Life Insurance
Do you have life insurance? What’s your reason for not having a life insurance plan? Are you one of the people that think they don’t need life insurance? Or are you like many people that think life insurance is too expensive and complicated?
Whatever your reason, with SLO Insurance Services LLC in California, life insurance doesn’t have to be complicated. Below are the basics that you need to know about life insurance. But if you need more details, don’t hesitate to contact or visit us for more information.
Types of life insurance plans
Are you looking for a life insurance plan? You need to understand the below categories of life insurance policies. These are:
Term life insurance
This plan is the most common because it’s straightforward and affordable. This coverage takes effect for a certain period, let’s say 15, 20, or 30 years. The policy lapses in case you survive within the period. Otherwise, if you die, your beneficiaries receive a cash benefit.
Whole life insurance
This plan is a type of permanent life insurance because it remains in effect for your entire life as long as you pay your premiums. Upon your death, your beneficiaries receive a death benefit that they can use to settle their financial obligations. However, this insurance plan accumulates a cash value that you can use to supplement your retirement income.
Why do I need life insurance?
At our insurance agency, we usually get this question many times. But the answer to this question isn’t a straightforward one unless we can review your situation. However, generally, you need life insurance if you:
- Have dependents
- Want to finance your funeral expenses
- Have debts like mortgage, car loan, credit cards, and student loans
- Own a business
- Want to leave an inheritance
Would you like to learn more about life insurance? Please get in touch with SLO Insurance Services LLC, serving many locations in California. We will explain all you need to know about life insurance, including benefits, types, and factors affecting your life insurance premium.
