Tax-free death benefit
The full death benefit is paid to your beneficiaries if you die during the term, generally received income tax-free under federal law. The amount is locked in when the policy is issued.
Term Life Insurance
Term Life Insurance in Florida and Georgia
Level-premium term life insurance for 10, 20, and 30-year terms, with tax-free death benefits and optional living-benefit, waiver-of-premium, and conversion riders. We size the death benefit to your actual financial obligations, compare quotes across multiple appointed life carriers, and explain when permanent life makes more sense than term.
Why this matters
Term life is the lowest-cost way to protect people who depend on you.
For most working-age adults with dependents, term life insurance provides the most coverage per dollar of any life product. The policy pays a death benefit to your beneficiaries if you die during the term, with no cash value or investment component to make the math complicated. Because it's pure protection, term life costs significantly less than whole life or universal life for the same death benefit at the same age. The trade-off is that term coverage ends when the term expires, which is exactly the right structure for needs that have a defined endpoint: raising children, paying off a mortgage, replacing income during working years.
Whether you're buying your first life policy after starting a family, sizing up coverage after a new mortgage, considering a second policy alongside an existing one, or moving from a workplace group policy to an individually owned plan that follows you regardless of job changes, we'll size the death benefit to your actual obligations, match the term length to how long the need lasts, and compare quotes across multiple appointed life carriers.
What's covered
What a term life policy includes.
Level premium for the full term
On most modern term policies, the premium is locked in for the entire term (10, 20, or 30 years). Your cost in year one is the same as year 20, regardless of changes in your age or health.
Living benefit (accelerated death benefit)
A common rider that lets you access a portion of the death benefit while still alive if diagnosed with a terminal illness. Often included at no additional premium with major carriers.
Conversion option
Most term policies include a conversion rider that lets you convert some or all of the term coverage to a permanent policy (whole life or universal life) without new underwriting, up to certain age and time limits.
Waiver of premium (rider)
Optional rider that waives your premium payments if you become totally disabled, keeping the coverage in force without out-of-pocket cost during disability.
Coverage for dependents
Designed to replace income, pay off debts (mortgage, education), and provide for dependents (spouse, children, aging parents) financially if you die during the working years they depend on you.
Gaps
What term life doesn't cover or include.
No cash value or investment component
Term life has no cash value, no investment account, and no premium return at the end of the term. This is what keeps it inexpensive compared with whole or universal life, but it also means there's nothing to borrow against or surrender for cash.
No payout if you outlive the term
If you outlive the term, the policy expires with no death benefit paid and no refund of premiums. This is the central trade-off of term life versus permanent life insurance.
Death by excluded causes (contestable period)
Most policies include a two-year contestable period during which the carrier can investigate misstatements on the application. Suicide is typically excluded during the first two years. After the contestable period, most causes of death are covered.
Misrepresentation on the application
Failing to disclose health conditions, tobacco use, hazardous activities, or other material information can void the policy or reduce the death benefit, especially during the contestable period. Honest disclosure during underwriting is critical.
Long-term care or chronic illness without specific rider
Standard term life doesn't include long-term care benefits or chronic illness coverage beyond the accelerated death benefit. Chronic illness or long-term care needs typically require separate products or specific riders on permanent life.
Coverage for non-medical risks not disclosed
Aviation activities, scuba diving, motorsports, and similar higher-risk activities may need to be disclosed and may affect rating. Engaging in undisclosed high-risk activities can affect a claim.
State knowledge
What to know about term life in Florida and Georgia.
Florida
No state income tax
Creditor protection on proceeds
Estate planning considerations
Florida has no state income tax, which keeps the post-mortem picture simpler than in many states (life insurance death benefits are generally already income tax-free at the federal level for the beneficiary). Florida law also provides meaningful creditor protection for life insurance proceeds and cash value in many situations, which can matter for households with creditor exposure or estate planning needs. For higher-net-worth households, ownership structure of the policy can affect estate-tax treatment; we coordinate with the household's attorney or tax advisor on those decisions.
Georgia
Standard life regulation
State income tax applies
Similar underwriting carriers
Georgia's life insurance regulation follows standard NAIC-style approaches and is similar to most other states. Death benefits are generally received income tax-free at the federal level (Georgia state income tax doesn't apply to life insurance proceeds). Underwriting carriers and process are largely the same as Florida, since most life carriers write nationally. We write term life in both states from our offices in Saint Augustine and Saint Johns.
Limits
Coverage limits and term length to consider.
The two big decisions on a term life policy are how much coverage and what term length. The most common starting framework for death benefit sizing is the DIME method: total Debt (including mortgage and other balances), Income replacement (annual income times the number of years your family would need support), Mortgage balance (separated for clarity even though it's already in debt), and Education costs for any children. Add those four, subtract existing savings, group life through work, and any other coverage already in place. The result is a reasonable target. Another common rule of thumb is 10 to 15 times your annual income, which roughly approximates the DIME math for most households.
Term length should match the longest financial obligation the policy needs to cover. For a 30-year-old buying a home and planning a family, a 30-year term covers a 30-year mortgage and child-raising years to adulthood. For a 40-year-old with children already in school, a 20-year term often makes sense. For a 50-year-old with a paid-off house and adult children, a 10-year term may cover the remaining working years or a specific short-term need. Match the term to the actual need, not to round numbers.
Laddering multiple policies of different lengths is a common approach for households with multiple distinct needs. A 30-year policy of $500,000 plus a 10-year policy of $300,000 totals $800,000 of coverage during the first decade (when needs are highest) and steps down to $500,000 after the shorter policy expires. This can be cheaper than buying all the coverage on the longest term.
Cost rises meaningfully with age and with health rating class. A non-smoker in Preferred Plus health pays substantially less than a Standard-rated smoker for the same coverage. Buying earlier locks in a lower rate for the full term, which is the single most-cited reason life insurance professionals encourage buying when the need first arises.
Most common choice
20-year term
Covers most child-raising years and the typical mortgage payoff period. The default choice for working-age adults with dependents and a mortgage.
Younger parents, longer obligations
30-year term
Locks in a lower premium for 30 years. The right choice for younger parents protecting a 30-year mortgage or planning around children from birth through college.
Common scenarios
Situations that change your term life needs.
Starting a family
The most common trigger for buying term life. Coverage sized to replace income, pay off debts, and cover child-raising costs through adulthood.
Buying a home
A new mortgage adds a significant financial obligation. Term life sized to cover the mortgage balance (plus other needs) protects the surviving spouse from losing the home.
Leaving a job with group life coverage
Group life through an employer typically ends when you leave. Adding individually owned term life that follows you regardless of employment is the standard solution.
Refinancing or increasing the mortgage
A larger mortgage means larger life insurance needs. Adding a second policy or laddering existing coverage often makes sense at refinance time.
Significant change in income
A meaningful raise, business sale, or career change should trigger a re-sizing of the death benefit. Coverage that was right at one income level often isn't enough at a higher one.
Aging out of current coverage
If you bought term life 10 or 15 years ago, the term may be expiring soon. Re-shopping (and potentially converting to permanent if appropriate) before expiration avoids a coverage gap.
Premium and underwriting
What goes into your term life premium.
What affects your premium
Age is the single biggest factor in term life pricing. A 30-year-old in good health pays meaningfully less for the same coverage than a 40-year-old with the same health profile, and significantly less than a 50-year-old. Each year of additional age adds incremental premium. This is why life insurance professionals consistently encourage buying when the need first arises rather than waiting.
Health rating is the second-largest factor. Carriers classify applicants into rate classes (commonly Preferred Plus, Preferred, Standard Plus, Standard, and Substandard with table ratings), and the premium difference between the best and worst rate classes can be substantial. Carriers evaluate height and weight, blood pressure, cholesterol, blood work, urinalysis, medical history, family history, prescription records, motor vehicle records, and other risk factors. Tobacco use specifically results in significantly higher premiums (often more than double).
Term length, coverage amount, and gender also factor in. Longer terms cost more per year than shorter ones. Higher coverage amounts cost more in absolute dollars but often less per thousand dollars of coverage. Women typically pay less than men because of longer average life expectancy. Riders (waiver of premium, return of premium, etc.) add premium based on the additional protection they provide.
Ways to manage premium
Term life premium isn't typically discounted in the way auto or home premiums are. The lever for managing premium is health classification, timing, and structure choices.
Buy younger and healthier
Age locks in once the policy is in force. Buying at 30 versus 40 versus 50 can mean meaningfully different premiums for the same coverage and term length.
Achieve a better health rating
Improving cholesterol, blood pressure, weight, or quitting tobacco for 12+ months before underwriting can move you to a better rate class. The difference between Standard and Preferred can be substantial.
Match the term to the actual need
A 20-year term costs less than a 30-year term for the same coverage. If your actual financial obligation only lasts 20 years, paying for 30 years of coverage is unnecessary cost.
Shop multiple carriers
Life carriers rate the same applicant differently. One carrier may price aggressively for your profile while another rates more conservatively. Comparing across multiple carriers consistently produces better outcomes than going with the first quote.
Annual premium can sometimes be reduced slightly by paying annually instead of monthly (most carriers add a small premium for monthly billing). Riders, especially return of premium, add cost; whether they're worth it depends on your specific situation. We walk through these trade-offs as part of the coverage review.
Decisions
When you actually need each coverage.
How much term life do I need?
The DIME method (Debt + Income replacement + Mortgage + Education) is a useful starting point. For most working-age adults with dependents, the result lands somewhere between 10 and 15 times annual income. Subtract any existing coverage (group life through work, other policies) to size the new policy. We walk through the math during the coverage review to land on a number that actually reflects your obligations.
What term length should I choose?
Match the term to the longest-lasting financial obligation. A 30-year term covers a 30-year mortgage and children from birth through college. A 20-year term covers most child-raising and mortgage cycles for mid-30s parents. A 10-year term works for shorter-term needs or supplemental coverage. The wrong term length is one that ends before the underlying financial obligation does.
Should I get a return-of-premium rider?
Usually no. Return of premium (ROP) refunds the premiums you paid if you outlive the term, but the rider adds significant annual cost. Most ROP riders, when analyzed against alternative uses of the additional premium, don't justify the cost. For most term buyers, standard term without ROP and investing the difference produces better outcomes. ROP can make sense for highly disciplined buyers who genuinely want a guaranteed-refund structure.
Term life or permanent (whole/universal) life?
Term is the right choice when the need is for a defined period (raising children, paying a mortgage, replacing working-age income). Permanent life makes sense for lifelong needs (estate planning, leaving a legacy, business succession, certain tax situations). Many households combine both: a base of term life for the working-age financial obligations, plus a smaller permanent policy for lifelong needs. We help structure the right combination.
Carriers
Carriers we work with for term life.
We write term life through multiple appointed life carriers, including specialty term life writers and major national life insurers. The right fit depends on your age, health profile, term length, coverage amount, and any specific health or lifestyle factors that carriers underwrite differently.
Each carrier has a different underwriting sweet spot. One carrier may be very competitive for non-smokers in excellent health; another may be more flexible on certain medical conditions; another may have the strongest pricing on shorter or longer terms. Shopping across multiple carriers is especially valuable in life insurance because the same applicant can produce meaningfully different quotes from different carriers. We compare your specific profile across our appointed carriers.
Banner Life
Mutual of Omaha
Pacific Life
Protective Life
Allstate
Carrier appointments vary by line and state. Available life carriers depend on your specific situation, health profile, and underwriting eligibility.
Questions
Term life insurance questions we hear a lot.
What is term life insurance?
Term life insurance provides a death benefit to your beneficiaries if you die during a specified period (the "term"), typically 10, 15, 20, 25, or 30 years. The premium is locked in (level) for the entire term on most modern policies. If you outlive the term, the policy expires and no benefit is paid; there is no cash value accumulation. Because term life is pure protection without an investment component, it costs significantly less than permanent life insurance (whole life or universal life) for the same death benefit at the same age.
How does term life differ from whole or universal life?
Term life provides a death benefit for a specific period at a level premium, with no cash value. Whole life and universal life are permanent policies that include a cash value component, are designed to remain in force for life, and cost significantly more for the same death benefit. Term is the right choice when you need to protect against the financial impact of dying during a defined period (raising children, paying a mortgage, working years). Permanent life makes sense for lifelong needs (estate planning, leaving a legacy, certain business situations).
How much term life insurance do I need?
A common starting framework is 10 to 15 times your annual income, but the right amount depends on your specific situation. The DIME approach is useful: total Debt (including mortgage), Income replacement (annual income times years your family needs support), Mortgage balance, and Education costs for children. Subtract existing savings and other coverage. The resulting figure is a reasonable starting point. We'll walk through the math during the coverage review.
What term length should I choose (10, 20, or 30 years)?
Match the term to the longest-lasting financial obligation it needs to cover. A 30-year term works for younger parents protecting against the cost of raising children to adulthood and paying off a 30-year mortgage. A 20-year term is the most common choice and covers most child-raising and mortgage cycles. A 10-year term is shorter and lower-cost, often used for supplemental coverage, business obligations, or covering specific shorter-term debts. We'll match the term to your specific needs.
How much does term life insurance cost?
Term life is among the lowest-cost types of life insurance. Premium varies significantly by age, health, tobacco use, gender, term length, and coverage amount. Younger and healthier applicants pay the least; smokers and applicants with significant health conditions pay more. The same person buying the same coverage at age 30 versus age 45 will see meaningfully different premiums. We compare quotes across multiple carriers since pricing for the same person can vary widely between companies.
Do I need a medical exam?
Most fully underwritten term life policies require a medical exam (height, weight, blood, urine) for the best rates. "Simplified issue" policies skip the exam in exchange for higher premium and lower maximum face amounts. "Guaranteed issue" policies require no health questions but have very limited face amounts and the highest cost per dollar of coverage. We'll match you to the right underwriting path based on your health profile and how quickly you need coverage.
What if I have health conditions?
Term life is still available with most health conditions, just at a different rate class (Standard, Substandard, or with table ratings). Carriers vary significantly in how they rate specific conditions: one carrier may rate diabetes carefully while another offers competitive rates for the same applicant. Shopping across multiple life carriers is especially valuable when health conditions are involved, and we can also access simplified-issue and guaranteed-issue options if traditional underwriting isn't a good fit.
What riders should I consider?
Common term life riders include: accelerated death benefit (lets you access a portion of the death benefit if diagnosed with a terminal illness); waiver of premium (premiums waived if you become disabled); child rider (small amount of coverage for children); accidental death benefit (additional payout for accidental death); and conversion rider (converts term to permanent without re-underwriting). Riders add some premium but often add meaningful value. We'll walk through which ones make sense for your situation.
Can I convert my term policy to permanent later?
Many term policies include a conversion option that lets you convert some or all of the term coverage to a permanent policy (whole life or universal life) without going through new underwriting. This is valuable if your health changes during the term and you decide you want permanent coverage. Conversion typically must happen by a specific age or before a certain policy anniversary. We'll confirm the conversion provisions on any term policy we quote.
What happens if I outlive my term?
If you outlive the term, the policy expires with no payout and no return of premiums. You can typically renew (often at much higher premiums based on your then-current age) or buy a new policy if you're still insurable. Some policies offer a "return of premium" rider that refunds the premiums you paid if you outlive the term; the rider adds significant cost. Most term buyers don't add return of premium because the additional cost rarely justifies the refund.
Is the death benefit taxable?
The death benefit from a personally owned life insurance policy is generally received income tax-free by the beneficiary under federal tax law. Estate tax may apply in some situations (typically for very large estates where the policy is included in the insured's estate). Florida has no state income tax, which simplifies the picture. We can help structure ownership to address estate-tax considerations, though estate planning specifics should always involve a qualified attorney or tax advisor.
Can I have multiple term life policies?
Yes, and many households do. A common strategy called "laddering" uses several term policies with different term lengths (for example, a 30-year for long-term needs plus a 10-year for shorter-term needs like college funding). As shorter-term needs end, those policies expire while longer-term coverage stays in force. Carriers do consider total in-force coverage when underwriting new policies.
Do I need life insurance if I have it through work?
Group life insurance through an employer is a useful benefit, but it usually isn't enough by itself. Group coverage typically ends when you leave the job, may not be portable, often has lower face amounts than individual coverage needs, and depends on continued employment with that specific employer. Most working professionals supplement group coverage with an individually owned term life policy that they own outright and that follows them regardless of job changes.
How fast can I get a term life insurance quote?
Initial quotes can be generated the same day from health and lifestyle information you provide. Fully underwritten policies typically take a few weeks from application through medical exam to approval. Simplified-issue and accelerated underwriting policies can move much faster, sometimes approved within days. We help match you to the right underwriting process based on your situation and how quickly coverage needs to be in place.
Related
Coverage that pairs with term life.
Ready to compare your term life options?
Tell us about your situation, give us a call, or request a free quote. We'll size the death benefit to your actual obligations, match the term length to your needs, and compare quotes across multiple appointed life carriers.