Life Insurance Quotes


Life insurance is an essential component of good financial planning. It is the best way for most people to replace the income that would be lost at death. Based upon the type of life insurance Jacksonville policy purchased, it can be used to pay funeral expenses, pay off debts or estate taxes, provide money for future mortgage payments, or keep one's business running after they have passed. It provides peace of mind by affording financial security at a difficult time. Some life changes that affect the amount of coverage needed include getting married, having children, buying a home, starting a business, getting a divorce, growing an estate or planning for retirement.

Protecting the Ones That Matter Most

Although there are many life insurance products available, there are only two basic types of coverage: term life insurance and cash value life insurance. With affordable term life insurance, death benefits are paid if you die while the policy is in effect. With a cash value policy, tax-deferred interest accrues during the duration of the policy. Discussed below are variations of both types of policies:

  • Term Life Insurance. Term life insurance is the least expensive coverage providing a death benefit to the insured if they die during the specified term of the agreement. Although coverage expires at the end of the term, it can be useful at various stages of one's life to cover a broad range of financial responsibilities.
  • Decreasing Term Life. With decreasing term life insurance Jacksonville, premiums remain the same year after year but the face amount reduces over the period of the contract. This type of term is often used to protect one's home, since the policy's death benefit decreases as the balance of the insured's mortgage decreases.
  • Permanent Life Insurance. Permanent life insurance Jacksonville, unlike term insurance, remains in force for as long as the insured continues to pay their premiums. Not only does it ensure lifelong protection, this type of insurance product allows the insured to accrue cash value (savings) on a tax-deferred basis.
  • Whole Life Insurance. Whole life insurance is the simplest form of permanent insurance. It is guaranteed to remain in force for the insured's lifetime (as long as premiums are paid) or until the maturity date is reached. Whole life insurance can build tax-deferred cash value with fixed premiums and death benefits.
  • Universal Life Insurance. Universal life is the most flexible form of permanent insurance. It offers lower premiums like term life but has a savings element that builds cash value. It allows the insured to change or skip premium payments or change the death benefit more easily than with any other policy.
  • Paid Up Life Insurance. Often called single premium whole life, paid up life insurance policies are an investment-oriented product. The policy is paid in full with no future payments. The policy's cash value grows as interest (tax-deferred) is earned. Taxes on the capital gain are paid when the policy is surrendered.

Temporary versus Permanent Life Insurance

Affordable term life insurance, the simplest form of life insurance, is the least expensive product for financial protection. The death benefit of a term policy can be purchased based on the insured's projected need for income in the event of an unexpected death. On the other hand, the tax-deferred growth of a whole life insurance policy makes it a more versatile tool for financial planning. Loans or withdrawals can be taken against the accrued cash value to pay the down payment on a new home or for a child's college tuition. At Nsurance Nation, our experienced staff can help you decide which life insurance Jacksonville policy works for you.

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