Hello everyone, I am María Alejandra Barrios, insurance agent and today I want to clarify everything about LIFE INSURANCE. I understand that thinking about death or difficult situations is not something we like, but it is essential to take measures to ensure financial stability of our loved ones in the event of death, illness or total disability.
In CIMA INSURANCE, our goal is to provide you with clear and useful information about the different types of life insurance available on the market and the coverage they offer. Let's start by understanding the two main categories of life policies: Term life insurance and permanent life insurance. Choosing the right one will depend on your needs and those of your beneficiaries.
Term life insurance: Protection when you need it most
This type of insurance is widely sought after due to its affordability and flexible duration, which generally ranges between 10 and 30 years. Term life insurance is designed to provide protection during vulnerable times in your life. Premiums can be surprisingly low, starting at $20 or even less for young, healthy people. Additionally, it can be considered as a form of savings for goals such as your children's university education, as some policies offer the option of return of premiums at the end of the term, allowing you to claim the accumulated amount.
Within this type of policy, we find two variants:
Declining term life policy
In this option, benefits can increase or decrease over time. It is ideal for those looking to finance properties, so that in the event of death, the family does not have to face the expenses themselves.
Level Term Life Policy
Permanent life insurance: Long-term protection
This type of insurance provides more complete coverage throughout your life, as long as you keep your insurance payments up to date. the cousins. You can choose the amount of coverage you want and the cost of the premium will depend on this choice. In addition to providing protection in the event of death, it also offers coverage in the event of illness. And after 25 years of premium payments, you can request disbursement of the accumulated money.
Within permanent life insurance, there are three main options:
Declining term life policy
This standardized policy maintains level costs and coverage over time.
Variable life insurance
Universal life insurance
Exploring other alternatives
In addition to these two main categories, there are other options to consider:
Life insurance with living benefits: This policy provides benefits both in life and in the event of death. If you are facing a terminal illness or disability, the policy will provide financial stability to your family. In the event of death, designated beneficiaries will also receive coverage.
Life insurance with savings: This option combines high-quality coverage quality with long-term savings. Savings accumulate interest compounded, typically at an average of 7.25%, and the best part is that they are tax-free
Life insurance for couples: Although less common, this policy insures both parties of a couple. In the event of the death of one of the policyholders, the policy covers financial expenses, such as outstanding mortgages.
Mortgage life insurance: Designed to protect the investment in a mortgage, ensuring that in the event of death or disability, the bank can recover the balance of the mortgage.
Having life insurance offers multiple advantages:
Provides peace of mind in difficult times.
Prevent your debts from being inherited by your loved ones.
Ensures your family can maintain your lifestyle.
Helps face illnesses or disabilities.
Makes it easier to save for retirement.
What is the best life insurance?
The best life insurance in Florida is life insurance with living benefits. This policy is very effective, as it provides life protection against serious illnesses and disability. Thus, the owner of the insurance does not have to die to receive the benefits and the usefulness of life insurance is multiplied.
The main life insurance policies are:
Term life insurance: protects you for a period of time between 10-35 years. It is the cheapest of all.
Spermanent life insurance: is what protects for life. It is more expensive, since the insurer assumes 100% of the risk with the client.
Slife insurance with accumulation: is the life plan that makes savings for withdrawal parallel to protection. It is one of the most effective retirement savings plans that exist in the United States.
If you are considering life insurance, please do not hesitate to contact us. We are here to help you find the best plan for you and your family.
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