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The primary reason to buy life insurance is to provide a safety net for those who rely on you for financial support. If you were to die while the policy was in force, your beneficiaries would receive a tax-free payout that could be used however they want. That money could help them do the following:
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Buying life insurance could be worth it because it can allow you to leave an inheritance to your children without having to worry about how you spend your own money in retirement. Or it can be a way to leave a legacy because you can donate your life insurance to charity, organization or cause that is important to you.
Life insurance also can be used as a retirement and tax-planning tool. A permanent life insurance policy typically includes a feature that allows it to build cash value. The cash value grows tax-deferred and can be accessed as a source of extra income in retirement.
Term life insurance quotes are much lower than permanent life insurance quotes and can be an affordable way to have coverage in force during the years when your family depends on you most for financial support.
Permanent life insurance offers lifelong coverage, as long as premiums are paid. It also offers the ability to build cash value that grows tax-deferred. These features make permanent life insurance quotes much higher than term life. Permanent life also can be more complicated than term life because there are a variety of policy types.
Whole life insurance works by providing lifelong coverage and a cash value feature. It tends to be the most expensive type of life insurance because it offers a guaranteed rate of return on the cash value, the opportunity to earn dividends from the insurance company, and premiums and the death benefit remain the same over time.
While some insurers may require you to take a life insurance medical exam, more and more insurers are able to rely on data modeling to assess risk and allow young, healthy applicants to get no-exam life insurance.
Consider working with a financial planner who can help review your situation and figure out what type of life insurance will fit in your financial plan. You can find a fee-only planner through the National Association of Personal Financial Advisors. Or your workplace might offer you access to a financial professional as part of your benefits.
Policyholder: Also known as policy owner, the person who owns a life insurance policy. This person is responsible for paying premiums. The policyholder does not have to be the one insured. For example, someone could own a policy on their husband.
Buy life insurance whenever you have the need for it. Buying sooner means you can lock in a better rate based on your age and health. Common events that lead people to buy life insurance are getting married, buying a house and having children.
Whether you want to complete your quote online or with a representative over the phone, Travelers is here to assist you. Feel free to go at your own pace. Our dedicated insurance representatives or independent agents will be happy to answer your questions along the way.
Getting a free insurance quote from Travelers is just the beginning. Our dedicated insurance representatives, independent agents and online auto quote application can provide assistance so you can select the coverage you need and get the discounts you deserve.
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So many insurance quotes are available online, but how many quotes do you need to compare? We recommend comparing at least five insurance quotes before making a decision. However, before you pick the policy with the lowest premium rate, there are several other factors you need to consider. The following tips will ensure your protection pays off in the long-run.
Some companies reward policyholders for taking proactive measures to reduce their risk profiles. For example, many homeowners receive discounts on their home insurance for installing security cameras or fire alarms. Maintaining an excellent credit rating, staying claims-free, and workplace safety programs can also get you a discount on your premium.
To learn more about comparing insurance quotes, contact the experts at American Tri-Star Insurance at 619-363-0250. Our licensed professionals will be happy to provide a quote and answer any questions you have.
Increasing your policy deductible, bundling your home and auto insurance with a single company, and adding protective devices to your home like storm shutters and security systems can all get you lower premiums.
The average homeowners insurance premium typically increases year over year. Premiums have generally gone up across the board to make up for losses that the industry has experienced. If your premiums increased by more than 10% since your last policy term, consider re-shopping your homeowners insurance for lower rates.
Why get life insurance? First and foremost, to protect your family and those who depend on you for financial support. All life insurance will provide a payout to your beneficiaries if you pass away, but different kinds of policies can provide other benefits as well. The best way to start learning about your options is by seeing how easy it can be to get that protection.
This is permanent life insurance coverage that can provide guaranteed protection for the rest of your life while earning additional cash value that can be used for things like policy loans.8 Whole life policies don't expire as long as your regular premiums are paid. Policies from a mutual life insurance company (such as Guardian) may also provide dividends, helping you fund life's other financial opportunities.1,2,3
Like whole life insurance, this type of policy provides permanent protection and generates additional cash value. However, universal life insurance can give the added flexibility of adjusting your monthly payments within a specific range to help you better deal with changing work circumstances.4
When you get a quote, the rate is affected by many variables, including the life insurance company, policy type, coverage amount, length of term, gender, health status, and other factors. According to the Life Insurance Learn Center7, the monthly cost for $1,000,000 of coverage for the average male at age 30 is $48; at age 40, it's $73; at age 50, it's $177. Women tend to live longer and enjoy slightly lower rates, so $1,000,000 of coverage for a female age 30 is $37; at age 40, it's $53; at 50, it's $133.
Life insurance death benefits are almost always income-tax free. The cash value growth of a universal or whole life insurance policy is also tax-deferred, so it can grow faster because it's not being reduced by taxes each year.
The best policy for you depends on your needs and budget. If you're looking for life-long insurance protection that also provides cash value, there are two main options: whole life and universal life. A whole life policy offers level premiums and more guarantees, but a universal life policy can be more affordable because it offers variable premiums that you can raise or lower within a certain range. The insurance company may also let you customize your policy with various provisions, such as an accelerated death benefit rider to pay for end of life needs and even certain kinds of long term care. If you don't need permanent coverage or cash value, which can provide benefits such as policy loans, term life insurance quotes will generally be lower.
If you have loved ones who depend on you for income, life insurance is one of the best ways to help provide for their financial needs if you die unexpectedly. Life insurance companies also have specialized kinds of policies for customers with varying incomes and other needs, such high net-worth individuals looking to transfer assets more easily without incurring added estate taxes (you should always consult with a professional for tax advice first). On the other hand, if you have no financial dependents or heirs that you wish to provide for, then life insurance may not be worth getting.
4 Universal Life Insurance may lapse prematurely due to inadequate funding (low or no premium), increase in cost of insurance rates as the insured grows older, and a low interest crediting rate. This does not apply to universal life policies which have a secondary guarantee, but if the secondary guarantee requirements are not met, the policy will most likely lapse.
The road to opening the agency was not an easy one to travel. As with starting any business, Daniel faced many challenges in the beginning but fought his way through by working two jobs during the day and a graveyard shift to support his family. Married to his lovely wife Christina and having had five beautiful kids, Daniel can now proudly say all those years of dedication have paid off immensely with the creation of Great Park Insurance.
Great Park Insurance features a variety of services such as Auto, Home, Business, Life and Health insurance policies. We believe every family is unique and can tailor policies to meet their specific, individual needs.
When it comes to vehicle insurance, we have you covered. We can insure just about any car, truck, SUV, ATV, RV or boat. Call us today and see why our independent insurance agency in Irvine offers more.
Auto insurers track which cars are involved in the most crashes and have the worst injury records. Those factors impact the cost you pay for liability insurance, which covers the damage you cause to others, not your car's damage. 041b061a72