Florida Insurance Blog

The Different Types of Florida Life Insurance Explained

When you are looking for life insurance in Florida, the terms can feel confusing and overwhelming easily. There are not that many types of life insurance, but every insurance company may call a rider or add-on something different. That’s where most life insurance consumers get confused.

At Morgan Insurance Services, we want Tampa, FL residents to feel secure and informed in their life insurance selections. Know what types are available to you before you purchase.

Term Life Insurance

Term life insurance is among the most affordable kinds of life insurance coverage. It provides a one-time death benefit plus some living expenses in the event of your death.
It is a temporary coverage for a set term, and has no cash value. It is meant to cover temporary expenses after you die.

Whole Life Insurance

Whole life insurance is a kind of life insurance that is also permanent life insurance. The policy holder will have this insurance for the duration of their life.

It is a policy that will build in cash value, and your premium costs will never change. This cash value will accrue interest every year and this is tax deferred income for the policy holder.

Universal Life Insurance

Universal life insurance is like a combination of term life insurance and permanent life insurance. It can last the life of the policy holder, but it doesn’t always. 

It will have a cash value, but it will also have annuities attached to it. The cash value of the policy can be accessed by the policy holder at any time.

Get a Quote

When you are looking for life insurance, it’s easy to get confused. At Morgan Insurance Services, we want Tampa, FL residents to feel secure in their life insurance choices. Call us for a quote today.