As an employee of the Florida Department of Juvenile Justice...
You are qualified to use payroll deduction to purchase life insurance, above and beyond that of your state life insurance. There are two types of insurance available to the the employees of the Florida Department of Juvenile Justice: Universal life and Group Term. Listed below are a few details about each policy's benefits. Should you be interested in exploring which policy is for you and your family, please don't hesitate to call us at 1-800-342-0209/(850)877-1445 or email us at:
info@richardsmithandassociates.com
Universal Life:
This policy is the same as a traditional policy, yet it has features that make it a valuable financial tool. Here are some of the benefits of an universal life insurance policy:
- Non-taxable death benefits
-fewer taxes mean more benefits go to your beneficiaries.
Direct payment of benefits-in order to bypass probate taxes, you can arrange for benefits to be paid directly to your beneficiaries.
Tax-deferred growth-part of your premium payment will be applied to the value of the policy. This amount will earn interest that will accumulate on a tax-deferred basis.
Flexible premiums-you can adjust your premium payment amount to fit your needs.
Adjustable death benefit-death benefit may be adjusted without having to purchase a new policy.
Group Term Life:
This policy offers death benefits for a specified amount of time with a guaranteed premium amount. Here are some additional benefits of a group term life insurance policy:
- Time specific to meet your needs
-you can purchase additional protection for your family with a term life policy that lasts 10, 15, 20 or even 30 years.
Competative premiums-guaranteed premium rates affordable high limit coverage.
Guaranteed acceptance- for employees and their families.
Portability-if you terminate your employment within a certain period, you have the option of retaining your term life insurance.
Living benefit-should you or you spouse become terminally ill, partial benefits can be advanced to offset health costs.
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