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Life Insurance Information
Insurance for Individuals and Families in San Luis Obispo, CA
You spend your life dedicated your time, effort and money to supporting your family and loved ones. Your goal has always been to make sure that they are taken care of and happy. Unfortunately, you won’t always be there to look out for them. However, there are steps you can take to make sure your loved ones are provided for even after you pass away. Life insurance is a useful tool designed to provide compensation for your loved ones when you are no longer around to do so.
At SLO Insurance Services, our kind and dedicated insurance professionals understand that each individual and family is different. We will speak with you one on one to determine what type of life insurance policy is best for you and pair you with the coverage you need.
What are the Three Types of Life Insurance?
There are three main types of life insurance policies all designed to do different things. These three options are:
Term Life Insurance
A term life insurance policy lasts for a certain term and only pays out to beneficiaries if the policyholder passes away while the policy is active. This type of life insurance policy is useful if you want coverage only for a certain length of time, such as until you pay off your mortgage or other debt. You can typically set a term life insurance policy for 10, 20 or 30 years, although other terms are often available.
Whole Life Insurance
A whole life insurance policy covers the policyholder as long as they live. There is no need to renew this policy because it will last as long as the policyholder is alive and premiums are paid. Once the policyholder passes away, compensation will be paid to the beneficiaries listed on the policy.
Universal Life Insurance
A universal life insurance policy is a type of whole life insurance policy that allows you to withdraw cash value while the policy is active. This cash value does not affect how much your beneficiaries will receive.
Your life insurance policy and the type of coverage should depend on your needs, so your policy may be different than someone else’s.
Get Life Insurance Today
Protect your loved ones with the right life insurance policy. Call SLO Insurance Services at (805) 543-7564 or fill out an online quote form to get started today.
Common Life Insurance Questions
How Many Life Insurance Policies Can I Have?
You can technically have more than one insurance policy although you may not be able to have more than one whole life insurance policy. You could have multiple term life insurance policy or a term life on top of a whole life insurance policy, however.
How Much Does Life Insurance Cost?
The cost of life insurance varies on your age, health, type of policy and other factors. Fill out a quote form to find out how much you can save on life insurance.
How Does a Life Insurance Policy Work?
The beneficiaries named on your policy are those who will receive compensation from your life insurance policy after you pass away. Once a life insurance policyholder passes away, benefits will be paid to those listed on your policy as designated by your coverage. You can choose the amount that each beneficiary will receive.
Why is Life Insurance Important?
Life insurance is crucial for providing for your family when you no longer can. This insurance can help with expenses such as funeral costs and shared mortgages.
Please contact us if you are interested in a Life Insurance Quote if you are in San Luis Obispo, Arroyo Grande, Atascadero, Templeton, Paso Robles, Grover Beach, Santa Maria, Nipomo, Pismo Beach, Morro Bay, or Los Osos California.