Types of life insurance policies
Life insurance provides a way to protect you and your loved ones when the unthinkable happens. SBC Insurance can help you with the right type of life insurance in Mountain View CA, Sunnyvale VA, Palo Alto CA, Cupertino CA, Los Altos CA or Sanford CA. They also offer life insurance solutions to employers who can then offer workers more attractive benefits. This enables employers to add group benefits to the employment conditions, making certain positions more attractive to workers or potential employees.
Life insurance can be divided into group life, keyman life, permanent life, whole life, universal life, term life, health and disability. There are many complex options and it is a good idea to get expert advice before deciding which type of life insurance is best for you, your business and your employees. There are many things to consider from a business and individual perspective. These include changing legal requirements, group demographics, eligibility, customer needs, policy options and more.
When it comes to straight life insurance there are two major groupings namely whole life and term. Whole life is also referred to as permanent life. Each has certain sub-groupings. For example, whole life can further be categorized into traditional life, universal life and variable life. Term live can be divided into level term and decreasing term.
Whole life or permanent insurance pays a death benefit to your named beneficiaries when you die, even if you live to a ripe old age. Term life will pay a death benefit if you die within the valid term of your policy.
Other things to consider are endowment or investment options. A life insurance policy can be structured to accrue an investment value over time. A small portion of your premium can be used for investment purposes.