You’re in Palm Beach County and have reached the point in your life when you realize you need life insurance in Florida. You want to make sure your loved ones are financially secure if you should pass. But just how much does insurance cost? Absolute Best Insurance (ABI) wants to provide you with the information you need. However, before answering the question of cost, read on below to better understand what goes into determining your rate.
Best Type Of Life Insurance In Florida For You
The two main insurance types to choose from.
- Term Life – Simpler than whole life policies, term life, provides coverage for a set number of years you choose, around 1 to 30. After the specified number of years are passed, your coverage ends, and you stop making payments. Term life is the cheaper of the two options because you are not covered for the remainder of your life.
- Whole Life – Also known as permanent life insurance, your rate is paid for the remainder of your life instead of a set number of years. Some plans of this type allow for a separate accumulation of money. Some policies will enable this money to be withdrawn or used as collateral on a loan. However, this will reduce the amount of money paid to beneficiaries of the policy.
A Lot Goes Into Determining Cost
- Smoking – Since smoking is associated with several cancers and other fatal diseases, your rates will be higher if you are a smoker.
- Male/Female – In America, men have a life expectancy of around 76.1 years, while women live around 81.1 years. This leads to men often paying higher rates than women.
- Overall Health – You may need to have a check-up or provide medical records, allowing insurers to evaluate potential risk factors.
- Family History – Many diseases and conditions are hereditary. A family history of a disease such as cancer could increase your rates.
- Lifestyle – Certain occupations and activities put you at a higher risk of death than others. This will lead to you paying higher rates.
- Age – Arguably, the number one factor in determining your rates is your age. Insurers view your risks of passing away the younger you are. Younger individuals potentially will pay for a more extended time. For these reasons, you often will pay lower rates the younger you are.
How Much Can You Expect To Pay?
Using the above information, the S&P Global Market Intelligence has the national average insurance rates of about $631. Florida residents pay a little less, about $52 a month or $627 a year. These numbers can vary significantly from person to person. Many of these factors and others will be used to determine your rate.
Palm Beach County residents know they need life insurance in Florida, but with so many options, it can be hard to make the best decision for you. The good news is you don’t have to do this alone; Absolute Best Insurance agents will look at all the options and help you pick the plan that best suits your needs. Call or visit us today.