Your Florida Life Insurance Agent

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Wether its protecting loved ones or planning for the future, the unmatched expertise of Bird Insurance provides the ability to match your priorities with quality policies so you can rest easy knowing you and your family are protected from the unexpected. If your planning for the future, life insurance is crucial. Your Florida life insurance agent at Bird Insurance Group can help you find the right policy that enables you to fulfill promises you've made to your family when your gone.

For each of our neighbors in FL, the right life insurance will be unique and dependent on personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current situation. Some life transformations that may require a policy "tune-up" include:

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Thinking about a new policy?
The right life insurance coverage for each and every one of our customers is unique. Fill out our Online Quote Form or Get In Touch with a Florida life insurance agent at Bird Insurance today to find out how we can help you protect your family and your future with the right Florida life insurance policy.

+ What are the types of life insurance policies?

Term Life
There are two basic types of term life insurance policies — level term and decreasing term.

Level term means that the death benefit stays the same throughout the duration of the policy. Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy’s term.
In 2003, virtually all (97 percent) of the term life insurance bought was level term.

Whole Life/Permanent
Whole life or permanent insurance pays a death benefit whenever you die — even if you live to 100! There are three major types of whole life or permanent life insurance—traditional whole life, universal life, and variable universal life, and there are variations within each type.

In the case of traditional whole life, both the death benefit and the premium are designed to stay the same (level) throughout the life of the policy. The cost per $1,000 of benefit increases as the insured person ages, and it obviously gets very high when the insured lives to 80 and beyond. The insurance company could charge a premium that increases each year, but that would make it very hard for most people to afford life insurance at advanced ages. So the company keeps the premium level by charging a premium that, in the early years, is higher than what’s needed to pay claims, investing that money, and then using it to supplement the level premium to help pay the cost of life insurance for older people.

By law, when these “overpayments” reach a certain amount, they must be available to the policyholder as a cash value if he or she decides not to continue with the original plan. The cash value is an alternative, not an additional, benefit under the policy.

In the 1970s and 1980s, life insurance companies introduced two variations on the traditional whole life product—universal life insurance and variable universal life insurance.

+ Should I purchase a term or permanent policy?

Term Life
Term insurance is a form of life insurance that pays out only if the policyholder's death occurs during the "term" of the policy, which is usually anywhere from 1 to 30 years. The premium rates for term policies are lower than for permanent life policies. If you do not currently have life insurance, term can be a good place to start. It's generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums.

Permanent policies, such as whole life, universal life, variable life and variable universal life, remain in force as long as the premium is paid, and some policies accumulate a cash value.

Whole Life
This is the most common type of permanent insurance policy and remains in force for your entire lifetime. It offers a death benefit along with a savings account. If you pick this type of life insurance policy, you are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit. The savings element would grow based on dividends the company pays to you.

Universal Life
This type of policy offers you more flexibility than whole life insurance. You may be able to increase the death benefit, if you pass a medical examination. The savings vehicle (called a cash value account) generally earns a money market rate of interest. After money has accumulated in your account, you will also have the option of altering your premium payments – providing there is enough money in your account to cover the costs. This can be a useful feature if your economic situation has suddenly changed. However, you would need to keep in mind that if you stop or reduce your premiums and the saving accumulation gets used up, the policy might lapse and your life insurance coverage will end. You should check with your agent before deciding not to make premium payments for extended periods because you might not have enough cash value to pay the monthly charges to prevent a policy lapse.

Variable Life
This policy combines death protection with a savings account that you can invest in stocks, bonds and money market mutual funds. The value of your policy may grow more quickly, but you also have more risk. If your investments do not perform well, your cash value and death benefit may decrease. Some policies, however, guarantee that your death benefit will not fall below a minimum level.

Variable-universal life
If you purchase this type of policy, you get the features of variable and universal life policies. You have the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust your premiums and death benefit that is characteristic of universal life insurance.

+ Do I need to buy a life insurance policy?

If you and your spouse or partner have made financial commitments that rely on the continuation of your income, a life insurance policy is the most cost-effective way to provide the benefits your survivors would need. The proceeds from a Florida life insurance policy also enables your estate to pay what it owes after your death, or fund a post-death gift to your beneficiaries.

Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you're gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living. Get In Touch with a Florida life insurance agent at Bird Insurance today.