Learn more about California's new minimum auto insurance requirements.
Protection for When Life Takes an Unexpected Turn
Life insurance can help take care of end-of-life expenses, but it could also act as a safety net for families, a legacy for a business, a college fund, and so much more. By purchasing a life insurance policy, you help protect your family's future by ensuring their financial stability after your passing. At AIS, we've partnered with CPS to offer customers life insurance policies tailored to their needs. To speak with a life insurance specialist, call (877) 215-2608.
Whether it's lessening the financial strain on loved ones after you're gone or covering end-of-life costs, life insurance provides peace of mind knowing your family will be protected without you.
Differences Between Life Insurance Plans
This option is the most affordable type of life insurance. However, it only pays out the benefit if the named insured passes within the specified term. If the named insured does not pass within that time frame, there is no payout, and none of the premium will be returned. Keep in mind that the policy is renewable and can be amended. You should also be aware that it does not have a savings option.
This is a type of permanent life insurance. It has fixed premium rates with no term limits. This type of life insurance protects the named insured over their entire lifetime as long as payments are made. The insured can even borrow or withdraw money from this policy, which is a tax-deferred fund. The downside is that it has a lower rate of return than the other two life insurance types.
This is also a type of permanent life insurance. It offers lifetime coverage and a cash value. However, that value fluctuates based on short-term interest rates rather than a long-term set rate. If payments exceed the cost of the premium, the money is added to an interest-earning account. The interest rate can fluctuate, but there is a guaranteed interest rate set by the insurance company that it cannot go below. Beware that if interest rates fall, premiums may go up and/or the benefit may drop below the coverage needed. Universal life insurance is usually paid out to the beneficiary tax-free.
Who Can Be A Beneficiary of My Life Insurance Plan?
You can name anybody, including a trust or estate, to be the beneficiary of your life insurance policy. Choosing a beneficiary is a highly personable decision, so consider those you'd leave behind if something were to happen to you.
If you have dependents, think about how many years it will be before they are financially independent, if ever. Is your spouse a stay-at-home parent? How will they pay for expenses if you pass? These are the type of questions to ask yourself.
If you own a business that you want to thrive without you, you can even name your business or business partners as your beneficiaries. Ultimately, the choice is yours.
Additional Insurance Resources
When Should You Purchase Life Insurance?
Most people don't consider life insurance until they're much older, but does age affect coverage rates?
An Overview of Health Insurance
No one plans to get sick or hurt, but health insurance will help you get the medical care you need.
What are the Benefits of Life Insurance?
A life insurance policy helps financially protect those you care about even after you're gone.
Why Is Umbrella Insurance Important?
With an umbrella insurance policy, you can extend your coverage limits to further protect your assets.