Florida Life Insurance is Important at Any Age

One of the most common assumptions made by young and even middle-aged adults is that they do not need life insurance, particularly if they do not have children or dependents. However, this could not be farther from the truth. Florida life insurance is important for adults of all ages, whether or not they have children.

Why Everyone Needs Florida Life Insurance

It is a common misconception that life insurance is only important for individuals who have serious health conditions or for those who are of older age. Unfortunately, this is simply not the case and many people find themselves without the Florida life insurance they need whenever they need it the most. Even individuals who are not married and who do not have children will still have funeral and other final expenses that must be paid for, and this burden often falls on parents, brothers or sisters when there is no life insurance. For people with spouses and families, life insurance is priceless as it not only covers final expenses, but it also ensures that families will be able to maintain their lifestyles.

Purchase Life Insurance Sooner rather than Later

The best way to purchase affordable life insurance is to purchase it at a young age when the insured is still healthy. When Florida life insurance providers create policies and prices, they often look at the risk associated with lending to the proposed insured. If the individual is young and healthy, there is little risk involved and this means that even policies with high payouts will be affordable. Conversely, individuals who wait until they are of an advanced age or until they have a potentially life-threatening condition will pay astronomical rates due to the significantly increased amount of risk associated with insuring them.

Term vs. Whole Life Insurance

The two main types of Florida life insurance are term life insurance and whole life insurance. Term life insurance is associated with lower premiums, but it only covers the insured for a certain amount of time before expiring; this means that the insured will need to re-apply for coverage later. Although this type of insurance is cheaper, it can be troublesome and expensive to renew. Whole life insurance is associated with higher premiums, but it never expires and has a guaranteed payout. In fact, whole life insurance builds cash value over time, and this can be borrowed against in times of financial need.

Choosing a Policy

Choosing a policy starts with finding a reputable Florida life insurance provider that has earned a great name for itself and that is well-respected among peers. Then, after answering some simple questions, the proposed insured will be presented with several options that fit his or her budget. Those who do not have much to spend will likely want to look into term life insurance, but they will need to keep in mind that renewal can be expensive and difficult. The best option for most people is whole life insurance, and the insurance agency will take the insured’s income, lifestyle and family status into consideration when determining the amount of coverage that will be necessary.

Individuals who are young and healthy—even those who have yet to start families of their own—often think that Florida life insurance is an expense that can wait. Unfortunately, the unexpected can happen at any time and the most responsible choice is to be prepared for anything.