Life Insurance

Handling Life Insurance When A Love One Passes Away

By | Life Insurance

When a loved one passes away, there are so many different things that need to be done. Funeral arrangements need to be made, paperwork needs to be completed and affairs need to be put in order. Without knowing your loved one’s wishes, it can be a difficult task to get everything right. And trying to figure them out while grieving at the same time can be very stressful for everyone involved.

While everyone is well enough to discuss it, now is a great time to figure out what your loved ones want for the future- yourself included. Would you prefer to be buried as apposed to being cremated? Maybe you want your ashes sprinkled in your favorite vacation spot or you are planning a green funeral for yourself. Without imparting that information to your loved ones, you could end up having a funeral that you really didn’t want.

Also, if you have any life insurance, living will or any other types of paperwork your family will need to know about tell them about it now. It will make it much easier on them if they do not have to look for it when they are going through the grieving process after losing you.

Of course, we highly recommend having a good life insurance policy. It can help your family financially through the transition period after you pass away. It can give them a bit of leniency when it comes to paying bills and getting everything in order. Even if you already have a life insurance policy, it might be time to review the coverage you currently have. You may have gotten your policy back before you had children or got your new higher paying job. It is worth checking it over to make sure your family will be covered adequately.

What You Need to Know About Life Insurance and Accelerated Death Benefits

By | Life Insurance, Life Insurance

How does Life Insurance & Accelerated Death Benefits Work?

Life insurance policyholders may have the option of adding ‘riders’ to their policies to cover particular circumstances. One of these riders known as an ‘accelerated death benefit’ may be useful in cases of a serious and life-threatening disease.

With the addition of this rider, the policyholder may be able to draw on the death benefit in advance to pay for medical care. It’s important to note that this only applies in cases of severe illnesses such as terminal cancer, or another disease requiring extensive medical intervention.

When the death benefit is drawn on in advance in this manner, it’s important to be aware that the amount due to beneficiaries upon death will be reduced. In cases where the policyholder recovers from the illness, he or she is not generally required to pay back the benefit. However the value of the benefit will have decreased by the amount previously drawn on it.

In some cases of an accelerated death benefit riders, insurance providers only charge extra for it if it is actually utilized. In other cases, insurers may charge extra for the rider. This is something that should be checked with the life insurance agent when taking out the policy, or when taking the option of adding a rider to an existing policy.

Contact Harrington Insurance Agency in San Jose, CA today if you any insurance needs that need to be met.

Life Insurance Policies in California to Protect Your Dependents

By | General Insurance, Life Insurance

Life Insurance: Term Life or Whole Life

When considering taking out life insurance, one of the key decisions you’ll need to make is whether to purchase term life insurance or whole life. Term life will give you coverage in the event of your death – however it differs from whole life in that it only covers the policyholders for a nominated term. This can be, for example, ten, twenty or even thirty years and the term you decide to purchase may depend on your age and a number of other factors.

How Much Is Needed?

Once this decision has been made, you will then need to decide how much life insurance to buy. Here it is important, not only to settle on a figure that will allow your dependents to continue to live in the style to which they are accustomed, but also to help take care of any current or future purchases. This may include enough to pay off the current mortgage but also to cover major expenses planned for the future such as the children’s education needs.

Planning for the right amount of life insurance to buy will take some careful thought and it is best to discuss future needs with your family. For further information on how California life insurance could work for you, contact us to discuss your needs and obtain further information and quotes.

Finding Life Insurance to Fit Your Needs

By | Life Insurance, Personal Insurance

Planning For Your Future

Planning ahead is never an easy task, however sometimes it needs to be done for the benefit of your loved ones and dependents. In California, life insurance planning may be considered one of these duties. However having decided that taking out life insurance is necessary to ensure that expenses such as house mortgages are taken care of in the event of early death and your family will continue to enjoy the lifestyle they love, you may ask yourself, what type of life insurance do I need?

There are usually a number of life insurance options on offer however they can be broadly dived into two categories: term and whole life.

Three Important Key Words: Simple, Cheap and Effective

Term insurance is a form of life coverage which pays the beneficiary in the event of the policyholder’s death within an agreed term. This can be up to 30 years. It usually has limited if any other benefits attached and terminates at the end of the agreed time. Level term is when the death benefit remains the same, decreasing term means the death benefit falls the further you go into the term.

Whole Life: Guaranteed Payout

Whole life differs from term life in that it guarantees a payout payable upon the death of the policyholder (whenever that occurs – generally up to 100 years). A number of variations on this policy may see some benefits attached to this policy.

Determining which California life insurance is best suited to your requirements is important as you look to understand how much coverage you need to purchase. Talk to one of our agents for more details.