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Life Insurance
Life Insurance 101
Whole Life Insurance
Whole life insurance offers lifetime coverage and includes a guaranteed cash value that grows over time. Premiums remain level throughout the policy, and part of each payment contributes to your cash accumulation. You can borrow against this cash value or use it later in life if needed. It’s designed for long-term financial stability and estate planning.
Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It pays a death benefit only if the insured passes away during that term. Because it doesn’t build cash value, it’s typically the most affordable option. This makes it ideal for people who want simple, temporary coverage to protect income or pay off major debts.
Indexed Universal Life (IUL) Insurance
Indexed universal life policies tie cash value growth to a stock market index, such as the S&P 500. This means your cash value can grow faster when the market performs well, though it’s typically protected from losses with a floor rate. Like standard universal life, you can adjust your premiums and coverage. It appeals to those seeking both protection and potential market-linked growth without direct investment risk.
Final Expense
Final expense insurance is a smaller, permanent life policy designed to cover funeral costs, medical bills, and end-of-life expenses. It’s easy to qualify for, often with no medical exam required. Premiums are typically affordable, and the coverage lasts for life as long as payments continue. It’s a simple solution for seniors who want to ease the financial burden on their loved ones.
Variable Life Insurance
Variable life insurance allows you to invest your cash value in separate accounts similar to mutual funds. Your policy’s value can grow significantly if investments perform well but can also decrease if they don’t. It combines lifelong protection with higher-risk, higher-reward investment potential. This type is best for experienced investors comfortable with market fluctuations.
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Frequently Asked Questions
What’s the difference between term and whole life insurance?
Term life insurance covers you for a specific period, such as 10, 20, or 30 years, and usually offers lower premiums. Whole life insurance lasts your entire lifetime and includes a cash value component that can grow over time. The right choice depends on your financial goals and how long you want coverage to last.
Do I need life insurance if I’m young and healthy?
Yes — getting life insurance early can lock in lower rates while you’re young and healthy. Even if you don’t have dependents now, you can protect future family members or cover debts like student loans. Plus, it’s generally easier to qualify for coverage before any health issues arise.
Can I have more than one life insurance policy?
Absolutely. Many people combine a term policy for temporary needs (like paying off a mortgage) with a permanent policy for lifelong protection. Having multiple policies can give you flexibility and allow you to adjust coverage as your financial needs change.
Contact
Need more assistance?
Please contact Richard (Ric) Mora
CA Insurance License # 0B89517
[email protected]
(760) 678-8950
