LIFE

LIFE INSURANCE OPTIONS

Whether you're just starting out or well-established, having life insurance is an investment that will bring you and your loved ones priceless reasons to sleep well at night. With companies like Tropical Health Insurance, it's never been easier to purchase a plan that fits your needs and budget. Don't wait to secure your family's future, start researching life insurance policies today.

Term Life Insurance

Life Insurance | New Port Richey, FL | Tropical Health Insurance
When considering life insurance options, it's important to understand what each policy can offer you depending on your specific needs. Term life insurance policies have become increasingly popular, especially for young families and adults who may not have the financial capacity to pay for more expensive coverage options. Unlike other types of life insurance policies, term life insurance does not hold cash value and expires at the end of its term, which can range from 5 to 30 years. However, it does provide a guaranteed death benefit payout to your loved ones in the event of an unexpected loss. This can offer peace of mind knowing that your family will be provided for during a challenging time. Overall, term life insurance policies can offer an affordable and practical solution for those who want to ensure their loved ones have financial support in the event of an unplanned tragedy.
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HOW DOES TERM LIFE INSURANCE WORK?

Select a policy term length: Term life policies have pre-set years. When choosing a policy, you should determine how long you would like your policy to extend. Keep in mind that once the policy term expires, so do your benefits, even if you pass. Your term can be anywhere from 5 Years to 30 Years,


Select a benefit amount for your policy: The benefit amount that you choose will affect the premium cost for your policy. When choosing a benefit amount, you need to consider how much you can afford to pay monthly, as well as how much money you anticipate your family needing if you pass away. If you are unsure of these numbers, consult with Tropical Health Insurance! I am happy to help you find an amount that works with your budget and your family needs.


Health Application and/or Medical Exam: When applying for term life insurance, you may be required to have a medical exam. Typically speaking, the better health you have, the more likely your premium is going to be lower. It is also possible that you may be asked to submit lab results and fill out a health questionnaire. It is important to always answer all questions truthfully, as misrepresentation can lead to the cancellation of the policy.


Term Life Premiums: Your insurance premium will depend upon the insurance provider, your overall health, benefit amount, and term length.


Your Beneficiary: When beginning your term life policy, you will need to choose a beneficiary to receive your benefits in the event of your death. Your beneficiary will be awarded your death benefit payout if you pass during your policy term.

TYPES OF TERM LIFE INSURANCE

The majority of Term Life Policies are issued for 5 years (or longer). The premium for your coverage can be paid as a fixed rate, or an escalating rate set over the term of your policy. Both scenarios hold the same value of death benefits for the length of the chosen term.

Alternate types of term life insurance:


  • Annual renewable term: Provides coverage on a 1-year contract basis, with premiums increasing every year you renew
  • Decreasing term: Death benefits de-escalate incrementally each year of the term. This means that each year of your policy, your death benefits are lowered by a set amount.
  • Increasing term: Death benefits escalate incrementally each year of the term. This means that each year of your policy, your death benefits are raised by a set amount. Each year that the benefits raise, the premium raises as well.

Final Expenditure

Final expense life insurance policies provide an essential safety net for those who are concerned about the financial burden on their loved ones in the event of their passing. Such policies offer coverage for a range of end-of-life expenses, including funeral costs and medical bills. They can also provide a cash benefit to the person making the arrangements, and can ensure that survivors' loss of income following a death is covered until burial arrangements are completed. With a final expense policy, you can rest assured that your loved ones will not be left with unexpected bills and expenses. It is important to note that premiums and benefits will vary depending on the policy you choose, but the peace of mind that comes with knowing that your final expenses are taken care of is invaluable. Consider discussing your options with a qualified insurance professional to find the best plan for your needs.
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Final Expenditure | New Port Richey, FL | Tropical Health Insurance
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