Life Insurance Coverage After Divorce Clearwater Florida FL
Reader’s Question:
I got divorced with my wife of three-years and my concern right now is what will happen to the life insurance policy we got here in Clearwater, Florida now that we are no longer married?
Max
Clearwater, FL
Good question. As it is your life insurance coverage there in Clearwater, Florida would still stay the same, as long as the policyholder or whoever pays for the said policy continues to pay the policy, or does not request for the insurance coverage to be canceled. However, seeing as there has been a major change in your life and probably your finances as well, this may be a good opportunity to re-evaluate your life insurance policy to make sure its still suited for your needs.
Here are a couple of things that you might want to think about on your insurance coverage:
See if you still need life insurance.
Be honest and ask yourself why you got insurance coverage to begin with. If the main reason you got coverage is for the person who signed the other part of the divorce papers then you could reconsider if you still need that current coverage. If you want to have money stored away for retirement, whole life policies are good (or your 401 K). If you have kids and are providing support then make sure your policy is designed for that.
Changing the beneficiaries
A very important decision to make at this point. Make sure that your policy will award its benefits to those who will truly need them in case you pass away in an untimely manner. It would also be wise to consult your insurance agent or carrier regarding this before making any changes to your policy.
Tags: Life Insurance Advise, Term Life, Whole Life Insurance, Insurance Quote, Affordable Life Insurance
Buying Universal Life Insurance Clearwater Florida FL
Reader’s Question:
Would it be a good idea to put my money into a Universal Life Insurance policy here in Clearwater, Florida?
Ernest
Clearwater, FL
I always say that the best kind of life insurance policy is the one that best fits your long-term financial goals and needs. If your goal is to maximize the growth and earning potential of your life insurance premiums there in Clearwater, Florida, and to have money to use in the future, all the while maintaining adequate life insurance coverage then Universal Life Insurance may be a good choice for you.
For the benefit of those who don’t know, Universal Life Insurance is a kind of permanent or whole life insurance policy that combines the features of a mutual fund and, of course, life insurance. This kind of policy has a “cash-value” feature, a sort of savings account where portions of your regular premiums go into a fund that is used by the life insurance provider as investment capital. Your policy earns interest through money market rates.
It would be advantageous for one to have at least a working knowledge on money market performance as well as fluctuations in interest rates to have an idea of how this kind of policy works so not everyone would find this kind of life insurance attractive. The benefits, however, includes the opportunity for your money to earn higher income without being subject to state or federal tax as well as the flexibility of controlling to a certain extent, how much premiums you pay towards your policy.
Tags: life insurance advise, life insurance information, cheap life insurance, advise
Kinds Of Life Insurance Clearwater Florida FL
Reader’s Question:
What kind of life insurance should a single, working individual like me be looking for here in Clearwater, Florida?
Jonas
Clearwater, FL
The right kind of life insurance policy for you should be a reflection of what your goals and needs are both in the medium and long run there in Clearwater, Florida. It is safe to say that not all kinds of policies would be best for you. If you are still young, healthy and may have some obligations like paying mortgage, or supporting a small and growing family, term life insurance coverage may be the most beneficial and definitely the most cost-effective type of life insurance coverage that you can get.
No matter what life insurance agents may say, it is simply too expensive for those under 40 years of age to get a permanent life insurance policy. If you only aim to get life insurance to provide financial protection to your beneficiaries in the event of your untimely death (which may be due to a high-risk job or participating to hazardous activities) you would get more out of the money you pay for term life, which can be up to four or five times less expensive than a permanent life insurance.
Sure you would need to renew after the policy period and the premiums after renewing may be higher but at least at that time it would be much more cost effective to convert your term-life insurance policy into a permanent one, you would have spent significantly more if you chose to go under a permanent life insurance policy at such a young age.
Tags: life insurance, term life insurance, life insurance information, life insurance advise