While life insurance may not be the most enjoyable thing to think about, it’s extremely important! Especially when it comes to the financial burdens that could land on your loved ones in the future. Purchasing a whole life insurance policy will cover these unplanned expenses and help ease the financial strain of a family member’s death. Having this coverage can lift that weight of your shoulders, as these policies last a lifetime. With whole life insurance Chico CA from the experts at Brines Insurance you can concentrate on living.
Whole life insurance is just that; coverage that will last your whole life. Because they have a 100% payout, since everyone will die eventually, these policies are generally more expensive than that of term life insurance. The benefit is that if you are diagnosed with a life threatening condition, after the beginning of your policy, you cannot be dropped from the plan. Unlike with term insurance, where if you get sick but outlive the duration of your policy, you may not be able to find coverage.
Another benefit of purchasing whole life insurance in Chico CA is a feature known as “cash value.” Cash values accumulate on a tax-deferred basis and can be used in the future for any purpose. You can borrow money from your policy and use that policies cash value as collateral, which has relatively low borrowing rates. If you want or need to discontinue paying premiums, you can either use the cash value to continue the insurance, or surrender the policy and pocket the current value.
Most whole life insurance policies will offer you a fixed premium that will never increase, even if you become ill. These premiums are based off of not only age, health, and life expectancy, but also of the amount of death benefits you would like to insure that your family receives, such as income replacement and funeral costs. They also cannot be changed after they are put into place so whatever benefits you choose, are yours.
If you like having the security of a policy that will never change and never expire, then the best policy for you can be found with whole life insurance in Chico CA. This policy will not only allow your family to go without the financial concerns that come along after your death, but can also provide benefits beforehand as well. If you have any questions about the benefits that a whole life insurance policy can give to you, please contact us today!