Boca Raton, Florida Individual Life Insurance

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Boca Raton, Florida Individual Life Insurance

Deciding on the right Florida individual life insurance policy usually depends on your future goals. Whether you wish to provide a tax free lump sum or income to your beneficiaries, provide funds for the payment of your final expenses or estate taxes -or- to provide a significant charitable contribution, we can help you choose the policy that will fit your needs at an affordable premium.

Individual Life Insurance can be important for:

  1. A source of savings - If not paid out by death benefit, some types of life insurance can have a cash value
  2. Final expenses - using life insurance to pay for funeral and burial expenses
  3. Income for dependents - a life policy can provide much needed income for your dependents when you die. Many times this is used for children, but can also be used by a spouse / partner that has a loss of income.
  4. Paying taxes
  5. Making a charitable contribution

Life Insurance options in Boca Raton, Florida

Generally your age, gender and health are the most important factors when determining the premium that you will pay. Although you can purchase a policy at any age, the younger you are the more affordable the coverage will be.

All life insurance policies are designed to pay a death benefit when someone dies. The two most common types of life insurance are Term and Permanent (Universal Life and Whole Life).

Term Insurance is the most affordable type of coverage. The term of the policy usually lasts between 10 and 30 years, and pays only if a death occurs during the policy term. Term policies can be "level term" which means the death benefit will remain the same throughout the duration of the policy, or they can be "decreasing term" which means the death benefit decreases over the course of the policy's term. When the policy term ends, you may or may not qualify for new coverage based on your health.

The advantage of permanent life insurance is you can keep the policy your entire life, and the premium will remain the same during the duration of the policy. These policies can also build cash value which may be withdrawn or borrowed.

At Prism Insurance Advisors, LLC we can guide you through the different types of Florida life insurance policies available and help you chose the policy that will meet your unique needs and goals.