Life Insurance
Life Insurance is a smart and effective way to protect you and your loved ones from the unexpected loss of a large income earner within your family.
As a leading life insurance broker, Florida Health Broker.com can help you find the right product with the right company, at an affordable premium.
We offer a wide vareity of life insurance products. The three major types of life insurance offered are:
- Term Life Insurance
- Guaranteed Term Life Insurance
- Return of Premium Life Insurance
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Term Insurance:
The most affordable and easy to understand form of life insurance, level term offers a set premium for a set period of time with a set benefit amount. The individual insured pays the premium throughout the insured time period, and if the individual insured passes away during this time period, the benefit will be paid to the designated beneficiary.
Guaranteed Term:
A set premium for the entire life span of the insured. The policy owner pays this premium for the entire life of the insured. When the insured passes away, the death benefit is paid to the designated beneficiary.
Return of Premium:
Return of premium is a a form of term life insurance with a refund provision for all premiums paid. The policy is a set premium for a set time period, the policy owner pays the premium for the entire term, and if the insured passes away, the benefit of the policy is paid to the designated beneficiaries. BUT, if the insured does not pass away and the term/time period is met, all premiums paid for the insurance are refunded to the policy owner.
Example:
A person buys a 30 year Return of premium life insurance contract, the insured passes away within that 30 years, the benefit of the policy is then paid to the beneficiary.
A person buys a 30 year return of premium life insurance contract. Thirty years passes and the insured does not pass away. The owner of the contract (the person paying the premiums) would have all of his or her premiums paid over the last 30 years refunded to him in a lump sum check.
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