LIFE INSURANCE LINCOLN CA
Life insurance Lincoln CA is an important element of any family’s financial outlook and should be purchased as early as possible in life in order to maximize the benefits available to the beneficiaries. Not all life insurance policies are the same and selecting the appropriate policy in conjunction with your budget and long term financial goals requires due diligence and careful planning. It helps to have at least a basic understanding of the different kinds of life insurance that are available in order to begin the process of choosing one that is right for you and your family.
Whole Life Insurance
Whole life insurance Lincoln CA policies accrue cash value over the course of the policy term and typically provide guaranteed premiums. They provide individual coverage and protection for the lifetime of the policy holder. As the cash value of the policy increases over time, that money can be used to pay for unexpected occurrences and the amount used for such occurrences is simply deducted from the total amount of the death benefits. These policy “loans” accrue interest which is also deducted from the benefit amount.
Survivorship Universal Life Insurance
With a Survivorship Universal Life Insurance policy, two individuals are insured under a single policy with coverage extending beyond that of most other kinds of policies. The death benefits of a Survivorship policy are not paid until both individuals have passed but these policies are typically easier to purchase, they have lower premiums, and they allow for the building and preservation of your estate. Also, this kind of policy is particularly advantageous to parents of children with a physical or mental disability or other special needs because the benefits can be used for the child’s long term care after both parents have passed.
Term Life Insurance
Term life insurance is the most basic and rudimentary life insurance policy and is designed to fit nearly every budget. This kind of policy pays a benefit to the policy’s beneficiaries after the policy holder’s passing and often has the most affordable monthly premiums.
Universal Life Insurance
One of the most flexible and customizable types of policies, Universal Life Insurance allows for longer policy terms and, like Whole Life Insurance, builds cash value that is accessible throughout the length of the term. Also, unlike many life insurance policies, the level of coverage and the amount and frequency of your premiums is adjustable should you experience any changes in your income during the course of the term.
Which Plan is Best for You?
With all the different types of life insurance Lincoln CA policies that are available it can be somewhat challenging to choose one that is right for you and your family. Making sure that your loved ones are provided for after your passing is one of the most important elements of your financial portfolio and making an informed decision in your purchase of a life insurance policy requires knowing what your options are in conjunction with your budget and your long term financial goals. You can never “over-plan” when it comes to the security of your family’s financial future so be sure you understand what kind of policy is best for you to ensure that the people who depend on you will be well taken care of long after you are gone.
Call All Types Insurance Agency today and we will help you assess your needs and explain your options.
All Types Insurance
805 Twelve Bridges Dr #15,
Lincoln, CA 95648
We are an Insurance agency specializing in Health insurance, including Medicare related products.
With 16 years of experience we will strive to help you choose the right insurance policy.
© 2017 All Types Ins.