Why Life Insurance?
Life insurance protects your family and helps them maintain their current lifestyle if something should happen to you. A life insurance policy is an important decision.
Rancho Cucamonga Life Insurance company offers a full array of life insurance and investment products to help individuals, families, and businesses reach their financial goals.
We only work with top-rated insurance companies that offer the best cost and give you peace of mind. Our agents don’t work for the insurance company they work for you to get your family or business the protection you need at a price you can afford.
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Understanding how to get the most out of your life insurance while you’re living is really important for managing your money well.
Some types of life insurance, like whole life policies, can do more than just help your loved ones after you pass away. They can also build up money over time that you can use now when you need it.
Life Insurance
A Life Insurance Policy
Provides your family with money to help them fulfill their obligations and meet their future dreams
Protects you against loss if you die too early
Secures your family’s future when you are no longer present,
How Does Life insurance Work?
You will make premiums to the life insurance company. The life insurance company in return will pay an agreed upon amount of money to the person you select to receive the money from your policy when you pass away.
Who Needs Life Insurance?
People who have dependent children
Family members who depend on your income to live
People who need help to supplement their retirement
Couples who are married or live together and share finances
Couples who are planning to start a family
Homeowners with mortgages
No matter where you are in life, protection for your loved ones is the most important decision you will ever make.
A Properly Funded Cash Value Life Insurance Policy
Funds your child’s college education
Supplements your retirement
Becomes a financial resource if you become seriously ill through living benefit riders
Pays for large expenditures such as cars, weddings, and vacations.
What Type of Insurance Should I Get?
The three basic types of life insurance are:
Term
Whole Life
Universal Life
Term Life Insurance
You will receive guaranteed coverage for a specific period of time 10, 20 or 30 years or at a specific age while the premiums are being paid.
You can renew your policy after the time period has lapse or you reach the age limit but your premiums will increase.
This policy does not accumulate cash value and will only pay your beneficiary money during the specified time or age period.
Term insurance is the most affordable because it allows you to purchase a higher death benefit for your money..
Whole Life Insurance
Whole life insurance is usually referred to as “permanent” life insurance because it usually lasts your entire life as long as the premiums are paid.
Your premiums remain the same during the life of the policy.
A benefit of whole life is that you have the ability to build tax deferred cash value within the policy.
You can also access these funds on a tax-advantaged basis through policy loans.
Your beneficiary will receive the amount of the death benefit when you pass away minus any outstanding loans and interest due on the policy..
Universal Life Insurance
This is another type of “permanent” life insurance with additional flexibility. With this policy you can adjust the amount of premiums and the face amount of the policy.
You build tax free cash value as long if the policy is structured properly and you can access your money using tax free loans and withdrawals.
If there is enough money in your policy to cover the cost of insurance for each month, then you can stop making premiums.
You can also contribute additional premiums to build up your cash value.
Another advantage of universal life is being able to increase or decrease your death benefit based on your needs with the help of your insurance professional.
The two most popular universal life products are – Fixed Universal Life and Indexed Universal Life.
Both of them offer you an array of guarantees and returns based on your risk tolerance.
The main difference between these two types of products is how the interest is credited.
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