The difference between term and whole life insurance

When people start researching life insurance, they can quickly become overwhelmed by all the different types of policies available. The most popular types are term life insurance and whole life insurance; understanding their differences is essential to making an informed decision. At B & G Insurance, we want to ensure everyone in the Miami, FL area knows how to pick the best policy for them.

Term life insurance covers a specific period, usually 10, 20, or 30 years. It’s often the least expensive type of policy with premiums that remain level during the covered duration. Once the term ends, so does your coverage, but you can renew it for an additional premium if necessary.

Whole life insurance falls under the umbrella of permanent life insurance and lasts until age 100 (or longer). This type of policy accumulates cash value – meaning that some of your premium payments build up an amount of money in a savings account that you can access if needed. Whole life insurance is typically more expensive than term. Still, it also provides "living benefits" like borrowing from the accumulated cash value or using the policy’s death benefit as leverage for a loan.

The decision between term and whole life insurance depends on your individual needs and financial situation. Term is often best for people who need coverage for a specific period of time or have temporary financial obligations (like children). If you want to leave a legacy or create tax-free income during retirement, whole life could be right for you.

If you have additional questions about which type of policy is best for you, give us at B & G Insurance a call today. We proudly serve the Miami, FL area. 

Who should get life insurance in Florida?

There are many forms of insurance that the typical person in the Miami, FL area will need to have. An important type of insurance protection that people need to have here is life insurance. This is a unique type of coverage that offers valuable support. There are a few situations in which someone should get a life insurance plan.

When Providing Financial Protection

A situation when you will need to get this coverage is when you want to provide financial support for others. With a life insurance plan, you will be able to create a policy that will pay out a benefit if you were to pass away. You can create a plan that will cover any costs that your dependents could incur in the future, including costs associated with housing, costs of living, higher education, or anything else you want. 

Those Wanting to Cover End of Life Costs

If someone is to pass away, their family could incur various end-of-life expenses. These can include funeral costs, medical bills, and other related costs. If you have a life insurance plan, you will be able to name a family member as a beneficiary to ensure that these costs are covered, which can reduce any financial burden. 

Having life insurance in the Miami, FL area is important for many people. If you are going to look into getting one of these plans here, it would be wise to start your search with B & G Insurance. There are a lot of options and choices to make as you are looking for life insurance and B & G Insurance has the team that can help you pick and build an ideal plan. This can help ensure that you provide the protection that would help your dependents. 

When should you update your life insurance

You may have had life insurance since you were a child. Many parents purchase policies for their children to provide protection and promote savings. Once you have gotten your first full-time job, you might have life insurance provided as one of your benefits. Often, this is something people don’t think about much. Financially, it is a good idea to keep your eye on your life insurance since it is most affordable while you are young and healthy. At B & G Insurance in Miami, FL, we understand the importance of life insurance for your entire life and we are here to help answer any questions you have. 

When your financial situation changes

As you start to accumulate wealth you should take a good look at the amount of life insurance you have. If you have no dependents, you don’t need vast amounts of life insurance but you are in a position to think ahead. Life insurance is affordable when you are young. Getting a rate that stays with you forever or for 30 years isn’t a bad idea. 

You add dependents

Being financially responsible for someone else is a major change in your circumstances. Whether it is a spouse, children, or another family member/members, you need to face the reality that if you are not there to provide support, how are they going to survive? Life insurance is the safety net that allows your dependents to maintain the lifestyle they have become accustomed to. 

When you retire

By the time you retire, the people who depend on you has probably been reduced. You may not need as much life insurance as you did through the years you were providing them. 

Contact B & G Insurance in Miami, FL for all your insurance needs. We have an experienced team to give you the level of service you deserve. 

When’s the Best Time to Get Life Insurance?

When you’re young and single, life insurance probably isn’t much of a priority in your financial portfolio. Strange as it may seem, however, the best time to purchase a life policy is when you’re young and healthy and can afford it. A life policy from B & G Insurance in Miami, FL can be a tremendous asset to a young professional, providing you with a financial safety net for what’s to come. Here’s why it’s best to buy life insurance when you’re young.

Reduced Costs

Life insurance is cheaper when you’re young, enabling you to save thousands of dollars in your premium over the long haul. By buying a policy when you’re young, you can lock in a good price for when you get older and have a family.

Your health can also affect life insurance costs. As you grow older, you’re more prone to develop chronic health problems that will drive the cost of life insurance much higher. By getting life insurance when you’re young and healthy, you can capitalize on your coverage for years to come.

Financial Cushion for Loved Ones

If you’re supporting aging parents or are living with a significant other, your loved ones could suffer financially if you were to suddenly pass on. Life insurance can give you peace of mind that your loved ones will be taken care of after you’re gone.

Clear Debts

If your loved ones have co-signed loans with you, they could be held liable for repaying these debts upon your demise. Benefits from your policy can be used to pay off co-signed debts so your loved ones can move on with a clean slate. Benefits can also be designated to pay your funeral costs, alleviating the remaining family of this financial burden.

To learn more about life insurance options and costs, contact B & G Insurance in Miami, FL.

Here is why you need renter’s insurance

Renter’s insurance, also known as an HO-4 homeowner’s policy, is not required if you rent an apartment in Miami, FL. You may, however, find yourself out of luck if something happens in your unit while you are depending on the landlord’s insurance to cover your loss.

A landlord’s assurance plan is designed to protect him when tragedy strikes. The policy does not cover damages to your property. At B & G Insurance, one of our agents can explain the details about renter’s insurance and help you better understand why you need a policy in Miami, FL. Read on to learn more about what renter’s assurance may cover.

Theft is covered by a good renter’s insurance plan

A thief comes and steals your most prized possessions in the middle of the night. You can be sure that the landlord will tell you that your loss is not his issue. A renter’s insurance plan can provide compensation for the items that were stolen so that you can begin to get your life back on track.

Renter’s insurance pays for property damage and bodily injury

You are responsible for broken windows and other damages to the unit that you rent. A renter’s assurance policy works to ensure that you meet your financial obligations by covering property damage. A good policy may also pay for bodily injury in the instance of one of your guest getting hurt at a gathering held in your unit.

Renter’s insurance offers versatility

Some plans let you transfer coverage when you move out of one unit and into another. Renter’s insurance can also be tailored to fit your needs. You can get as much, or as little, assurance as you desire.

An agent at B & G Insurance can help you find the renter’s assurance plan that works best for your situation. Give us a call today to get started with a quote!