Life and death are unpredictable, and Tampa residents who want to provide financial security for their families need to have life insurance in place. A good Tampa life insurance company offers competitive pricing, help and support. ConsumerAffairs researched the best life insurance in Tampa to guide you with this critical decision.
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Experience covering people with complex medical histories
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:
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.
Policygenius is an online life insurance broker that allows consumers to calculate the amount of insurance they need, compare rates and policies from competing insurance companies and apply for coverage. The company gives Tampa residents one place to do all their life insurance research and shopping. Customers in Tampa appreciate the simple application.
EverQuote is an online life insurance broker that lets Tampa insurance shoppers buy term, whole life or universal insurance. The company has tools that allow you to determine how much coverage you need by answering a few questions before being matched with potential life insurance companies and policies. Quotes are delivered via email or phone.
Westshore Financial Group
Westshore Financial Group is a locally owned and operated Tampa life insurance broker that has been part of The Guardian Life Insurance Company of America since the 1940s. They help Tampa insurance consumers with residential and business policies. Customers in Tampa praise the company for its excellent customer service.
Direct Auto & Life Insurance
Direct Auto & Life Insurance is a national company with five locations in Tampa. The company offers a variety of life insurance policies and works with customers to determine which will best fit their needs. Tampa customers appreciate the company’s online tools and the ability to receive discounts by bundling their life and car insurance.