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LIFE INSURANCE
Why should you get life insurance? First and most importantly, when you purchase life insurance, you protect your family and those who depend on you for financial support. All life insurance policies will provide a payout to your beneficiaries if you pass away, but there are different kinds of policies that provide other benefits as well.
Our agents will help you navigate the coverages and shop the market for you to get you the right life insurance policy that will benefit you when it matters the most. As Independent Insurance agents, we have access to top rated insurance carriers which gives you the power to choose.
Contact us today and let John Galt Insurance work for you!
John Galt Insurance is a Florida Independent Insurance Agency which means you have the power to choose! Most importantly, you get the benefits from making smart choices when it comes to the coverages you need to fully protect your most valuable items. That’s why we are the perfect match for you. Whether it’s comparing insurance plans continually, finding you the best rates or guiding you through the process if you so happen to need to file a claim, we always have you covered! After all, we work for you and not the insurance carriers.
With our network of top rated Insurance Carriers in Florida and our knowledge and expertise in Florida Home Insurance, you can rest assured we can take care of all your insurance needs.
COVERAGES
A life insurance policy is not built for you, it’s built for the ones you care about the most – your family! Even though our own death is not something we like to think about, it’s important to plan ahead to protect your family’s future. If something were to happen to you, life Insurance can cover some of life’s biggest expenses – like your home mortgage and debt. Your life insurance policy can also help cover everyday expenses—for whatever your beneficiaries needs. Ultimately, it’s up to them to decide how they want to use the life insurance payout.
Covers any lost income
Can be used to pay off debts
Can pay for your child’s education
Covers funeral expenses and related costs
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There are many types of Life Insurance but most of them fall under two basic kinds of Life Insurance: Temporary and Permanent.
Temporary Life Insurance is commonly known as “Term” insurance because just as the name implies it provides a death benefit for a specified number of years, such as 10, 20, or 30 years, etc.
There is even a new type of Term Insurance with living benefits, that may provide money for chronic illnesses, critical illnesses, and terminal illnesses. With this new type of term life insurance, it provides you with an extra level of protection with living benefits and death benefits all in one life insurance policy.
Permanent life insurance provides guaranteed lifetime protection as long as the necessary premiums are paid. A Universal Life policy may be set up to a specific age limit, such as age 90 for example, to keep premiums lower. In addition to providing a death benefit, permanent life insurance may accumulate cash value. After a certain period of time, you will then have the ability to access any cash that has accumulated, in the form of loans and withdraws. There are many different types of that fall into the Permanent life insurance category. They typically include Whole Life, Universal Life, Variable Universal, and Index Universal Life.
Most likely, it won’t be enough. Typically, Employer-sponsored policies offers coverage that is about 1 – 2 times your annual salary, which is only a fraction of the coverage you need. Financial experts recommend having coverage that is about 10X your salary. Many people buy individual term policies to supplement their coverage that they have through their work.
That all depends on your own unique situation! Most people decide on the amount of life insurance they need to purchase based upon an income replacement calculation. This is typically between 5 – 10 times the amount of your current income. You will want to think about your personal circumstances; is your income the sole income in your household? Are there other expenses that may arise in the future, such as college tuition? You will want to include potential medical and funeral costs. Mainly, you will want to ensure that your family doesn’t get stuck with bills, debts and expenses that they will not be able to afford.
Whole life insurance, also known as permanent insurance. Having Whole life Insurance is a lot like owning a home. A portion of your policy premiums each month go into an account and, like having equity in a home, the value of that account can grow over time. You will be able to use that money to draw from, take a loan on, or use as part of a retirement fund.
While Whole life insurance policies do generally cost more than term policies, however, a whole life insurance policy will retain a cash value that you own indefinitely – just like owning a home.
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