer than thirty years, then he or she should get permanent life insurance.
Term life insurance premium generally costs lower than permanent life insurance premium because of the shorter period of coverage involved in term life insurance. Once the term ends, the policy holder’s coverage ends as well.
Every life insurance requires the future policy holder to submit a proof of insurability, or the applicant’s medical records, family history, lifestyle and current health condition. These things will be requested from you not when you simply ask for a quotation but when you are already applying for an insurance policy of your choice. It is better to let your insurance agent know about these things to give you sound advice as to what type of policy to get and which insurance company offers the best kind of policy for you.
What Factors Help Determine My Florida Term Life Insurance Quote?
Another thing to consider when requesting for a Florida term life insurance quote is the future policy holder’s age. The premium payment will vary depending on the age of the applicant. Habits that affect the health such as smoking are also a major factor in determining the premium payment for your desired policy. Smokers are given higher premiums compared to non-smokers due to the health risks involved.
A typical term life insurance quotation should provide information on the annual premium and the face amount of the policy. It can also give you the monthly, quarterly or semi-annual premium should you wish to pay using these payment schemes. When asking for a quotation, don’t forget to ask about the provisions of the policy, the features, and any add-ons or riders that they can offer. Also find out if they have any conversion option or return-of-premium options and how much will be the added costs for it. These are very important factors in deciding what insurance policy to get so make sure that your professional insurance agent will be able to explain everything to you before you purchase an insurance policy.
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