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We Find the Best Rate on Life Insurance for You. Free Quotes! As Low As $13 Per Month.

8 FAQ Life Insurance Miami

8 Frequently Asked Questions-Life Insurance in Miami

From 15 /m LIFE INSURANCE in Miami,Term Life Insurance, Whole Life Insurance: New York Life, Prudential, MetLife, American General, Allstate, Blue Cross and Blue Shield, Aflac...
 What is Life Insurance?

You might ask yourself if it is convenient to buy life insurance. Perhaps you think is for young people with no health issues. In conclusion, you are not well informed when it comes to this topic. Is important to remember a medical catastrophe or accident can happen at any moment.Let us begin describe

Life insurance is an insurance that pays an amount of money to a designated beneficiary or beneficiaries in the event the insured person dies. Basically, life insurance is a contract between you and the insurance company whereby the insurance company commits to pay the sum of money you have designated your loved one (the beneficiary) to receive in the event of your death, as long as the premiums are paid up to date.

Which are some of the reasons why you should buy Life Insurance?

Life Insurance pays money to your family when an unexpected death event occurs. The money received is called the face amount. This may offer a financial guarantee to your family. If you are the bread winner, life insurance might assist your family with the financial burden while they recuperate from facing their loss.


What is a beneficiary?

A beneficiary is the person or organization that will receive the proceeds in the event of your death. You can choose a spouse, children, friend or domestic partner.
A non profit organization can also be a beneficiary. It is also recommended to assign a contingent beneficiary. A contingent beneficiary would receive the proceeds in the even the primary insured and the beneficiaries die within the same period of time. It is very important to have the names of the beneficiary and the contingent beneficiary very clear.
If you don’t, the proceeds will go to your estate after your death. While the insurance proceeds could be paid to the beneficiaries immediately after your death, if it goes to your estate, it would then need to be legalized with the rest of your estate and this can take a very lengthy time.

Do my beneficiary have to pay income taxes on the proceeds from my life insurance?

Generally, your beneficiary will not have to pay income taxes on the proceeds received. However, the beneficiary would have to pay income taxes on any interest that might have accrued.
Example, if you had a life insurance policy with a face amount of $70,000 paid out to your beneficiary, there is no income taxes to be paid. But, if your policy has earned interest on a $70,000 life insurance and the paid out total is $70,100, then you would pay incomes tax on the $100 interest earned.

How much Life Insurance should I buy?

Each person has different needs. The principal factors to keep in mind are your earnings and your financial responsibilities. It is recommended by financial advisors that the amount of life insurance equals seven to ten times your annual income.


Which are the different types of Life Insurance?

There are basically two types of Life Insurance; term and universal.
Term Life Insurance: is an insurance which will pay out during a specific period of time. For example, people still paying mortgage and/or student loans, might want to consider becoming insured during this period of time in the event death happens while still financially responsible.
Universal Life Insurance: is an insurance which will offer protection for the life of the insured, as long as premiums are paid according to the illustration on the policy. Cash accumulation is one of this product’s point of interest for many consumers.

How does Life Insurance work?

Life Insurance can have a term of one to 30 years. Benefits are paid only if you die within the period you chose as term of your policy. The premiums remain the same for the time of the term specified in the policy. Term insurance policies can be renewable at the end of the term, but the premium will be adjusted.

Adalberto Ravelo
Insurance Agent
Blogger-Consultor Internet- Marketing

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