Life insurance is an important coverage within the personal insurance category. However, life insurance can also find application in the commercial sector. This could be in the form of key man insurance. SBC Insurance can help you with life insurance in Loyola CA, Menlo Park, Mountain View, Palo Alto, Stanford CA or Sunnyvale.
Life insurance provides you with a way to take care of those you love when you are no longer around or able to. There are different types of life insurance plans including term life, whole life and endowment policies.
Term life will cover your life for a specified period. This is normally 20 years. This type of policy is a good option for a young family just starting out. Whole life insurance will cover you for the rest of your life provided you pay the premiums. You also get life insurance policies that have an investment component. This means part of your premiums are applied to an investment component. These types of policies will accrue a cash value over time. You can access that investment portion after a certain amount of time.
Whatever type of policy you have, the main concept is that the carrier will pay your family or loved ones a certain amount of money when you die. This could be in the form of a lump sum, or annuities or some combination. At such as difficult time your loved ones will have enough to deal with and you would not want them to have financial burdens as well.
In business it may well be wise to take a policy on the life of a key person such as a partner or director. In a small business this type of person may be essential to the survival and growth of the business. This type of life cover is often called a keyman policy.