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Life Insurance Escondido
Insurance is about preparing for the financial consequences of life’s risks – the risk of a car accident, the risk of a house fire, the risk of robbery. One risk that no one likes to think about is leaving their loved ones without financial support. That’s why I help families review their life insurance options so they can choose the insurance they want. Insurance can’t prevent bad things from happening, but it can help you be financially prepared.
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Protecting your family home requires more than a good alarm system. For most of us, a home is our most expensive purchase and the mortgage is the largest debt we will ever pay. Life insurance benefits can help your family keep the home you’ve worked so hard for. Contact me today to prepare yourself financially for tomorrow.
Food, clothing, vacations, education… there’s no doubt that raising a child is a huge financial commitment. Life insurance can provide financial support to those you leave behind so that a personal tragedy does not turn into a financial tragedy. Let me help you assess your needs and choose a solution.
Who depends on your income today and in the future? Are you building a nest egg for your husband? Supporting a loved one with special needs? Applying for life insurance today can support them financially when you are gone. I can help you decide what type of life insurance you need and how much coverage you want.
People can be a business’s greatest asset and its greatest value. Life insurance can help protect your business against the loss of key employees, help you transition a business in the event of the death of an owner or partner, or retain valuable employees as a long-term benefit. As a business owner, I understand how important planning is for these things.
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• Assured premiums remain unchanged for the first 10 to 30 years of the policy and increase annually thereafter with age.
• Can be particularly popular with young families who need more cover but have not yet reached the maximum.
• Premiums never increase, no premium is required from your policy date till today at age 100.
• Whole life is a conservative type of permanent life insurance with guaranteed level premiums, guaranteed cash accumulation and guaranteed death benefits.
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Like whole life, universal life insurance offers the potential for life coverage up to age 121. But it allows for flexibility in the timing and amount of rewards.
• You choose the premium amount to be paid in the contract. This payment is transferred to a separate account under the policy, the cost of the policy is deducted from the account every month. Your policy is in effect as long as there is enough value in the account to cover the deductible.
• When times are tough, you can reduce or even stop premium payments as long as there is cash value to cover the cost of the policy.
Lifetime coverage (or policy life) is guaranteed until all premiums are paid to maintain the policy.
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The death benefit is guaranteed under the terms of the contract and is paid as a premium.
The cost of maintaining your policy will increase over time. This policy may be canceled if you do not pay enough premium for continued coverage. Knowing what type of life insurance you need is perhaps the most important part of insurance. Do you need long term insurance or permanent insurance or both?
The answer to these questions depends on the purpose of your life insurance. So far we have only talked about death gain and death loss.
There are additional benefits that life insurance offers. We’ll cover them and show you how life insurance can be a key part of your financial plans and an example of how life insurance can be used throughout your life and how long it should last.
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Finally, you get our insurance planning tool to help you determine what type of life insurance you need.
This question will definitely determine what type of life insurance you need. The four main objectives of a life insurance policy are:
For most people, the main purpose of getting life insurance is to protect their spouse or partner from financial loss. That is why the policy of life was born in the first place.
Another benefit that life insurance can offer is the ability to use the death benefit to pay for long-term care services. This is usually done by using the LTC rider in the life insurance policy.
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Long-term care (LTC) costs are increasing, and the only way to protect yourself from the need for these costs is to use LTC insurance, annuities with LTC riders, or life insurance with LTC riders. With a LTC rider on a life insurance policy, the insurance company already knows that it will pay the death benefit, so the ability to withdraw the death benefit to cover LTC costs is usually only a small cost to the premiums.
A permanent policy can also provide a method of increasing the cash value within the policy. This cash value can be withdrawn from the policy as a source of income or emergency cash.
After increasing your retirement account contributions each year (IRAs, Roth IRAs, 401k, Simple, SEP IRA), the extra savings can be directed into permanent cash value insurance to grow your retirement funds.
The ultimate benefit of life insurance is estate planning or inheritance planning. In estate planning, life insurance is used to pay federal and state taxes upon death. Estate tax laws have changed so that if your estate is worth more than $5,000,000, you don’t have to worry about estate taxes.
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At SPF Insurance, we see life insurance as a key component of your financial plan. If something unexpected happens and ruins your plan, all the planning and preparation will be for naught.
Life insurance is an important part of protecting your family. Contact our office for more information on financial plans.
You will probably need life insurance for most of your life. If you’re not sure about this, check out this page to see why it’s a good idea.
What we have tried to do on this page is to determine what type of life insurance you need. The graphic below is our model of how to build life insurance for the average person.
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In childhood, your need for life insurance is minimal. If something happens to you, your parents will pay for your funeral, or they can send you a small policy to set aside money for the funeral.
If you are independent, your life insurance needs are at a few central points in time. These life-changing events are a good time to review your insurance coverage.
Marriage means that you and your spouse are legally bound together and that your “one” life and debts are now shared equally. Protecting each other is important. This coverage should continue until both of you are ready to retire.
Having a baby is another life-changing event. In addition to making a complete change in your lifestyle, you now have a long-term financial commitment to ensure the well-being of your child (or children) in the future. When one of you is gone, these financial obligations can be difficult. Children usually need this cover before they leave school, so 20 to 25 years is a good time.
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Buying a home is usually your biggest investment. Loss of income due to disability or sudden death can make it impossible to maintain housing and cause the rest of the family to move. Home security should last until you pay off the mortgage. This is usually 30 years.
As the chart shows, getting married, having children, and buying a home are best protected by taking out a life insurance policy. When these events occur, you can add an additional term policy or replace an existing policy with a larger (or smaller) policy.
Later in life, if you follow a financial plan, you will retire and the need for a life insurance policy will decrease. However, you should protect against potential long-term care needs and perhaps give an inheritance to your children/grandchildren or provide money to pay estate taxes.
Such needs may be covered by a permanent policy. When your children are independent and your family’s cash flow increases, you can increase your amount.