First, a little terminology:

Let's align on some key life insurance terms:

Premiums refer to the amount of money you pay in exchange for coverage.

The coverage amount (also known as face amount, death benefit, or payout) is the amount of money that goes to your people (beneficiaries) if you die. You set it in advance when buying a policy, and it generally passes to them tax-free.

Beneficiaries are the people who will receive the coverage amount.

The term is the length of time your policy will be in effect — usually 10, 15, 20, 25, or 30 years, but you can also choose to be covered for your entire life, depending on the type of insurance.

Filing a claim refers to the process by which your beneficiaries can claim the coverage amount if you die.

If you choose term life, the longer the term (30 years as opposed to 20, for instance), the higher the premium will be.

How does life insurance work?

As mentioned, life insurance works like a subscription model: as long as you pay premiums, you'll be covered.

That means your beneficiaries should receive money (tax-free) if you die, but it's worth noting that claims can be denied for various reasons.  You're covered provided you don't commit suicide within the first 2 years of getting a policy, or in the case of fraud or material misrepresentation (basically, not being honest on the application or the claim).

The amount you'll pay in premiums depends on 3 big factors:

• Your personal characteristics (age, health, gender, etc.)

• The type of life insurance you choose, primarily between term and permanent (more on that next)

• The coverage amount/size of your policy (how much money you want to leave your beneficiaries)

The life insurance company will collect all that information when you apply in order to determine your premium. That process is called "underwriting."

𝗬𝗼𝘂𝗿 𝗵𝗲𝗮𝗹𝘁𝗵, 𝗱𝗲𝗺𝗼𝗴𝗿𝗮𝗽𝗵𝗶𝗰𝘀 𝗮𝗻𝗱 𝗟𝗶𝗳𝗲𝘀𝘁𝘆𝗹𝗲

𝘼𝙜𝙚: The cost of premiums increases by an average of 4.5% to 9% each year you delay buying a life insurance policy.
𝙂𝙚𝙣𝙙𝙚𝙧: Due to their longer life expectancies, women typically pay less for life insurance than men.
𝙃𝙚𝙖𝙡𝙩𝙝: Your rates are significantly impacted by your health. In general, your rates will be lower the healthier you are.
𝙃𝙤𝙗𝙗𝙞𝙚𝙨 𝙖𝙣𝙙 𝙡𝙞𝙛𝙚𝙨𝙩𝙮𝙡𝙚: If you smoke or participate in risky hobbies like skydiving or rock climbing, your insurance rates will increase.

To learn more book a discovery call with one of the agents : https://bit.ly/3P5sjdS

Dunedin, Florida