Why you need life insurance in Florida
Life insurance is an important element to the financial security of your family. When my own clients in Florida ask me if they need life insurance, I rephrase the question back to them:
“Does anyone in your life depend on your income or support?”
If the answer is “yes,” then life insurance is absolutely vital. The right plan will keep those important people thriving, should something unfortunate happen to you.
And I get it: no one likes to think about their eventual demise. Responsible financial decisions can feel overwhelming, and it’s too easy to push it aside for another day.
It’s time to stop stalling.
Getting life insurance in Florida doesn’t have to be a hassle! My job is to help you find the right plan to protect yourself, your family, and potentially serve as a retirement asset.
Discover your ideal Insurance Plan
The basics of life insurance
My clients have come to me with a ton of questions about securing life insurance in Florida. How much will it cost? Can I afford it? When should I begin? And for goodness sake, how do I make sense of all the different types of life insurance?
The first good news is that life insurance doesn’t have to be expensive. There’s a plan to fit every kind of budget.
The main types of life insurance are term, whole, universal and variable life insurance. I dive into each kind in my blog: Which type of life insurance should I choose?
The main takeaway of that article is that you can afford life insurance. But if you’re still stuck on whether or not you need it, there are three main reasons.
Reason #1: A safety net for you and your loved ones
One of the best reasons why you need life insurance is to protect your family if you were to die unexpectedly.
Do you have young or school-aged kids? Would your partner be able to single handedly take on all of your household’s bills if your income would suddenly and permanently go away?
Would you want them unburdened by financial complications during a terrible time of grief at your departure?
If you answered “yes” to any of those questions, you need life insurance.
Fortunately, term life insurance is a good fit for most families in these kinds of situations. It provides a simple, low-cost, low-risk option.
Term life insurance is flexible, too. You can decide to let it phase out when your kids are out of the house. Or you can roll it into something different that fits your changing needs. In the meantime, you can breathe easy knowing that your kids and partner or any other dependents would be taken care of if you were to die.
If you want to be even safer, living benefits provide financial security when you are alive. If you were to become seriously sick or injured, this option could provide a cash value that you could draw from while you recover.
Additionally, life insurance can help save your family from your large late-life health costs by adding long-term care riders. You could tap into these if you end up needing long-term care that isn’t covered by your regular health insurance.
Reason #2: Security for families with special needs
The need for a solid life insurance policy only increases if you have dependents with special needs.
In this case, your children may never have the ability to live independently, so you will need to ensure how they will be taken care of when you are gone. Whole life insurance could be the best option to protect children with special needs.
The permanence of whole life insurance guarantees a benefit to these loved ones, no matter how long or short you live. This would also help supplement lost wages and, hence, lost savings.
Caregivers often have to leave their career or at least substantially cut back on hours in order to take care of their special needs family member. That typically means they have less saved and even lower Social Security benefits. Life insurance can help fill that gap both for you and your beneficiaries.
Reason #3: Life insurance in Florida can be a financial asset
If you don’t have any kids or dependents, life insurance can create retirement income. Certain kinds of permanent insurance can create an additional income stream during retirement.
This tax-free investment accrues a cash value that you can draw from while you are still alive. This could be crucial in an emergency. It can also provide some breathing room for your retirement income so you can enjoy your golden years without worrying about rising costs in Florida.
Even if you eventually decide that ‘No, really, I’m absolutely done with life insurance,” life settlements turn life insurance into a financial asset.
Say you’re retired, your kids are long grown, you’ve done the right thing all your life, and you are positive you no longer need your life insurance. Even then, your life insurance could serve you one last time.
Instead of just dropping the plan entirely, I can help you turn your policy into a life settlement where a third-party buys out your life insurance policy for cash. There are so many ways life insurance can serve you, both before or after death.
Life insurance is the smart choice
Whether you have long-term dependents, just want to save your family the expenses of your funeral costs, want to protect your young family, or want to make smart, diversified retirement investments, life insurance is a smart choice.
I would NEVER advise a one-size-fits-all calculation to find out how much life insurance you need and which type makes the most sense for your circumstances. It’s important to tailor life insurance to the needs of you and your family.
That’s why it’s important to speak with a knowledgeable life insurance agent in Florida. I’d love to work with you. I always look out for the best interests of my clients, even if I don’t make a dime.
Make the smart choice: Invest in your future and your security. Start your path today.
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