Life Insurance Sunnyvale – Term Life Insurance
Term life insurance is the simplest form of life insurance, providing affordable protection for Sunnyvale residents for a specified period of time at a predetermined benefit level. It is a way to protect those you love from financial hardship in the event of your death.
You choose the type of term life insurance coverage that best fits your needs, picking a coverage level, a term, and naming a beneficiary. Usually coverage levels are between 50,000 and 5 million, and the term of the policy is for 5, 10, 15, 20, or 30 years. If you die while your life insurance policy is in effect, the death benefit is paid to your beneficiary, usually tax free.
Life Insurance Sunnyvale – Premiums
Term life insurance premiums are calculated on the basis of a number of factors: your age when you purchase the policy, your health, as well as the length of the term for which you are purchasing insurance. At the end of the term of the policy you can renew your policy, typically at a higher price (because you are now older).
Term Life insurance enables people to meet a number of personal and business needs in Sunnyvale at a low cost.
Term Life Insurance:
- Protects family and loved ones from financial disaster in the event of a death.
- Helps pay the mortgage and other essential obligations, so that your family does not need to move from their Sunnyvale home.
- Will finance education of loved ones
- Helps preserve a family business
- Peace of mind
Life Insurance Sunnyvale – Basics
Term life insurance is typically the least expensive form of life insurance. It is indemnity insurance, which means that if you have a policy and suffer a loss (in this case, the death of the policyholder) the beneficiary will receive compensation in the amount that the policy is worth. As “pure” insurance, it has no cash value, nor can you borrow against it. Often life insurance benefits are used to pay for debt reduction, debt elimination, or even to help with funeral expenses. Often it is to pay the mortgage , so that loved ones are not forced to move from their Sunnyvale family home.
Life Insurance Sunnyvale – Protect Your Family
When figuring out how much insurance your family needs it’s important to consider all the current financial obligations that you wish to provide for, and what new expenses can be predicted. Some questions to consider before deciding on a benefit level are:
- Is it important to you to finance your children’s college?
- Will your spouse need to pay for child care?
- Do your dependents currently receive health insurance through your policy? Does your benefit need to cover the cost of health care, or other forms of support?
I like to remind people that when one parent dies, it may be a good idea to have enough coverage in place so that the remaining parent can quit work or reduce hours to focus on the children, so that the children are not forced to lose both parents- one to death, and the other to over work.
Life Insurance Sunnyvale – Is It Right for You and Your Family?
Life insurance is hotly debated by insurance professionals. Ultimately it has to make sense for you and your situation. It is wrong for an agent to try to push coverage on you. It is such an important decision, that it needs to be one you make with full awareness of all the costs and benefits, whichever decision you decide to make.
I’m a former Police Sergeant with a Bay Area Police agency. I have seen too many times when tragedy hits a family, how nice it would have been for them to have planed for the people they left behind.