Tampa What Is Term Life Insurance
Term Life insurance is generally the least costly and least complicated to understand of all the types of life insurance. It provides insurance protection at a very low cost and has premiums that will remain the same over a specified period. The most common length of terms are 10 year, 15 year, 20 year and 30 year term life insurance. After the initial level premium period expires, the annual premium increases each year thereafter, but subject to a guaranteed maximum limit. If you pass away within the term coverage period, a death benefit is paid to your designated beneficiary. If you are still alive at the end of the term, the coverage ends unless the policy is renewed. There is no "cash value" element with term life insurance and many can be converted to permanent life insurance policies without evidence of insurability.
In general, Florida term life insurance is suitable when your needs are temporary or your budget does not permit the higher premiums of a more permanent life insurance policy.