Protect What’s Important: Get a Life Insurance Quote
Life insurance helps protect the people you love financially from an unforeseen tragedy. Finding the best life insurance policy to meet your needs doesn’t have to be complicated or stressful.
Benefits by Design is a full service life insurance broker, offering custom-tailored life insurance plans for businesses and individuals. We can provide the expert advice and honest, direct answers you need to make the best decision. Whether you want to cover yourself, your family, or the people who keep your business going, we’ll help you find the right life insurance plan to suit your budget.
Why Purchase Life Insurance?
Life insurance responsibly addsto your long-term financial plan. Your employer may offer you some life insurance, but it may not be enough to cover the bills and expenses if something unexpected happens.
Take the time to decide what amount of coverage you need to provide support for your loved ones if you can no longer support them.
Death Benefit– If you have a family, your life insurance provides much-needed, tax-free income to your named beneficiary or beneficiaries. These funds can be used to pay off a mortgage, college tuition, funeral expenses, or for just about any other purpose.
If you own a business, your policy can help your partners buyout your interest and prevent a forced liquidation. It can also provide resources to replace a key person in your company if they leave their position unexpectedly.
Living Benefits– Depending on the type of life insurance you purchase, your policy may have a cash value, which can grow over time. You can take a loan out on its value to help pay expenses, such as the down payment on a home or college tuition.
What Types of Life Insurance are available?
Term Life Insurance
Term life insurance provides protection for a specified period of time, for example, ten or twenty years. Term life insurance is generally less expensive than other types of life insurance, and it has a fixed premium.
For individuals, who are getting married, getting a new mortgage or starting a family, term life insurance protection will cover an unexpected death and create additional resources for those who need it most under the circumstances. Business owners might select this type of policy to be in effect until the time they retire.
Depending on the type of insurance you purchase, term life insurance is sometimes convertible to permanent life insurance.
Whole Life Insurance
Whole life is a permanent type of life insurance that remains in force for your entire lifetime, provided you continue to pay premiums. Many whole life insurance policies build cash value over time, so they can be turned in for money should your needs change. Families or business owners often choose Whole Life Insurance to build cash value in the policy over time. Many Whole Life policies are combined with a money market type of investment, and the policy pays benefits, based on the type of investments made by the insurance company.
Universal Life Insurance
Universal life insurance is a permanent type of insurance that offers flexible premiums. You need to pay a minimum premium amount or the policy will lapse. Depending on the policy’s potential cash value, you may be able to skip a premium payment if necessary. Families or business owners often choose Universal Life Insurance.
Hybrid Product for Life Insurance
There’s a good chance you’ll need long-term care as you age. But if you’re like many Americans, you don’t have a plan to pay for it.
These days, people are increasingly concerned about how they will pay for long-term care. According to a recent study by LIMRA, that worry has grown from 12% in 2019 to 37% in 2021.Furthermore, six in 10 Americans would consider a combination life insurance policy—a life insurance policy with a long-term care component.
Although about half of adults turning age 65 today will develop a disability that is serious enough to require assistance with everyday activities, only 11% have long-term care insurance coverage that will help pay for the cost of care. Often, people don’t recognize the need for this sort of coverage because they underestimate the cost of care. They mistakenly assume that Medicare and health insurance will cover long-term care.
Plus, the cost of long-term care insurance can be a deterrent to getting coverage. The idea of paying hefty premiums for coverage they might not need leaves a bad taste in people’s mouths.
There is an alternative to use-it-or-lose-it traditional long-term care insurance. Hybrid life insurance products provide long-term care coverage if needed or a death benefit if the policy isn’t used to pay for care.
Before opting for one of these products, understand what they are and whether they’re right for you.
Let Benefits By Design help you purchase the best life insurance policy for your situation and needs. We are a full service life insurance broker.
To learn more, please call: (415) 524-8959.