Life Insurance

Florida Life Insurance Explained

There are dozens of different kinds of insurance policies out there to consider. But out of all of them, there are really only about four every person should make sure they have. These four kinds are health, auto, disability, and life insurance. Of these four, life insurance is probably the most controversial and potentially confusing. If you’re one of the many people who would like more information regarding life insurance, keep reading as we cover the basics per this article.

What is Life Insurance?

While there are several different kinds of life insurance, each of which can differ significantly from the others, they have a basic function in common. Life insurance is a contract whereby the insurance company agrees to pay out a sum of money to the appointed beneficiary when the customer passes away. Usually, this insurance is billed just like other kinds, on a monthly basis via premiums. There are types where the insured simply pays a lump sum all at once as well. However, like so many other forms of insurance, there are different kinds of life insurance worth noting. Let’s go through some of the more common forms now.

Whole Life Insurance

This type of life insurance most closely models the definition provided. You pay a company a regular premium and, in exchange, they are contracted to pay out a sum to whomever you named as a beneficiary in your contract. Usually, these premiums are kept at a constant rate, which you agree to upon signing. In exchange, the insurance company guarantees a certain return based on a low-interest rate to be paid out when you pass away. One of the benefits of a life insurance policy is this amount is tax-deferred. Another benefit is that these insurance policies can often function much like a savings account (these are known as a participating whole life policy). Until you withdraw above the cash amount you have put in, this money will also be tax-deferred. 

Universal Life Insurance

This type of insurance is very similar to whole life insurance. The main difference, however, is its flexibility. This means that everything from the premiums to the cash values to the protection involved can be adjusted during the term of the policy. A policyholder, for example, may decide they wish for less payout and thus a smaller premium. With a universal life insurance policy, the customer’s cash grows at an interest rate regularly set by the insurance company. Generally, any changes are based on market performance. Fortunately, most universal life insurance policies guarantee returns that won’t drop below a certain level.

Variable Life Insurance

This is another kind of insurance that is very similar to whole life. Variable life insurance looks to add an emphasis on growth, however, more comparable to traditional investments. To accomplish this, variable life insurance accounts have two separate halves. One part of the policy is geared toward what’s known as the general account. This account acts as a whole life insurance policy. However, the second part works more like a traditional investment. This component is known as the separate account. Money in that account goes to investing in the insurance company’s portfolio.

The policy is known as “variable” given its vulnerability to fluctuation. 

Term Life Insurance

One of the most common kinds of life insurance is known as term life insurance. Like whole life insurance, you pay in and the insurance company agrees to pay out when you pass away. However, the payout is a specific amount agreed on at the time you sign the contract. You’ll never overpay this amount, however, as you’re only agreeing to pay, and therefore to be insured, for a certain amount of time. This amount, also known as a term, is how the insurance policy earned its name.

Term policies are favored when only a limited amount of time is needed for coverage. The maximum term is usually 30 years. So many people may take out a term life insurance policy when they know that in, say, ten years they will be doing better financially and capable of funding a permanent policy. As term policy providers know exactly when the policy will come to an end and how much will be paid out (provided the insured doesn’t pass away), premiums for these policies are generally more affordable. At the beginning of the term, they also provide a better cost-benefit ratio. This all changes, however, the older a person gets as the end grows nearer. Get your whole life insurance quote from here.

Do Florida Motorists Really Need to Buy Expensive Car Insurance?

Americans spend as much as $815 a year for car insurance – and some people pay as much as $1,500!  But is it really necessary to go for an expensive plan? Can you save money and still get the protection you need? Here’s what you really need to know (and pay for) to get good car insurance in Florida.

How Much Insurance Coverage Do You Really Need?

Naturally, the more coverage you get from someone like, the more expensive your insurance plan will be. For example, some of the better insurance plans will give you over $100,000 in liability coverage. Considering that a bad car accident can result in critical injuries that will require extensive hospitalization and possibly physical therapy, that’s actually a smart move. 

If you’re driving a new car with an expensive paint job, you’ll also want car insurance that can cover any damage or repairs. And if you’re a new driver, it makes sense to protect your back just in case you scratch someone’s car while parking (hey, it happens to even the best of us!)

But there are also situations where you don’t need to get extensive coverage. For example, if you’re driving an old car that’s already got a lot of dents and scratches, you can go for cheaper car insurance. The logic is that if the car is extremely damaged or even totaled in an accident, the maximum amount you can get from any car insurance in Florida is the current market value of the car. It’s not worth spending big bucks on a plan that will only pay out a couple of hundred dollars at best.

What Affects the Cost of Car Insurance in Florida?

When you look at different insurance quotes at you’ll see how wide the price range can be. Why are some car insurance plans so cheap, while others are so expensive, even if they offer very similar coverage?  

The cost of a company’s car insurance depends on a lot of factors. For example, more well-known brands will spend millions on marketing (those celebrity testimonials and video ad placements don’t come cheap) and the overhead of several branches. Smaller insurance companies have lower operating costs, and may also offer better rates to attract customers. 

Insurance companies can also charge higher but offer other useful services and amenities. For example, there are providers of car insurance in Florida that run a hotline you can call if you need roadside assistance. Others treat their customers to perks at partner establishments – for example, discounts at automobile accessory stores.  

What Situations Lead to Higher Insurance Premiums?

If you have a history of traffic accidents and altercations or have made numerous insurance claims, you may be seen as an “insurance risk” and made to pay a higher rate. In some states, poor credit history can also affect your insurance premium.  

So Does “Expensive” Really Mean That It’s Better?

Car insurance in Florida from doesn’t have to be expensive, but certain factors can lead to an increase in price. Weigh the costs and benefits to decide on what package will give you the best value for your money.  

3 Reasons to Shop Online for Homeowners Insurance!

We all want nothing but the best protection for our home. Therefore when it comes time to shop for homeowners insurance, you will need to know a few factors. By going into this search with the knowledge you need, you will be able to find the best rates for your budget along with the best coverage.


What Do I Need to Know About Homeowners Insurance?

According to, the first fact you will need to know is how a home insurance policy works. A home policy will be your main safeguard for your home. If your house ever becomes damaged or destroyed, it will cost you to rebuild or repair. If you do not have home insurance, all that money will have to come out of your pocket. However, if properly insured you will be able to file a claim to pay for the damage. Also, a home policy can cover your belongings. For example, if they become stolen.

If your home has been damaged or you have been a victim of theft or burglary. You need to be sure to call your insurance up to start your claims process.


So Do I Have to Purchase Home Insurance?

Some states here in the US may or may not require that you purchase Florida home insurance. However, usually, your lender will require keeping coverage on your home. If you own your home, you should still have proper coverage for it. However, think twice about going without coverage because it’s a good idea to protect your financial investment with an insurance policy.


Why You Should Purchase Homeowners Insurance

If you are still not convinced that you need to purchase home insurance, listen up. Home insurance is important for a number of reasons. Here is why you should purchase a policy as soon as possible:

  • If you are insured, any repairs or rebuilding can be covered in your policy. Remember it is covered up to set limits.
  • If you owe money on your mortgage, you are uninsured, and your house is destroyed, you will still have to pay on your home loan.
  • The most important part of homeowners insurance is liability insurance. If something were to happen to a visitor on your property, your liability coverage will cover their medical costs and legal fees if you happen to get sued.

Now that you know the basics of home insurance from, you are ready to start shopping for a policy. The earlier you start, the faster you will get coverage!