What is Life Insurance? 

With all of the different types of Life insurance plans and products, it can be very confusing. However, Life insurance can be one of the most important things to consider.  Below are some basic terms and information to help make this important process easier and more informative. 

Life should be easy right? Insurance should be simple and easy to understand.

Call your local Insurance agency today at 619-299-6000 for guidance and help on finding the BEST plan for your unique needs.

Isn't life complicated enough?

Term Life is affordable level term Life insurance coverage with premiums that are guaranteed to remain level for 10, 20, or 30 years, depending on the term of coverage. Premiums will change at the end of the level term periord. Simple Term fits your busy life.

Save with multi-line discounts on your Homeowners, Renters, and Auto insurance when you add a Simple Term Life insurance policy. It takes just a few minutes to apply. No medical exams or tests required. No Lengthy forms to fill out. Underwriting decision by the next business day or sooner. $50,000 to $150,000 of coverage. Premiums as low as $10 a month.

Personalize your coverage

For just a few dollars more, the following riders and benefits can be added to personalize your Simple Term Life insurance policy to fit your special circumstances.

Waiver of Premium - Premiums are waived during a qualifying disability, which protects you against loss of valuable Life insurance coverage.

Accidental Death Benefit If death results from a qualified accident, our Accidental Death Benefit provides additional coverage. Added coverage cannot exceed the base policy's principal sum or total more than $150,000 on all policies.

Accelerated Benefit Rider for Terminal Illness - is available for no extra cost. If you are diagnosed with a specified illness while your policy is in force, this rider gives you the option to request payment of a portion of the policy's death benefit. The amount available will vary and will be calculated by Life at the time of request.

Why Life insurance?

Of course, we all hope for the best. But we have to prepare for the worst and handle what life deals us as best we can. That's why there's Life insurance. Life insurance can help ensure that your loved ones achieve their hopes and dreams, even if you or your spouse aren't there to see them through. Life insurance is truly for the living. And while you hope you never need it, it feels good to know the security is there... just in case.

Benefits of Simple Term Life insurance!

So fast - It takes just a few minutes for you with the help of your agent to comlete, sign and submit the electronic application. You could receive the underwriting decision by the next business day - or sooner.

So simple - No long forms to fill out. Everything can be done while you're taking care of your other insurance needs.

So easy - Unlike the typical Life insurance application process, the Simple Term life insurance application has fewer questions, and there are no medical exams or lab tests. None!

' Simple Term Life insurance is designed to make getting Life coverage simple. Some things you should keep in mind when considering Life insurance coverage:

Get Life insurance when you're healthy. Don't wait until you find something wrong... then it might be too late.

Don't count only on employer-sponsored Life insurance - it's probably not enough.

Stay-at-home spouses need Life insurance as much as spouses working outside the home.

Term life insurance provides for a specified term of years for a specified level premium. The policy does not accumulate cash value. Its main benefit is received in the event of death.  The three key factors are: face amount (protection), premium to be paid (cost to the insured), and length of coverage (term).  Term life insurance is very affordable and premiums are guaranteed to remain level for a specified number of years.  After that period, premiums may be subject to change at the end of the guarantee period. 

Term life insurance can help safeguard your family’s financial security by providing a death benefit that can be used to:

• Help pay off a mortgage balance.
• Help fund a child’s college education
• Provide family income.
• Pay off personal debts
• Pay final expenses

Business Needs:  Term life insurance can be used to meet a variety of business life insurance needs.  Some of these needs may include:

• Key Person coverage
• Funding a buy/sell agreement
• Low-cost optional employment benefit      

One premium can remain level or increase called annual renewable term. It is a one year policy but the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured’s age at that time.

Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owner’s residence so the mortgage will be paid if the insured dies.

Permanent types of life insurance:

Permanent life insurance remains in force until the policy matures or unless the owner fails to pay the premium. The policy cannot be cancelled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years). Permanent insurance builds cash value, providing a savings account that the policy owner can access if needed either by borrowing against the policy or surrendering the policy and receiving the surrender value.

The policy cannot be cancelled by the insurer for any reason except fraud in the application OR NON PAYMENT, and that cancellation must occur within a period of time defined by law (usually two years).

Whole Life Insurance:  Whole life insurance provides for a set face amount, a level premium, and a cash value table included in the policy. Whole life guarantees death benefits, cash values at fixed and known annual premiums. Mortality and expense charges will not reduce the cash value. The premium is inflexible, cash value accessibility is limited and rate of return may not be competitive with other savings alternatives.

Universal Life Insurance:   Universal life insurance is intended to provide permanent insurance coverage with greater flexibility in premium payment.  It includes a cash account. Interest is paid within the policy on the account at a rate specified by the company. This rate has a guaranteed minimum but usually is higher than that minimum. Mortality charges and administrative costs are charged against the cash account. The surrender value of the policy is the amount remaining in the cash account less applicable surrender charges, if any.

The benefits to Universal Life Insurance are that the premiums are flexible. The internal rate of return is usually higher or lower because it moves with the financial markets. Mortality costs and administrative charges are known. The owner can discontinue premiums if the cash value allows it. Death benefit has two options, level and increasing.

The disadvantage to this type of life insurance are from its own flexibility. The policy lacks the fundamental guarantee that the policy will be in force unless sufficient premiums have been paid and cash values are not guaranteed.

Critical Illness Insurance Rider:  Are you prepared for survival?  Advances in medical technology continue to improve the recovery and survival rates for serious illnesses.  Can help you deal with the financial hardships of a serious illness.  The rider pays a lump-sum benefit when the insured is diagnosed with a covered condition.  The benefit is yours to use however you want.  This gives you choices you might not otherwise have.  You could: 

• Help pay off your mortgage or debt. 
• Take extra time off work
• Allow your spouse or partner to stay home through recovery time.
• Get specialized or experimental treatment.
• Take a vacation to celebrate your recovery.