United American Insurance Company - Lake Park, FL

United American Insurance Company
1250 Old Dixie Hwy, #4
Lake Park, FL 33403
Phone:561-881-4580

Research the different types of policies available. There are many different types of products available to meet different needs. The two most common types of life insurance are Whole Life and Term Life.

Whole Life is permanent coverage designed for people who know their life insurance needs will not change or who want to build an investment for future funds. This type of plan offers level premiums that are based on the policyholder's age when the policy is issued (issue age). Some policies offer a paid-up option after a specified period of time, such as 10, 15, or 20 years, which means premiums cease but coverage continues for life. Whole Life insurance also builds cash value.

Term Life insurance provides coverage for a specific period of time, such as one, five or 10 years. After that period, coverage is terminated unless renewed for another term. Unlike Whole Life coverage, Term Life builds no cash value. However, Term Life insurance generally provides a larger amount of immediate coverage for lower initial premiums. Rate increases occur upon the term renewal. This type of insurance is ideal for those requiring temporary or supplemental coverage or need large amounts of coverage but have budget restrictions.