Studies show that 75% of Americans believe Life Insurance is the best way to protect their family financially in case they die (beating savings, assets or investments as an emergency plan).
When considering life insurance, you should make sure that it provides enough of a benefit to meet your family's or beneficiaries' needs if you (and your salary, service, or payments) aren't there.
Start off with a number in mind of what your family must have in terms of a death benefit: consider payments for mortgage, cost of living, debt, college, and retirement.
Next, consider which type of policy will best suit your needs:
- Provides coverage for specific periods of time, including a 30-year mortgage, or raising children.
- Can be purchased at a fixed premium rate for various term lengths (5, 10, 20 or even 30 years) avoiding potentially huge annual premium increases.
- When the term ends, so does the insurance coverage. Term Life Insurance will only pay if you die within the term.
Permanent, Whole Life or Cash Value Life:
- Often used if you have significant assets, if you want to be sure that estate taxes are covered, if you want to support a surviving partner's retirement funds, or if you want to be sure to have enough money to pay for your funeral expenses. Permanent life insurance will pay when you die, no matter how old you get.
- Based on a client paying higher rates (making overpayments) in the early years, and comparatively lower rates later on, when health, age and mortality rates would call for much higher rates.
- Overpayment made in the early years is set aside, and can be accessed by the client. By law, the insured is entitled to a refund of the overpayment when the policy is canceled, hence the term "Cash Value".
The best thing about Life Insurance is that it is NEVER too early to buy. In fact, the younger you are, the cheaper it is.
The professionals at Sun Pacific Insurance Brokers will make sure your loved ones are supported if something happens to you. We will show you all of your Life Insurance options.
About Sun Pacific Insurance Brokers
For over 30 years, Sun Pacific Insurance has delivered top quality life insurance plans to motorists to California families. Our agents are committed to providing you with continual education designed help you become a smarter insurance consumer. In addition, we promise to go well beyond your expectations by providing customer service that is guaranteed to astonish you.
Get the peace of mind you deserve with a personalized life insurance policy and get a quote today.