Whole Life Insurance Florida – Learn All About It Here

The most popular form of life insurance these days is Florida term life insurance. Term buys you more death benefit than whole life for a lower premium. But, it will end after a number of years. Alternatively, some people want their life insurance to last, well, for their entire life. This is where whole life insurance Florida comes in.

 Whole life insurance Florida is also known as permanent insurance or cash value life insurance. A insured will have protection for their lifetime. Coverage begins after the applicant is accepted by the insurance underwriting department, this is known as the effective date.

The face amount is the amount of money that the insurance company owes upon the death of the insured. This amount remains level for the life of the contract as well as the premium due.

Whole Life Insurance Florida Helps You Accumulate Cash

Another great feature of whole life insurance Florida is the fact that it builds up cash value. As premiums are paid to fund the account an accumulation of cash is placed in the insurance companies general account and the money is invested in low risk securities. You will be paid an interest rate and your cash value is not at risk of market loss. The insurance company takes the risk. Usually the investment is in high-grade corporate bonds.

Also, you may take loans from the cash value life insurance account. You will pay a low interest rate and when you pay the money back, you are paying yourself back. The cash value can’t fall too low, or you risk termination of your policy.

For more information about traditional whole life insurance Florida, contact us today at 352-200-2066 or fill out a contact request form on our website found here. We can run you illustrations and show you carriers who have to most competitive rates.