An informed decision is always the best decision, but with so many life insurance companies to choose from, it can get confusing as to the right protection you should buy. Let’s break down the basics of a West Hollywood life insurance policy and the difference between a whole life insurance policy that covers you for your whole life, and a term life policy that provides protection for a specified term – 10 to 20 years.
Guide for Whole Life Insurance in West Hollywood, CA
A West Hollywood whole life insurance covers you for the duration of your life. Premiums are higher than a term life insurance policy, but once issued, your coverage is guaranteed as long as you pay your premiums. Your premiums will not change. They remain fixed, making it easy for you and your family to budget. The whole life insurance policy builds cash value that you can withdraw or borrow from. Any dividends the insurance company provides to you are tax-deferred under certain specified conditions.
Pros & Cons of Whole Life Insurance Policy
The major pro when discussing the pros and cons of a West Hollywood whole life insurance policy is the accelerated death benefit rider that most insurance companies offer. Under this rider, the owner of the policy can borrow a pre-determined percentage of the value of the policy to be paid in one lump sum when a terminal disease is diagnosed. In a circumstance where there is no Long Term Care policy in effect, this can go a long way to ease one’s suffering – at least from financial worries.
Who Should Get a Whole Life Insurance Policy?
We recommend whole life insurance for young families. Aside from being able to budget the fixed whole life insurance premium in what might already be a tight budget given the cost of raising a child today, it does build cash value. This can be used as an investment tool towards paying for a child’s college education. If you are considering whole life insurance, you can reach out to us through the contact form or call us at (310) 477-5000. We’ll love to help you in choosing the best life insurance cover as per your requirements.
Guide for Term Life Insurance in West Hollywood, CA
What about the youthful New Age California couples? They have made the decision not to raise a family. They are the California power couples. They make a great living in California but are not necessarily an employee of a big firm that is providing one or both with some form of a group life insurance policy at a free or discounted rate. Instead of a conventional 9-5 job, they may be happily and creatively self-employed. They have a need to purchase individual life insurance policies to protect each other. This is where we really like a West Hollywood term or temporary life insurance policy. While Mr. and Mrs. Smith are working to build assets and their nest egg, a term policy will provide protection against a tragic and unforeseeable event. The term can be 10 years or 20 years.
Lifestyle Factors That Impacts Your Life Insurance Premium
The premiums for life insurance will be based on the age, general health, and lifestyle habits of the applicant. Smokers will pay a higher premium than non-smokers; thrill-seekers, such as those who enjoy sky-diving for a hobby will no doubt pay a higher premium. No matter how young or invincible, you feel life happens and you need to be prepared for it.
If you’re curious to know about the options of our extensive life insurance coverage, get in touch with the experts at Makar Technique Insurance Agency right away! Call us and get started today.