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Understanding your options is vital to making wise decisions regarding California life insurance. You should find the following information useful in your decision to purchase California life insurance.
Evaluating Your Needs
Purchasing California life insurance is one thing. Determining how much you need is another.
The important thing to remember is that the purpose of California life insurance is to provide funds to your loved ones to maintain their standard of living after you die. To gauge how much money your family would need to this, you should consider how much money they would need for the following:
You will also want to account for any assets your family could use to pay for life's necessities. Your assets might include things like cash, savings, Social Security or pension. Subtracting your assets from the totaled expenses will give you an estimate of how much California life insurance you should purchase. Your California life insurance agent will also work with you to determine a figure to fit your family's needs—and your budget.
Types of Policies
There are two types of life insurance that can be purchased in California: term life insurance and permanent, or whole life insurance.
Term life insurance is the simplest form of California life insurance and is designed to provide financial protection for a predetermined length of time as specified in your policy.
While term life policies are temporary, they are relatively inexpensive and therefore ideal for young families raising children or paying off mortgages—making them highly accessible for folks with limited income to be protected.
In contrast, permanent life insurance provides long term financial protection, and includes both a death benefit and, in some cases, cash savings.
While premiums for permanent life policies are more expensive, part of the premium is invested by the company to earn cash value. Rates can, however, be "locked in" at the time of purchase to help avoid increases as you age; permanent insurance is ideal for those who are attempting to meet long-range financial goals.
Shopping Tips for California Life Insurance
Regardless of what type of policy you decide on, protect yourself by using the following tips:
Plan for the Future with California Life Insurance.
Don't let the unexpected wreak havoc on your family. Incorporate California life insurance into you financial planning by entering your information to the right. In return, you will receive up to five free quotes on California life insurance.