How to Find the Best Life Insurance in Florida

Before buying life insurance in Florida, you will need to consider how much coverage you need and your budget. Think about financial obligations that your family might have trouble fulfilling in the event of your death, like mortgage payments or college expenses. Consider how much you can comfortably pay per month or per year toward a life insurance policy.

Next, you will need to decide on the right life insurance policy for your needs:

• Whole life insurance policies offer coverage throughout your entire life. Your family is guaranteed a payment upon your death. This policy also has a cash value which earns a fixed interest rate.
• Universal life insurance is a permanent life insurance policy that offers lifetime coverage. This type of policy allows you to raise and lower your premiums within your limits. The policy earns cash value at a variable interest rate, and if the investments underperform, your premiums could increase.
• Variable life insurance combines a permanent life insurance policy with a cash-value investment account. The coverage lasts until your death, but since the cash component of your policy is invested, often in mutual funds, its value may fluctuate.
• Term life insurance guarantees that your family will receive a benefit if you die, but the coverage only lasts for set term durations. You can usually renew the coverage for another term.