Call Us Contact Us
Young Insurance Young Insurance
  • Home
  • About
  • Services
    • Personal Insurance
    • Auto Insurance
    • Home Insurance
    • Life Insurance
    • Health Insurance
    • Commercial Auto Insurance
  • Policy
  • Claims
  • Blog
  • Contact
  • Quick Quote

    NextPrevious
    How to Get the Most out of Your Life Insurance

    How to Get the Most out of Your Life Insurance

    By Young Insurance | Health & Life | Comments are Closed | 21 September, 2021 | 2

    One important benefit of having life insurance is that it ensures your family is financially secure if something untoward happens to you. That way, they will be able to cater to their needs and wants even when you are not there. Life insurance can:

    • Help settle your mortgage payment
    • Pay for your children’s college education
    • Serve as income replacement if you lose your job
    • Meet certain financial obligations, such as caring for aging relations
    • Cover many debts, such as credit cards, car loans, and student loans

    It is important to note that the benefits you stand to enjoy by purchasing life insurance depend on the coverage you choose. Also, the type of policy you buy influences your benefits. Life insurance can be combined with other insurance types, such as disability insurance. Specific policies have a cash value that increases with time. These cash values can be used to pay for premiums at a later time. They can also help you live a better life post-retirement.

    Life insurance also has tax benefits. For instance, death benefit payouts are usually tax-free. Moreover, certain policies are designed to transfer money to your heirs with limited tax liabilities.

    Types of Life Insurance and Their Benefits

    There are two basic types of life insurance – term life insurance and permanent (whole life) insurance.

     Term Life Insurance

    With term life insurance, you have to pay a certain amount in premium for a specified period, e.g., ten years. If you pass away within this period, your beneficiaries will receive the death benefit. However, if you don’t die, you will have to get new coverage or risk losing your current coverage.

    Some benefits of term life insurance include:

    • It has a low cost
    • It is easy to understand
    • Most term life policies can be converted to whole life insurance
    • If you can no longer afford it, you can stop paying your premium. However, you will lose the premiums you’ve already paid.

    Permanent Life Insurance

     The permanent life insurance policy, on the other hand, is designed to last your entire life.

    Its benefits include:

    • Provision of estate planning benefits with tax advantages
    • It features cash value, an essential savings element that you can borrow against

     Ways You Can Get More Benefits with Life Insurance

    There are several ways you can maximize your benefits with life insurance, such as:

    • Purchase life insurance when you are younger and healthier
    • Get life insurance at group rates through your employer
    • Buy permanent life insurance to accumulate cash value, thereby reducing your monthly premiums
    • Obtain policies with riders that can add benefits for an extra amount—for instance, disability waiver of premium and accelerated death benefit.

    Bear in mind that the type of life insurance you purchase depends on your needs. As such, endeavor to do adequate research about life insurance before buying one. Also, the earlier you get a life insurance policy, the better it is for you.

    For all your personal insurance needs, contact us at Young Insurance today!

     

    life insurance

    Young Insurance

    Whether you are shopping for auto insurance, home, health, life or business insurance, our highly experienced team of insurance agents can help you find the right coverage at the lowest rate no matter what your needs are.

    More posts by Young Insurance

    Related Post

    • What does It mean for Your Policy If Your Life Insurance Company Just Got Sold Off

      What does It mean for Your Policy If Your Life Insurance Company Just Got Sold Off?

      By Young Insurance | Comments are Closed

      What happens when your life insurance agency gets acquired by another firm? Does everything change or stay the same? Are there guarantees your policy will not be affected by an ownership change? A recent seriesRead more

    • Should You Buy Additional Life Insurance Aside From What You Have From Work

      Should You Buy Additional Life Insurance Aside From What You Have From Work?

      By Young Insurance | Comments are Closed

      Many people opt to purchase life insurance from their employer because the money is taken out of their paycheck, and they won’t miss it. It also will remain in place for as long as theyRead more

    • concept of protecting family

      When Should I Review My Life Insurance

      By Young Insurance | Comments are Closed

      When was the last time you reviewed your life insurance coverage? Perhaps you haven’t looked at it since you bought the policy. As a general rule of thumb, it’s good to review annually as well asRead more

    • First-Time Buyers Should Know About Life Insurance

      What First-Time Buyers Should Know About Life Insurance

      By Young Insurance | Comments are Closed

      New to life insurance? We take you through what you need to know. Congratulations! You’ve decided to buy life insurance. Not only have you made a valuable investment for your family, but also for yourRead more

    • Right Life Insurance Plan

      How to Pick the Right Life Insurance Plan

      By Young Insurance | Comments are Closed

      Plan for the future by selecting the right life insurance plan for your needs. Talking about death can be uncomfortable for anyone, but proper financial planning can ease the nerve that your family will beRead more

    NextPrevious

    Recent Posts

    • Know About the Most Common Home Insurance Claims?
    • What Should You Know About Family Floater Life Insurance Policy?
    • Major Life Insurance Myths Debunked
    • What Are the Ways to Save Money on Auto Insurance for Teens?
    • Can I Get a Good Auto Insurance Quote Online?

    Recent Comments

    • Lighting Safety: It's Time to Decorate for Christmas! on Safety Tips for Driving in the Rain

    Archives

    Categories

    • Archives
    • Auto
    • Auto Insurance
    • Business
    • Commercial Auto
    • Halloween
    • Health & Life
    • Health Insurance
    • Home
    • Insurance
    • Lifestyle
    • Pet Insurance
    • Renter Insurance
    • Uncategorized
    • Vehicle Insurance

    CONTACT US

    24942 Greensbrier Dr
    Stevenson Ranch, CA 91381
    Monday – Friday
    9am – 5pm PDT
    Office: (818) 840-0246
    Fax: (818) 953-9341

    Recent Posts

    • Common Home Insurance Claims

      Know About the Most Common Home Insurance Claims?

      Life is unpredictable. Even with excellent intentions, maintenance schedules, and insurance coverage,

      24 August, 2022
    • What Should You Know About Family Floater Life Insurance Policy?

      What Should You Know About Family Floater Life Insurance Policy?

      What Is Family Floater Health Insurance? A family floater, health insurance plan,

      10 August, 2022
    • life insurance myths debunk

      Major Life Insurance Myths Debunked

      Purchasing a life insurance policy is often met with hesitation, doubt, or

      27 July, 2022
    • What Are the Ways to Save Money on Auto Insurance for Teen

      What Are the Ways to Save Money on Auto Insurance for Teens?

      As a parent, it can be daunting to think about your teenager

      13 July, 2022

    Quick links

    • Home
    • About
    • Services
    • Manage Your Policy

    Quick links

    • Claims
    • Quick Quote
    • Privacy Policy
    • Contact Us
    • Sitemap
    © Copyright 2023 YOUNG INSURANCE | Privacy Policy | Insurance Agency Website by Stratosphere
    • Home
    • About
    • Services
      • Personal Insurance
      • Auto Insurance
      • Home Insurance
      • Life Insurance
      • Health Insurance
      • Commercial Auto Insurance
    • Policy
    • Claims
    • Blog
    • Contact
    • Quick Quote
    Young Insurance

    Get a Quote