Best Life Insurance Quotes in Tampa, FL

How to choose life insurance in Tampa

A life insurance policy is critical if you’re the primary financial provider for your family. If you die unexpectedly, your family is left with the expense of your burial and will need to grapple with how to pay for housing, food and other necessities in the absence of your paycheck. A life insurance policy will pay your beneficiaries a sum of money upon your death to cover these costs.

Most people buy or review their life insurance policies during major life events, such as marriage, divorce or the birth of a child. Tampa residents who have someone depending on them financially should consider a life insurance policy to protect their dependents and loved ones against the unexpected.

The benefits of life insurance include:

• Death benefits when a policy owner passes away
• Return on investment; the money in your policy is protected and will be available when needed
• Loan options on some types of life insurance policies
• Assured income for your beneficiaries
• Increased coverage with riders
• Favorable tax treatment

The two main types of life insurance are term life and whole life.

Term life insurance is more affordable and straightforward. A Tampa consumer can buy a policy for a term of usually up to 30 years and pay a monthly premium. At the time of death, beneficiaries are paid the full sum of the policy’s value. However, when the policy’s term expires, so do the policyholder benefits.

Whole life insurance policies do not expire after a fixed term, but they are more expensive than term life policies. The cash value of these policies earns interest over time at a fixed, predetermined rate. A whole life insurance policy may be better for Tampa consumers who can afford a higher premium and have more complex financial portfolios.

Another option in Tampa is a universal life insurance policy, which provides more flexibility. Universal life insurance is a type of whole life insurance with lower premiums. They might also have a single premium paid in one lump sum or scheduled premium payments. A universal policy accumulates value, but the beneficiaries only receive the policy’s death benefit. The insurance company keeps any additional value.

Because of the importance and high value of life insurance policies, it’s vital to work with a financially stable company. Companies such as MetLife, Prudential Financial and State Farm all have licensed brokers in Tampa. It’s also possible to work with the nationally-established New York Life Insurance Group in Tampa.

It’s also important to work with a life insurance company that has a variety of policies and can help you decide what type of insurance product is best for your budget, your lifestyle and your beneficiaries. Florida’s Division of Insurance Agent and Agency Services requires Tampa life insurance agents and brokers to be licensed, so make sure your agent has followed the legal requirements.

The cost of premiums varies in Tampa. The amount you’ll pay depends on whether you’re buying a term life policy or a whole life policy. Other factors that impact your cost include:

• Age
• Health
• Gender
• Occupation
• Family medical history
• Amount of death benefit you choose

If you’re a 25-year-old nonsmoker buying a term policy, you may pay less than $1,000 a year. However, if you’re 50 and have health problems, you’ll spend much more for the same policy.