Life Insurance in California
Life Insurance is a crucial step in planning your future. The professionals at Karen and Michael Quigley Insurance Agency can help you choose the right insurance plan.
Determining Your Need:
The need for life insurance depends on your personal and financial situation. We can assist you in determining what type and amount of life insurance is appropriate for you. Generally, you should consider life insurance if:
- You have a spouse.
- You have dependent children.
- You have an aging parent or a physically challenged relative who depends on you for support.
- Your retirement savings is not enough to inure your spouse’s future against a rising cost of living.
- You own a home and have a mortgage
- You own a business.
Life Insurance provides an income tax free death benefit to your beneficiary in the event of your death. These proceeds can be used to cover funeral expense, pay outstanding medical bills, pay off the home mortgage and pay estate taxes.
Term or Permanent?
- Term Insurance offers protection for a specified period of time i.e. 15, 20, 25 or 30 years. The death benefit is paid due to any type of death, illness or accident. With term insurance, premiums are initially lower than for permanent insurance. This allows the policy owner to buy higher face amounts at a younger age, when the need for protection is greatest.
- Permanent Insurance provides lifelong protection until maturity usually age 121. It provides cash value in addition to a death benefit. A common type of permanent insurance is Universal Life. Premiums are flexible and cash value accumulates at a tax deferred rate of interest. Many companies offer “No Lapse Guarantee Universal life plans” whereby regardless of the investment performance the death benefit is guaranteed payable to age 121.
To determine your family or business needs, and what coverage is appropriate please contact us.