The Facts About California Life Insurance
No matter which age you are, buying a life insurance policy is a wise decision especially if there are people who depend on you. Even if you don't have anyone who depends on your income, if you've taken out student or auto loans with another individual as the co-signer, having a term life insurance policy is a good idea so that the other person doesn't get stuck with your debt. Young families need either term or whole life insurance on both parents in order to ensure that the kids are well taken care of and that the surviving parent's burden isn't too large, should one pass on prematurely. Even empty nesters can enjoy the benefits of life insurance, especially if there is a significant age difference or their nest egg isn't very large.
Term life insurance is often best for younger people who are just starting out on their adult path and need the security that life insurance brings, knowing if they die, their parents don't have to pay the student loans off with their retirement funds or that if their partner passes on, they don't have to work 60-hour weeks to make ends meet. A term policy is only good for the specified length of time, usually 5 to 25 years. Once it's over, you can renew if you wish.
A whole life insurance policy differs in that it builds up cash value which can be taken out even if you cancel the policy. These policies are usually good for life, provided you keep making your premium payments. Many older people choose these since the policy doesn't expire.
If you're looking for life insurance in the Fremont, San Jose, Sunnyvale or Santa Clara, California area, the team at Satwant Singh Insurance Agency is ready to help explain the details of the policies so that you can make an educated decision as to which is right for you. Additionally, an independent agent will be able to answer your questions at any time.