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Many seniors decide to migrate south because of the weather and the facilities that are available in the state of Florida.  Some of these individuals will actively seek senior citizen life insurance in Florida as they want to have some insurance policy for their loved ones.  These loved ones might be children, grand children, great grandchildren or just friends of the family.  That will be decided by the individual that takes out the insurance policy.  Before assuming all insurance policies are the same it is always important to do a little bit of research.

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Term Life Insurance Policy Help

Term assurance or term life insurance is one of the cheapest possible forms of life insurance when it comes to monthly payments.  That said, customers must recognize that once the term is up there is no coverage at the previous rates.  Unlike whole life, universal life and variable universal life, term life insurance is usually not used for estate planning or charitable giving.  The most common reason that individuals desire term life insurance are the low rates and an income replacement if an individual passes.  This is important to remember when contacting life insurance agents or companies in the state of Florida in 2013 and beyond.

Before starting to really jump into any type of insurance policy it would be wise to research the many different options that are available.  Most insurance companies offer a wide variety of products that will help the needs of the customers.  The more customers they can help the more popular the products.  Even with this being the case, do not get caught up in the more popular products just because you have read the names or seen the advertisements.  Be very adamant about the fact that you want an insurance policy that works best for you.

As we continue to advance with technology it is not difficult to educate oneself on popular financial products.  Life insurance can be very difficult to understand and some people will simply look for the lowest possible payments.  I would suggest thinking otherwise as you often get what you pay for.  When looking for life insurance payments under $20 a month or even under $10 a month remember that you are not going to be getting the payout your desire in the long run.  This can be very hard to swallow as life insurance deals with death but there is no reason to pay this much every single month if you are not getting the products you are looking for.

Senior Citizen Life Insurance in Florida

As with most states, there are tons of options available in the state of Florida.  Of course the big names like MetLife, Mutual of Omaha, State Farm, Northwestern Mutual, AARP, New York Life, Nationwide, Colonial Penn, John Hancock, Prudential, Hartford Life, TIAA-CREF and Avivia are present.  Also look for some of the small local financial institutions that may offer life insurance products.  You may be surprised to find that some local community banks or other financial companies offer different types of life insurance policies.  If you are a traditionalist that likes things the way they have always been I would suggest using one of the names suggested above.

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Sometimes it is worth it to look for insurance companies that offer combined products.  Maybe you want auto, life and homeowners insurance.  We have been seeing more and more commercials that point out these opportunities.  State Farm has done an amazing job of promoting the idea of having all insurances with one particular company.  This may lower the bills and it will make it easier with one large payment every single month much like a loan consoldiation.

There is a great explanation of the different in life insurance policies at the American General Page.  This should be helpful:

“Term life insurance covers you for a certain period, such as 10, 15 or 20 years. Buyers typically choose a policy that covers them until their mortgages and other debts are paid off, or the kids have graduated from college and are living independently. Term life is fairly straightforward, compared to permanent life, and it’s less expensive than a permanent life policy. The average cost of a 20-year, $250,000 term life policy for a healthy 30-year-old is about $150 a year, roughly the cost of one latte per week, according to LIMRA and the LIFE Foundation.

A term life policy pays out if you die during the term while the coverage is in effect. Then your beneficiary collects the proceeds, called the “death benefit.” You can’t cash in the policy while you’re still alive. With term life you risk buying something that your family might never end up using, but in return you gain the peace of mind knowing they’d be OK if you died unexpectedly.

Permanent life insurance, such as whole life or universal life, covers you for the rest of your life. The policy pays the death benefit to your beneficiary whether you die tomorrow or in 50 years.

Permanent life insurance also includes an investment component, known as “cash value.” The cash value of the policy starts off small and then gradually grows tax-free. If you hold onto the policy for many years, the cash account becomes a nest egg. You can borrow from the cash value — the policy stays in effect as long as you repay the money, plus interest — or surrender the policy for the cash.”

You can adjust the numbers as you see fit but this explains why term is usually just to cover a certain number of years while whole or universal is more for the rest of your life.  Sometimes this is difficult to understand so make sure to contact an agent or a broker in your area.  By using Google Maps it should not be difficult to find an agent that is more than willing to help as their salary and bottom line will be helped if you sign up for a policy.  With that in mind, always shop around and see which agents are willing to work very hard for your business.

Counties with the Most Senior Citizens

When doing research on the counties with the most senior citizens in the United States it is quite obvious that that state of Florida dominates this list.  Below are the top 25 “oldest” with the far right hand number being the median age of the head of the household.  Florida takes the cake with all of the top 10 and much of the top 25.

1 Charlotte County, FL Punta Gorda, FL 61.6

2 Citrus Count, FL Homosassa Springs, FL 60.5

3 Hernando County, FL Tampa-St. Petersburg-Clearwater, FL 59.8

4 Sarasota Count, FL Sarasota-Bradenton-Venice, FL 58.9

5 Indian River County, FL Sebastian-Vero Beach, FL 57.6

6 Martin County, FL Port St. Lucie, FL 57.1

7 Marion County, FL Ocala, FL 56.3

8 Lake County, FL Orlando-Kissimmee, FL 55.9

9 Collier County, FL Naples-Marco Island, FL 55.7

10 Lee County, FL Cape Coral-Fort Myers, FL 55.5

11 Pasco County, FL Tampa-St. Petersburg-Clearwater, FL 55.1

12 Manatee County, FL Sarasota-Bradenton-Venice, FL 54.4

13 Mohave County, AZ Lake Havasu City-Kingman, AZ 54.3

14 Ocean County, NJ New York-Northern New Jersey-Long Island, NY-NJ-PA 54.0

15 Yavapai County, AZ Prescott, AZ 53.8

16 Barnstable County, MA Barnstable Town, MA 53.6

17 St. Lucie County, FL Port St. Lucie, FL 53.5

18 Volusia County, FL Deltona-Daytona Beach-Ormond Beach, FL 53.2

19 Palm Beach County, FL Miami-Fort Lauderdale-Pompano Beach, FL 53.0

20 Sussex County, DE Seaford, DE 52.7

21 Pinal County, AZ Phoenix-Mesa-Scottsdale, AZ 52.7

22 Cambria County, PA Johnstown, PA 52.4

23 Pinellas County, FL Tampa-St. Petersburg-Clearwater, FL 52.2

24 Schuylkill County, PA Pottsville, PA 52.1

25 Luzerne County, PA Scranton–Wilkes-Barre, PA 51.8

Every single county on this list will have plenty of life insurance agents that will be more than happy to help with any type of term or whole life insurance.  As stated earlier, do plenty of research before picking out a specific type of insurance.  Every single insurance website should have a detailed description of the different types of insurance and how much they will cost each and every month.  Don’t always go for the lowest monthly quotes as you get what you pay for.

Online Financial and Money Help

In the last decade almost every single bank and insurance provider has looked to expand their presence online.  It is not difficult to find many great resources that will help when it comes to finding senior citizens life insurance in Florida.  Take the time to research on government websites as well as personal blogs.  Some of the personal blogs out there have a wealth of information when it comes to experience.  Just reading over some of these stories helps many to understand just how difficult it can be to determine which insurance policy is best for their current condition.

Senior citizens want to do what is best for their families, especially when it comes to children and grandchildren.  Rather than worrying so much about how much money will be left to the grandkids sometimes it is worth it to simply enjoy the life you have.  There are many seniors that life a difficult life because they do not want to spend $10 here or $20 there.  Recognize that sometimes it does not hurt that much to spend money on the necessities.  If hundreds of thousands of dollars are going to the kids or grandkids it won’t hurt to spend $20 on yourself.

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