The residents of St. Augustine, FL are not required by law to carry life insurance, but this is a choice that many Florida denizens make to protect their loved ones from financial loss. When a person dies, this can often be devastating to those who are left behind, especially if a spouse is dependent on the deceased for support. There are often bills related to medical care administered before death, and a life insurance policy can protect your assets from going toward these costs. Life insurance can remove the burden of having to pay burial expenses, and it can help to put your children through college.
Types of Life Insurance
Life Insurance is, essentially, a contract that is drawn between the company and the client, whereby the customer receives a death benefit in exchange for paying a monthly premium. Depending on your needs, you can choose a policy that is considered term, universal, or whole life insurance.
If your needs are primarily to replace the income that is lost when a breadwinner dies in his or her prime, you will want to get term life insurance. This can help you pay off a mortgage and stabilize the familial situation until another means of earning a living can be obtained. This coverage lasts a set term, between ten and thirty years, and the monthly outlay is low.
Universal life insurance is flexible with rates and term, and it can be used to accumulate savings or to provide death benefits. Whole life insurance is for a lifetime, its conditions are fixed, and it can be utilized as a means to transfer wealth to heirs.
Speak with Palm Valley Insurance, Inc.
The friendly Florida agents and staff at Palm Valley Insurance, Inc. can help you find the insurance package that you need. We offer a tool you can use to find a quote on homeowners and automobile insurance on our website, and we invite you to visit our location in the St. Augustine, FL area to discuss all your life insurance needs.
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