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Many people associate the concept of life insurance with ensuring against the passing away of one or more of a family’s primary breadwinners. This is certainly true, as life insurance has been used by millions of California residents throughout the years to help make ends meet when the family has suffered a sudden loss of income due to death. However, life insurance can be used to ensure against the loss of any member of the family, including children.
When a family member passes away the family not only loses a loved one, but often faces a mountain of financial obligations such as: paying for funeral expenses, paying for the remaining medical bills of the deceased, and other miscellaneous charges. These outstanding bills can amount to tens of thousands of dollars. This is why keeping adequate life insurance is so import.
The two primary types of life insurance are term life and whole life:
Term Life Insurance – Term life insurance generally runs for certain term, for example 10 years, and must be renewed every time it expires. Generally speaking term life insurance policies do not have cash value.
Whole Life insurance – Whole life insurance policies generally run for the entire life of the insured, as long as the premium is consistently paid on time. Whole life insurance policies may accumulate cash value over time, and may even allow the insured to receive annuity payments later in life.
Everyone knows that having adequate insurance to match your lifestyle is extremely important. However, many couples and families overlook the importance of life insurance. In order to get a free evaluation of your life insurance needs, contact the Huntington Beach, CA life insurance agents at Western Republic Insurance Services. These independent insurance agents will give you and your family a recommendation as to your appropriate type and level of insurance coverage, based on your income and lifestyle.