Life Insurance
Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more. If you’re considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it with life insurance in Santa Monica, CA!
Term Insurance
The most affordable type of insurance when initially purchased, term life insurance is designed to meet temporary needs. It provides protection for a specific period of time (the “term”) and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Permanent Insurance
Contrasting term insurance, permanent life insurance provides lifelong protection. As long as you pay the premiums and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
Universal Life
Universal Life is a type of permanent life insurance. This policy offers flexible premiums and a flexible death benefit. The policy holder pays a premium and, in exchange, receives at least a guaranteed death benefit (as with term life insurance). Additionally, one has a cash value account that may be invested and may offer a higher return for the policyholder. A person may use the funds in the cash value account to pay premiums, increase the death benefit, or even serve as collateral for a loan. Premiums are higher for universal life policies than for other forms of life insurance.
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Contact Us today to get a free quote. If you have questions or would like to know about all the policies that we offer please contact our office.