SBC Insurance specializes in commercial and personal insurance products and can help you with life insurance in Loyola CA, Menlo Park, Mountain View, Palo Alto, Stanford CA or Sunnyvale. Life Insurance affords you a means of looking after your family and loved ones when you are no longer able to.
There are different types of life insurance products such as permanent life, universal life, term life, variable life and fixed annuities. Although the main principles are the same, there are subtle differences between the various types of life insurance policies.
Permanent life covers you for a lifetime. It has an insurance component as well as an endowment or investment component. Permanent life insurance will pay out an agreed sum of money to your named beneficiary or beneficiaries in the event of your death. In addition, this type of policy has an investment component and will build a cash value over time. The cash value is the accumulated savings that you can access in the future.
Universal life allows you to adjust your premiums. For example you can pay higher premiums when you have extra money and lower your premiums when money is tight. There are minimum and maximums and within in this range you can make premium payments as they suit you. You can also reduce or increase the death benefits.
Term life insurance covers you for an agreed period for example 20 years. This type of policy is cheaper then whole or permanent life. There is no cash value and if you die within the coverage period the policy will pay out a lump sum to your stated beneficiary.
A consultant at SBC Insurance can explain the various options to you and will help you select the right life insurance products for your circumstances and long-term goals.