Life Insurance in Florida

At Runnels Insurance, we offer coverage through many different companies. You get peace of mind, knowing you've helped protect your loved ones. Life insurance can help provide for the people who depend on you financially, if you can't be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child's education, and much more.

Life Insurance

Life insurance provides a degree of financial protection against the certainty of death and can help survivors achieve specified financial objectives. Life insurance death benefits are usually income tax free and can be used to complete a retirement plan, generate lifetime income, pay off the mortgage, and provide funds for childcare, college educations and more. Life insurance policies that accumulate cash value can often provide tax-advantaged money to help meet retirement or emergency cash needs.

Different types of life insurance:

Universal Life Insurance

• Delivers flexible death benefits and flexible premiums (as long as the cash values are enough to cover insurance costs)
• Usually includes a cash value account that accumulates at a floating rate of interest, with a minimum rate guarantee
• Accumulates cash value that may be used to help pay for the cost of insurance, riders and other policy expenses
• May provide secondary guarantees such as no-lapse protection that allows for you to dial in your coverage period from 10 years to age 100

Survivorship Life Insurance

• Covers two lives, where the death benefit is payable on the death of the second life
• Is commonly used in estate planning, where the first spouse to die leaves his or her estate to the surviving spouse, utilizing the unlimited marital estate tax deduction; the estate then becomes taxable upon the death of the second spouse

Term Insurance

• Provides protection for a specific term
• Produces a death benefit that is generally free from income taxes
• Is often renewable after the policy term without evidence of insurability
• Usually costs less than permanent insurance in the short-term
• Can usually be converted to permanent insurance with the same company during part of the life of the policy