Life Insurance Fort Lauderdale Florida FL
Reader’s Question:
It has been 10 years now with my 15 year term life insurance. I don’t think I’ll need the term anymore because my children have left me in our home in Fort Lauderdale. Can I change my term life insurance to the insurance with cash value?
Jack
Fort Lauderdale FL
Are your children financially stable now? If so, then indeed you may not need the term life insurance anymore if you think your children are financially capable. But if not, it might be more practical to continue with the remaining five year term. After all, the cost is less compared to upgrading to permanent life insurance (life insurance with cash value). Besides, you may pay considerable amount in permanent life insurance because of your age. And if you have current health problems, you will also pay higher premium.
If you have enough cash today for a permanent life insurance, better invest the extra in some business or other cash value investment such as bonds or stocks separately rather than investing it in permanent life insurance. This is because permanent life insurance will have relevant cash value starting somewhere on the 12th year. If you are 50 years old now, you will be 75 years old to utilize the investment side of the permanent life insurance.
Anyway, if you have other reasons for shifting, you may check your policy if your term life insurance is convertible. If it is, then you can change to permanent life insurance without going through the process of insurability. If the term life insurance is not convertible, then you would need to purchase permanent life insurance anew from the same or other life insurance company in Fort Lauderdale FL. You’ll have to start with new application and submit to insurability requirements such as medical examination and questionnaires and possibly pay at higher premium because of your age or health problems.
Tags: permanent insurance, permanent life insurance, term life insurance, term policy
Life Insurance For Lauderdale Florida FL
Reader’s Question:
I’ve learned that universal life insurance accumulates cash value and can be borrowed. Can I use the accumulated cash to pay for the premiums in the future?
Patrick
Fort Lauderdale, FL
Indeed, universal life insurance is one type of product available in Fort Lauderdale, FL that accumulates cash value. What is more beneficial about the product is that you can pay its premium based on changing market interest rates. This makes it more flexible than the whole life insurance which also has cash value.
Anyway, yes, you can use the accumulated cash of your universal life insurance to pay its premiums in the future. However you need to keep in mind the following:
• The universal life insurance accumulates value after several years. Usually, it starts at about 12th years onwards. This means that your have to wait 12 years to be able to cash out for the premium payment.
• You can’t withdraw money from your universal life insurance accumulated cash when it goes below the savings value. Once this happens, even the life insurance coverage may end.
• You can’t always pay the life insurance premiums in a long period of time. You need to check if the cash value is enough to cover the premiums. In fact, every withdrawal, there is the tendency that the savings will grow slowly. Remember the higher the accumulated cash of universal life insurance, the higher the chances that it will grow bigger with the prevailing interest rate.
• It is best to check your life insurance policy or coordinate with your life insurance company every now and then before even planning to use up your savings. This way, you would know how much is enough and how to avoid lapse of your universal life insurance.
Tags: life insurance, life insurance leads, universal life insurance
Life Insurance Fort Lauderdale Florida FL
Reader’s Question:
I have talked with a life insurance agent in Fort Lauderdale, Florida FL who asks about my family background, my assets, how many children I have and other financial matters. Should I disclose everything he asks or not? Looking forward to your kind assistance.
Debbie
Fort Lauderdale FL
Hi Debbie
Usually, life insurance agents need to ask these details because it would guide them to the right life insurance product that they need to offer you in Fort Lauderdale Florida FL. But what you should be warned of is never to expose or reveal very personal matters, such as bank account numbers, Pin number, SSS numbers, exact value of the assets and other relevant details that will expose you to risk of theft – even if you trust the life insurance agent so much. Just be sure that the details you give to your life insurance agent in Fort Lauderdale FL is related to your life insurance needs.
Life insurance agents in Fort Lauderdale Florida FL should be vigilant to ask these questions because most prospective clients back off in these questions. If your life insurance agent in Fort Lauderdale FL does not practice such vigilance then it means that he has no proper selling ethics. In which case, you should not trust him. But if he asks in a way that is relevant to life insurance products that he is offering, then its ok to reveal some data about yourself. This way, you can be guided of what you really need and what life insurance suits you. Again just don’t reveal the more detailed one. Otherwise, if he insists in knowing these deep details, it’s just right to suspect him as thief or con.
Tags: life insurance, life insurance application, life insurance fraud
FL Fort Lauderdale Life Insurance
Reader’s Question:
Should I buy life insurance in Fort Lauderdale, Florida even if I am single?
Terence
Fort Lauderdale FL
Hi Terence
The answer lies on your goals and priorities. Life insurance is basically used as an investment to protect your dependents in case you die. When you die, you would leave them something that won’t make them look like they have lost everything. With life insurance, you leave them with money to sustain them even when you are not able anymore. Is somebody depending on your income or money? Perhaps a niece, an adopted child, a parent or parents, brother and sisters or any blood related dependent person. If you have, you may need life insurance for them. Pure life insurance coverage is called term life insurance and you can purchase this at terms that fit the time when these dependents are leaning on your sustenance.
If you’re goal is to invest in life insurance for your future family, you can also do so. You will have to leave the beneficiaries blank. Perhaps you want to invest while you can. In this case, you may need to buy permanent life insurance. At least with permanent life insurance, there is investment side. This means you accumulate cash for every premium. You can borrow the money in the future and just pay it to keep the life insurance enforced. At least with permanent life insurance, it’s not just for your beneficiaries but for your own savings too.
Tags: life insurance, life insurance leads