New to life insurance in Antioch? Here’s what you need to know.
Part of planning for your family’s future is knowing what will happen when you pass on. This generally rests heavily on whether you’ve secured life insurance. Although it’s a morbid topic and there’s plenty of jargon that confuses consumers, it’s important to work through it and find a policy. If you’re wondering which life insurance in Antioch is right for you, here are some basics that can help get you started.
What is life insurance?
In essence, a life insurance policy is a contract between a policyholder and an insurance carrier. Most policies have four parts:
- Premium payments – What the insured gives to the insurance carrier
- Death benefit – A sum of money the insurance carrier pays to beneficiaries upon the insured’s death
- Cash value – An interest-bearing savings value that is included in permanent (or ‘whole life’) insurance policies
- Term period – The time in which the policy provides coverage
What policies are available?
Depending on your needs, there are a few policies to choose from.
- Whole – Provides coverage for your entire life. The death benefit and cash value are predetermined and guaranteed.
- Universal – Provides death benefit protection, as well as a savings or cash value component. It builds cash value, and you have some flexibility to pay your premiums in different amounts or at different times.
- Term – Lasts for a specified amount of time, based on a set period, typically for 10 to 30 years. If the policy owner dies within the term length, the death benefit would be paid to the beneficiary. If the policy owner was to decease after the term, there would be no death benefit.
Why get life insurance?
People generally take out life insurance for the following reasons:
- Income supplement for loved ones upon death
- Adopting a retirement savings strategy
- Tax advantages
- Increases resources for retirement, emergencies, and other needs
How can I get coverage?
Secure reliable and effective life insurance by visiting the industry experts at Jack Stone Insurance Agency. We serve those in Brentwood, Antioch, and neighboring cities in California – give us a call today!