Any good financial plan is incomplete without Life insurance. Life insurance is an agreement that, upon the death of the insured, the insurer agrees to pay a benefit to a stated recipient. The agreement also states that the insured, during the period of coverage pays the insurer an amount in the form of monthly/semi-annual/annual premiums. Life insurance policies may pay their benefits based on death by natural causes, death by illness, and accidental death. In addition, life insurance policies may pay out a lump sum to a beneficiary, or in amounts arranged as an annuity fund.
The primary purpose of Life Insurance is to provide loved ones with the added protection needed to ease financial burdens upon death. When the right policy and type of insurance is purchased, proceeds can be used to help meet college expenses, ensure a comfortable retirement, or assist with the payment of debt. In addition to providing death protection, certain policies can also offer tax-deferred cash accumulation, providing a funding source for future needs.
Unfortunately, Life insurance is a more complex insurance product than the name implies. Most people assume that a life insurance policy is as simple as “I die and the policy pays X amount of money.” In reality, consumers can choose between whole and term life policies, with variations on each. Some life insurance policies are equity-generating vehicles, in that the holder can borrow money against the value of the policy. Consequently, the health and scope of the company behind a policy is as important to consider as the terms of the policy itself.
There are two basic types of life insurance in addition to annuities; they are permanent life insurance and term life insurance. The main difference between the two has to do with the length of time for which coverage is provided, and whether the policy offers a cash value – an amount of money available to you should you terminate the policy before it matures or prior to death.
All Solutions Insurance has been providing lower priced life insurance combined with outstanding service to protect your loved ones against unanticipated situations since 1994. Our knowledgeable Life Insurance experts communicate with you, understand your unique insurance requirements, customize your policy to ensure optimum protection and then shop from more than 30 reputed insurers to offer the best possible rates so you cave money.
Talk to one of our Life Insurance experts and let us take care of your risks. You can call us at 951-247-2003, or click here to chat with us.