Life Insurance - Service Hub Insurance

Life Insurance

Life insurance is most commonly purchased to provide death benefits to a named beneficiary upon the passing of the insured individual. All life insurance policies provide death benefits to the beneficiaries, but some types of life policies also can accumulate cash value. These policies, which include whole life and universal life, accrue cash value with each payment. The insured may borrow against the cash value with a loan, or the entire policy may be surrendered. The loans typically have affordable rates and terms, and there typically is not a limitation regarding how the funds can be used. Commonly, the funds may be used for a down payment on a house, to make home improvements and for other similar purposes. Because of the ability to accumulate value, these types of life policies may be viewed as an investment or a financial asset.


Different Types of Policies

In addition to this difference in the different types of policies, the term of the policy can vary. Most commonly, a term life policy will have a term length between 10 and 30 years. A universal or whole life policy will not expire at the end of a fixed term. Instead, these are policies that may provide coverage and benefits for the life of the insured. Because of this, some people will purchase these policies to provide a legacy or inheritance to their loved ones.

 

Factors Affecting Your Insurance

The rates for the different coverage options can also vary significantly. The age and the health status of the insured at the time the policy is purchased are two main factors that drive cost. However, the type of coverage selected and the term length will also impact the rate. Generally, a short, fixed-term policy will have the lowest rates. The more expensive policies will be cash value policies.

 

Because of the variations in coverage needs and in how the different types of policies may be used, it is not uncommon for some individuals to have multiple policies in effect. For example, some individuals may purchase an affordable term policy for short-term coverage needs, but they may also purchase a whole life policy for financial planning purposes for long-term goals. Our knowledgeable insurance agents can assist you further with your insurance buying and planning needs. Want to learn more? Get a free quote today only available for Tampa, Florida residents.

Why You Should Buy Life Insurance RIGHT NOW?

You may be thinking, "Why should I buy insurance right now?" Well, the answer is simple. Insurance services & policies can protect you from financial disaster in case of an accident or injury. Insurance provides a safety net for your family and loved ones to help them get back on their feet if something terrible happens to you. It's important not only for your peace of mind but also for the future well-being of your family.

Insurance services & policies can give you peace of mind knowing that your family will be taken care of if something were to happen without any worry on their part. With so many different types and packages available, there are options for every type of person’s needs! At Service Hub Insurance we'd love to answer any questions or concerns about how coverage works because when someone buys insurance they're taking steps towards financial stability. We're proudly serving Floridians Insurance needs since 2014 in our Insurance Services Office in Tampa, Florida.

If the unthinkable happens and you have a life-changing event such as an injury, illness, divorce, death in the family, etc., it's only natural for us to want to protect ourselves financially from what's happening with our lives by applying for disability benefits or getting long term health care plans.

After all, is said and done, it'll be a good day when you know your family will be taken care of if something were to happen without any worry on their part.

Let us help you find the best possible insurance services & policies at the lowest possible price. Call us today to get an insurance quote at (813) 443-6250. Or click to schedule an appointment.