Welcome to Brooks Insurance Group of Sarasota

Opening Hours : Monday to Friday 9am to 5pm
  Contact : 941-379-1961

Life Insurance

It’s important to plan for your family’s future by choosing the right life insurance plan. Life insurance helps to reduce the burden of debt that your dependents may face and allows them to maintain their current lifestyle. Additionally, the proceeds are free from income tax, and there is a wide variety of plans available to suit your family’s specific needs or situation.

Term and Permanent Life Insurance

There are two main types of life insurance: term and permanent policies.

Term policies provide coverage from between 5 and 30 years and can possibly be renewed again once they expire. However, the cost of term policies increases over time, and you may find that you need a policy with a longer duration. If you want a policy that lasts longer than 30 years, you should consider permanent life insurance which lasts as long as the premiums are paid.

Permanent life insurance is available in either whole life or ordinary life policies. Whole life policies will last for as long as a person lives, provided that they keep up with payments. However, the value of the policy may change over time. Ordinary life insurance policies (also known as universal or adjustable life) allow you to change both the value of your policy and your premiums, and you have a flexible payment schedule.

Pros and Cons of Term Life Insurance


  • Because term policies cover a fixed duration, they’re ideal for providing security for specific debts like mortgages or loans that will eventually end.
  • Premiums are usually initially lower than permanent plans and you may not need a policy that’s longer than 30 years.


  • The cost of term premiums increases as you get older and it may not be possible to renew it if the policy expires.
  • If you need to renew, you may find that the new policy is too expensive to be affordable.
  • Most term policies don’t offer paid-up insurance or cash value premiums.

Pros and Cons of Permanent Life Insurance


  • The policy is guaranteed for life or until a specific maturity date.
  • Costs and benefits can be adjusted to meet your changing financial needs.
  • Policies have a cash value that can be borrowed against or converted into an annuity.


  • Initial premiums can be more expensive than term policies.
  • To increase the value of your policy, you may have to pass a medical examination to prove that you’re in good health.

Choosing the Right Plan For You

There are many things to consider when choosing the right type of life insurance plan. You need to keep in mind your family’s ongoing financial needs such as: rent and monthly expenses, any standing debts or loans, and college tuition or other significant expenditures. It’s generally advised to purchase a plan that covers 5 to 7 times your annual income amount.


  • Most policies have a 10 day grace period where you can change your mind and cancel without penalty.
  • Sometimes you can borrow from your policy by using the cash value as collateral.
  • If you cancel your policy early, you may be able to receive back a partial cash value.