Article provided by: Quote Savage
Buying a life insurance cover is an important personal financial step. Such a policy protects your loved ones from financial distress after your death. Quote Savage helps those shopping for a live cover to get life insurance in Tampa. We encourage our clients to compare quotes from different insurance providers so that they can find the best policy.
Life Insurance Payments
Payouts from a life insurance policy are made to beneficiaries listed in the policy. These payments are made after the death of the insured. As a holder, you should notify your beneficiaries of the policy. That is because they will need to file a claim soon after your passing.
To ensure that your beneficiaries receive payment, you need to make premium payments for as long as your contract exists. When you purchase a term policy, you can buy it for a set term, say 25 or 30 years. You are required to pay premiums throughout the term, and in case you die during that period, your family receives the full death benefit.
Beneficiaries to a life insurance cover can choose to be paid in lump sum, annuities, or installments. The insurance company can also act as a financial institution or bank. In such a situation, the payout is kept in an account, and the beneficiary is allowed to write checks. The account doesn’t accept deposits. However, it pays interest to the beneficiary.
Who Needs Life Insurance?
Life insurance is not necessary for everyone. People who need to have one include:
- Breadwinners – If you’re the sole or one of the primary breadwinners in your family, life insurance is crucial. After you’re gone, your dependents can take care of the needs that you used to provide for without struggling.
- Debtors – A life insurance that covers your mortgage and other types of debts protects your assets when you pass on. Your cover pays off the debts. Beneficiaries can also decide to be responsible for your debts and use the payouts for other needs.
At Quotes Savage, we assist clients with various needs to find a life policy that gives them adequate coverage. Whether you’ve just begun your family or you already have one, there is a life cover that suits your needs.
How Much Does Life Insurance Cost?
The cost of life insurance depends on different factors, including the type of insurance you choose. Your health history, current health, age, and lifestyle also determine the cost of your life insurance.
The younger and healthier you are, the cheaper your premium rates will be. Having risky hobbies such as skydiving and a family history of chronic diseases such as cancer means that you will pay more.
Quotes Savage helps residents in Tampa to pay for a life cover that makes sense to them. We are an independent agency, and we take the time to assess each case. You can get a good policy at a great price with the insight we provide.
Protect Your Loved Ones
Transparency is an important aspect when buying a life insurance policy. At Quote Savage, we give our customers advice on the steps to take when applying for a cover. By giving the correct details, your beneficiaries will be able to claim payments easily. Call us today on (727) 900-5888 for more information on life insurance in Tampa.