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Life insurance may be one of the most important purchases you’ll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue
a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more. This section can help you gain a better understanding
of life insurance and its role within a sound financial plan, and answer many of your questions.
You’ll find information and interactive tools to help you get a sense of how much and what kind to buy, plus information about how different life events, such as
having children or buying a home, can affect your insurance needs. For those ready to consider a purchase, there’s advice for finding and working with an agent, and an interactive
agent locator to help you find an insurance professional in your area.
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the
term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage
until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid.
Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial
goals.
Give us a call to discuss your particular situation. We can help you design the best program to fit your needs. We have your best interest at heart. |
Santa Barbara Health Insurance Services