Life Insurance Premiums Florida FL
Reader’s Question:
Hi. I want to know what different types of payment choices I can have when paying my life insurance premiums here in Florida.
Vincent
Tampa, FL
Good question, Vincent. Actually, there are several kinds of payment choices you can opt for when paying your life insurance premiums.
If you really want to save in your life insurance and you don’t have to worry about it for the rest of your life, you can pay the whole thing in one large single payment. This is called a Single Payment Premium. You automatically have cash value and can loan against it if you wish. If you can afford to pay it one time, then your policy will never expire or lapse.
Another type is the Limited Pay option. Limited pay gives you the power to spread the cost of your life insurance policy across a number of years, depending on how long you want it to be. Usually, you can choose between 10, 15 or 20 years to pay. So, let’s say you decided to go with ten years, it means that your life insurance policy will be fully paid in ten years.
Then we have is Continuous Premium. This is the most commonly sold life insurance policy because it is very cheap and you can surrender the policy in case you get tired of paying for it. A continuous one will normally make you pay as long as you want your policy to be enforced.
Don’t forget to ring your agent down there in Florida, so he can tell you more about it should you need further clarification.
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