Best Life Insurance Companies in Tampa

Frequently Asked Questions

• Does Tampa have a grace period if your life insurance policy lapses?

  Yes, there's a grace period in Tampa between when you miss a payment and when your insurance lapses. Depending on your insurance, grace periods normally last approximately 30 days. You can renew your life insurance plan during the grace period by paying the unpaid payment and all associated late fines.

• What occurs to the death benefit if your primary life insurance beneficiaries in Tampa die, and there's no secondary beneficiary?

  Your estate will get the death benefit of your Tampa life insurance policy instead of the persons or organizations you've chosen if your primary beneficiaries are deceased and you don't have any secondary beneficiaries. Estate taxes will be applied to the payout. Then, your payout's receiver will subsequently be chosen by a judge in probate court.

• Can Tampa creditors claim your life insurance policy's death benefit if you have unpaid bills when you pass away?

  Creditors can only claim your life insurance policy's death benefit for unpaid bills if you don't have a beneficiary designated on the policy. If you have a correctly named beneficiary on your insurance policy, the death benefit goes to that person or organization without any intervention from your creditors.

• Who should choose a return of premium life insurance policy in Tampa?

  A return of premium life insurance policy in Tampa is recommended for individuals who are willing to spend a little bit more each month on their premiums and want to earn some savings. Receiving a significant amount of money at the expiration of the life insurance policy may be beneficial to someone who is approaching retirement, particularly since the cash is tax-free.

• If you only have life insurance via your workplace, are you considered underinsured in Tampa?

  Although the group insurance plans provided by your company in Tampa can be a practical method to obtain low-cost coverage, they normally only pay out between one and two times the amount you make each year, meaning you may be underinsured. This may not be sufficient to meet all of your family's expenses if you are the main provider of income.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.