December 17, 2012

Life Insurance

How do you know if you need life insurance?

life insurance cornerstoneGood question. The independent insurance agents at Cornerstone Preferred Insurance are here to find out if life insurance is necessary for you. There are many things that can be done with a policy, including:

  • protecting your personal assets
  • financial security for your loved ones
  • leaving a legacy
  • setting aside future money for college tuition, weddings, or a down payment on a house

Learn more about which life insurance is best suited to your situation by contacting one of our Glendale insurance agents or browsing the information below. Call 888-840-4020 to get in touch with Cornerstone Preferred Insurance today!

What is life insurance?

Life insurance is a protection for individuals who want to ensure financial security for their beneficiaries in the event of their death.

What are the different types of life insurance?

There are two main types of life insurance: term & whole. Term insurance will pay out if you die while you hold the policy, which is usually from 10 to 30 years. Whole life insurance, on the other hand, will pay out whenever you die.

What are the benefits of term life insurance?

Term life insurance is the most affordable type of life policy. You can choose how many years that the policy will last with a guarantee that the premiums won’t increase and the company won’t cancel you. In the event of your death, your beneficiary gets paid with little complication. Whole life insurance, on the other hand, is usually much more expensive.

What type of coverage does term life provide?

Most standard term life policies will cover any type of death in any place at any time. The only exception is suicide with the first 1-2 years, depending on your policy. If you already have an existing illness, however, that may change the terms of your policy. You can expect to disclose medical information during the application process.

How do I make my life insurance premiums more affordable?

  1. Buy as soon as possible. The older you are, the more expensive your life insurance will become because it is more likely that you will develop an illness as you get older.
  2. Consider getting term and permanent. Insurance companies often offer a package deal for term and permanent insurance. Term can allow you to have maximum coverage while you have more beneficiaries, while permanent will allow for extended coverage throughout your life.
  3. Check your employer’s group life insurance policy. Your employer may offer life insurance at a lower cost than if you were to take it out by yourself. Remember that you run the risk of losing your policy after you leave your job!

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