It’s typical for people to put off life insurance plans as long as possible, but at some point, you must think about your family’s future. Will your survivors be able to pay their bills? Do you want to leave benefits to show that you care about their well-being? Here are five tips to help you get appropriate life insurance in Florida.
1. Decide what type of life insurance works best for you
The two main types of life insurance are term life and whole life. Term life is a pay-as-you-go plan, whereas whole life is a longer commitment to pay benefits to your survivors. Term life is more affordable but has fewer benefits. On the contrary, whole life costs more and functions as an investment that grows in value.
2. Figure out a monthly life insurance budget
Before you begin searching for a life insurance plan, do a cost-benefit analysis of how life insurance can impact you in terms of costs and benefits. Decide if you have room in your monthly budget to add life insurance, which can potentially make up a high percentage of your salary when you become injured or ill and cannot work.
3. Be truthful in your application
It’s imperative to be honest and factual on your life insurance application. Submitting distorted, misleading, or wrong information can lead to fraud charges. It’s easier to just tell the truth anyway. Discuss your personal and family situation with a life insurance expert so that you can get professional feedback on the type of life insurance plan that suits your goals.
4. Discuss life insurance with your family
Before deciding on a specific life insurance policy, talk with your family and share your thoughts about setting up a plan. This way, no one will be surprised later when they find out that they are beneficiaries. Getting direct feedback from your family will help you decide on the type of coverage you need. It can also take the stress out of paying for funeral costs, which can amount to thousands of dollars.
5. Choose an independent life insurance company
Major insurance companies are often accused of treating customers like statistics, whereas independent firms, in general, can provide more personalized services. Life insurance is a very personal matter, so it helps when you work with a firm that is sensitive to your family endeavors. A whole life insurance policy can provide financial security for your loved ones for many years after your death.
Don’t let life pass you by without thinking about life insurance. Not only will it pay you when you’re unable to work, but it will also pay benefits to your family long after you’re gone. Moreover, it’s an excellent way to show your family members how much you care about them and their future. Contact us at Locke Insurance Group for more information on life insurance in Florida.