Life Insurance in California
If something was to happen to you, you want to make sure your family is taken care of. We all do! As a key component of a sound financial plan, life insurance provides the money your family would need to replace lost income and pay mortgages, education expenses, income taxes, and other outstanding debts and obligations.
Determining Your Life Insurance Coverage Needs
Who should consider life insurance?
- Young couples with or without families who need to replace lost income upon a spouse’s death
- Anyone who has others depending on them for support
- Anyone with a growing family, home mortgage to pay, and future college expenses to meet
- Older, wealthy individuals, who want to preserve their estates for future generations
- Business owners who want to insure the continuation of their business through buy-sell agreements
How can I use life insurance?
- Income Replacement - Life Insurance Provides immediate cash to solve financial commitments when a major income provider passes.
- Estate Planning - Immediate cash for paying estate taxes without depleting the estate itself.
- Supplemental Retirement Income - A variable universal life insurance policy can provide death benefit protection and help supplement retirement income since the account value accumulates tax-deferred and can be accessed to provide income.
- Short-Term Life Insurance Protection - Term insurance for short-term debts.
- Mortgage Protection - Ensures your family can afford the mortgage and live in comfort.
What types of life insurance are available?
- Term Life Insurance - Covers you for a certain period of time (a “term”), not for your entire expected life. It pays death benefits only if you die during that period. This type of policy is purchased to cover certain needs that might disappear over time such as a mortgage, car payments, or short-term debts.
- Permanent Life Insurance - Permanent insurance provides lifelong protection. As long as you pay the appropriate premiums, the death benefit will be paid. Permanent insurance also provides an opportunity to build cash values tax-deferred. These cash values may be accessed through tax-advantaged loans and withdrawals
Ask Your Insurance Professional
Your BenefitSource Insurance Professional will help you find the right life insurance coverage for your specific needs.
Be Insurance minded. Contact BenefitSource today and we'll shop the top insurance carriers to assemble a policy with the right amount of coverage for the price you deserve.
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