Florida Life Insurance

Term Life    |    Permanent Life    |    Key Person    |    Buy-Sell Agreements

Term Life insurance in florida

Term Life Insurance is an excellent choice when your need is only temporary. It’s got really low premiums that stay the same for the entire term of the policy – 1, 10, 20 or even 30 years. You can buy a $1,000,000 Term Life insurance policy in Florida for as little as $30 a month.

Why should you buy Florida Term Life Insurance?

Term life insurance is temporary insurance. It offers the lowest price for a certain amount of time and then it ends. As each term renews, it goes up in price. For example, annual renewable term goes up each year as you get older. 10 year term goes up after 10 years. Term insurance works great for temporary needs. Many people use Term life to cover the mortgage on their home. Others use Term life to insure there’s money for their children’s college. These are the types of things that will go away after a number of years. The kids will graduate college and the mortgage will be paid in full.

Cronin Insurance offers dozens of Life Insurance Carriers

At Cronin Insurance Agency, we have access to dozens of the best Life Insurance Companies in America. We shop each policy and give our clients a choice. You never know which company decides to be aggressive and offer lower rates. Just as you never know which company decides to go conservative and offer higher prices. The only way to know is to shop at the time you need insurance. At Cronin Insurance, we offer many companies to choose from, so you can decide.

Florida men and woman trust Cronin Insurance for Term Life Insurance when:

  • They worry that the mortgage won’t be paid on the house.
  • They want to make sure their kids get a college education.
  • They fear for their family’s way of life without their paycheck.
  • They don’t want to leave their heirs in debt from loans.
  • They won’t burden their families with the cost of their funeral.

Choose Term Life Insurance when you have a temporary need or you need to buy the most insurance for the lowest premium. We’ll find you a strong Life Insurance Company at a rate you can live with.

Call and we’ll shop the market to find you the best Term Life insurance quote.

Term Life    |    Permanent Life    |    Key Person    |    Buy-Sell Agreements

Permanent Life insurance in florida

When you want to be sure that you will be leave an Inheritance for your family, a Permanent Life Insurance policy is your best choice Permanent Life Insurance is also known as Universal Life, Whole Life, and Cash Value Life Insurance. Although the names are different, they all work the same. You pay a little more early in the policy years when you are younger and this extra premium is invested for you. This extra cash is used to offset the higher cost of insurance when you get older. This levels your payments and keeps you from getting “priced out” of your policy.

Permanent Life Insurance Costs Less than Term Life in the long run

Term life insurance is temporary insurance. It offers the lowest price for a certain amount of time and then it ends. As each term renews, it goes up in price. For example, annual renewable term goes up each year as you get older. 10 year term goes up after 10 years. Term insurance works great for temporary needs. To cover a mortgage, or to insure there’s money for your children’s college.

But what happens when you get older, say 75 or 80 years old? We had a client who purchased 10 year term when he was 67 years old. The premium was $135 a month. When his 10 year term was up, the company offered him an annual renewal term policy for $900 a month! And it would go up each year. He was effectively priced out of his life insurance.

A Permanent policy would have cost him $300 a month. But after 10 years, he would still be paying $300 a month all the way to 100 years old. And he would still have life insurance for his family.

This is only one scenario, you need to run quotes and health underwriting to determine actual rates.

Permanent Life Insurance Builds Cash Value that can be used in an Emergency

What happens to that extra money you pay in the early years of your policy? Its invested and kept in a separate account until needed to offset premium. How it’s invested is up to you. Some people opt for a guaranteed fixed interest rate. Others opt for an adjusted rate, which can go up and down based on the Prime rate or another financial index. There are even policies that will participate in the stock market like the S&P 500 index.

Individual investments, rates and returns vary by policy, you need to check individual policies to know exactly how these policies work.

And if you have an emergency, you can withdraw or borrow the cash value of the policy. Or if you no longer feel you need the insurance, you can surrender the policy for the cash value. When you cant afford to make payments, some policies will even allow you to use your cash value to keep the policy in force. You can’t do that with Term Insurance. Once you stop paying, your insurance lapses.

Cronin Insurance offers dozens of Life Insurance Carriers

At Cronin Insurance Agency, we have access to dozens of the best Life Insurance Companies in America. We shop each policy and give our clients a choice. You never know which company decides to be aggressive and offer lower rates. Just as you never know which company decides to go conservative and offer higher prices. The only way to know is to shop at the time you need insurance. At Cronin Insurance, we offer many companies to choose from, so you can decide.

Many Florida men and woman trust Cronin Insurance for Permanent Life Insurance policies like Universal or Whole Life when:

  • They don’t want to be priced out of life insurance when they are in their older years.
  • They want the lowest priced life insurance if they live a long life.
  • They worry that they won’t be able to leave a large estate to their heirs.
  • They wish to endow their church or favorite charity
  • They figure to multiply the amount of money they leave their families or charities.
  • They want to fund something in perpetuity.
  • They refuse to burden their families with the cost of their funeral.

Cronin Insurance can help you decide whether you want the flexibility that Universal Life offers or the strict guarantees you get with a Universal or Whole Life policy.

Call and we’ll shop the market to find you the best Cash Value Life insurance quote.

Term Life    |    Permanent Life    |    Key Person    |    Buy-Sell Agreements

Key Person insurance in florida

You own a successful business. But as we all know, your business is only as good as your employees. What would happen to your business if your key manager, or top salesman were to pass away? How long would it take before you found a replacement even half as good? How much would your business lose while you searched for this replacement? What would happen to your business in the meantime?

Odds are that your business would suffer real financial losses while you searched for someone to replace a key person in your organization. Key Person Life Insurance can cover the financial loss your business suffers while you identify and hire a key employee.

With Key Person Life Insurance, the company buys life insurance- they can use Term or Cash Value Life– in an amount sufficient to cover the financial loss suffered by the loss of a key employee. For instance, if a company estimates it would lose $500,000 in sales due to the death of their Top Salesman, they would insure that salesman with $500,000 in Death Benefit and name the company as the Beneficiary of the policy.

Don’t let the loss of a Key person in your organization cause your company to suffer substantial financial loss.

Call and we’ll shop the market to find you the best Key Person Life Insurance quote.

Term Life    |    Permanent Life    |    Key Person    |    Buy-Sell Agreements

buy-sell agreements in florida

You and your business partner have built a solid, successful business. You work hand in hand to engineer this success. What would happen if one of you died?

In most cases, the deceased partner’s spouse would inherit their portion of the business and you would have a new partner. There would be a strong probability that this new partner would not have the same talents and strengths your deceased partner brought to the table. There is also the possibility that you may not get along at all! What can you do?

The best idea is to anticipate this scenario and plan accordingly. A great way to do this is with a Buy-Sell Agreement funded by Life Insurance. It works like this.

First you and your partner set a value for your company and each of your share of the company. Each partner buys a life insurance policy insuring the other, with a Death Benefit equal to their share of the company. If one partner dies, the Life Insurance policy pays the death benefit to the surviving partner. The surviving partner uses these funds to purchase the deceased partner’s share of the company from his heirs. The surviving partner avoids a new partner who may not have the talents and work ethic of the deceased partner, while the deceased partner’s family is paid for his or her part of the business.

For example, John Brown and Betty Blue each own a 50% share of the Colors Company. John and Betty agree that The Colors Company has a value of $2,000,000. John and Betty draw up a Buy-Sell agreement that states that, if either one passes away, the surviving partner will buy the deceased partners share of the business for $1,000,000. In order to fund this agreement, The Colors Company buys a $1,000,000 Life Insurance policy on John, and another $1,000,000 policy on Betty. If John dies, the Death Benefit will allow Betty to pay John’s heirs $1,000,000 for his share of the company. Betty owns her company free and clear and John’s family has $1,000,000 in Cash. A win-win.

Call and we’ll shop the market to find you the best Life Insurance policy to fund your Buy-Sell Agreement.

Term Life    |    Permanent Life    |    Key Person    |    Buy-Sell Agreements

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