Life Insurance in Florida

Are you looking for a life insurance provider in Miami, FL?

B & G Insurance offers quality insurance packages serving Florida residents fairly. We have many years of experience and a team of qualified, dedicated staff ready to serve you. But how does life insurance work?

A life insurance policy is an agreement with an insurance company to pay lump sum amounts of money to a known or named beneficiary in case you die. In most cases, life insurance coverage depends on your needs and goals.

There are various types of life insurance policies. Common types include:

Term Life Insurance

Term life coverage is engineered to offer financial protection over a specific period, like five, ten, or twenty years. Traditionally, term life premiums remain constant throughout the period of coverage. Afterward, you can opt to continue with coverage or not. Term life is more affordable as compared to permanent policies.

Term life proceeds can replace lost income during working years, keeping beneficiaries safe to meet financial obligations like paying college fees, mortgages, and running a business.

Universal Life Insurance

Universal coverage is meant to offer lifetime coverage. This coverage is flexible, allowing you to increase or reduce premiums throughout your lifetime. Also, it’s costlier when compared to term life since it’s a lifetime coverage.

Apart from being used to replace lost income, universal coverage is also used to preserve wealth transferred to beneficiaries. It builds cash value and guarantees death benefit.

Whole Life Insurance

Whole life coverage is another type of lifetime policy. It attracts high premiums thanks to its lifetime terms. Although premiums are fixed, it has a cash value that can be used as savings and accumulates tax-deferred with time.

Whole life is a good estate planning strategy to preserve and transfer wealth to your loved ones.

If you need life insurance in Miami, FL, visit B & G Insurance, serving Florida residents, to speak with our agents. We can help you get started on a policy and walk you through the process.