No one truly knows their time of death, but plans can be made to help survivors continue on. Life insurance allows your beneficiaries to cover the cost of your funeral and estate expenses and provide for their own needs. But which type is best for you? If you’re looking for life insurance in Carlsbad, CA, then read on to learn about four different types of policies available.
Term
Term life insurance covers you for a specific period of time, hence the word term. During this time period, you will pay premiums until the policy expires. Once it does, you’ll have to renew it or get a new one, or you won’t be covered in case you pass away.
Whole
In contrast to term life insurance, there’s whole. Once you get this type of policy, you’ll be covered, in most instances, until your death. This means you won’t have to worry about term expiration or the like. You simply pay your premiums and you’re covered.
Universal
This policy is like whole life, but the premium and death benefit aren’t locked. In other words, you’ve got a bit of flexibility built into this policy. When your premium payments supersede the actual value of the policy, this excess is added to the value of the policy, making it a potentially lucrative way to grow cash.
Group
As the name implies, this type of policy is for covering a group of people. It is typically used by employers in the workplace. Employees pay a premium that is calculated base on the entire group. Although the coverage usually is basic, employees have the option of adding supplemental life insurance. For more information on life insurance in Carlsbad, CA, contact Serra Benefits & Insurance Services today at www.serrabenefits.com.
