JACKSONVILLE, Fla., Oct. 4 /PRNewswire/ -- Obtaining life insurance on an individual basis can be cost-prohibitive for consumers who are not offered a life insurance benefit through their employers. To help meet the need for lower-cost individual life insurance, Florida Combined Life Insurance Company, Inc., a subsidiary of Blue Cross and Blue Shield of Florida (BCBSF), is introducing a new individual term life insurance plan, effective October 1, called Level Term Life under the portfolio of life products known as LifeEssentials.
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“Term life insurance is the least expensive form of life insurance available,” explains Terri Schmidt, vice president of marketing and sales for Florida Combined Life (FCL). “It provides 100 percent protection in the event of your death, with no investment features to drive up the cost.”
Level Term life insurance enables consumers to purchase coverage for a fixed number of years -- usually 10 to 30 -- at a fixed price. Unlike permanent insurance, it does not accumulate cash value, and is usually less expensive. Because initial premiums are lower than those for permanent insurance, consumers can buy higher levels of coverage at a younger age, when the need for protection is often the greatest.
“This type of insurance is ideal for families without life insurance who need it for only a specific amount of time, for example, until the kids finish school or until the mortgage is paid off,” said Schmidt. It can also be used as a supplement to existing life insurance policies.
Florida Combined Life’s Level Term Life allows consumers to customize their policy by choosing terms and benefit amounts that suit their lifestyle needs. The plan is available in benefit amounts of $25,000 - $100,000 for terms of 10 - 30 years (in five-year multiples). Premiums are guaranteed until the end of the term period and the policy is renewable on an annual basis after the initial term has expired. The policy can also be converted to other available whole life insurance products offered by Florida Combined Life at anytime while the policy is in force. The option to convert ends at age 75.
Level Term Life coverage offers a standard Accelerated Living Benefit, which provides up to 50 percent of the coverage amount in the event the policyholder is diagnosed with a terminal illness. Riders available for additional security include waiver of premium in the event the policyholder becomes totally disabled for six months or longer, and accidental death, which pays for death due to accidental causes.
Consumers interested in applying for Level Term Life may call 1-800-876-2227 to complete a simplified application. Rates for Level Term Life vary depending on age, sex and smoking status.
Florida Combined Life Insurance Company, Inc. (FCL) is a subsidiary of Blue Cross and Blue Shield of Florida. Blue Cross and Blue Shield of Florida (BCBSF) is a leader in Florida’s health industry. BCBSF and its subsidiaries serve more than 6.5 million Floridians. Celebrating its 60th anniversary this year, the company has been dedicated since 1944 to meeting the diverse needs of all those it serves by offering an array of choices. Headquartered in Jacksonville, Fla., BCBSF is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. For more information concerning BCBSF, please see its Web site at http://www.bcbsfl.com/ .
Company, Inc.
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CONTACT: Mark Wright, of Blue Cross and Blue Shield of Florida,+1-904-905-6935, or mobile, +1-904-233-3481
Web site: http://www.bcbsfl.com/