California residents own over 10 million individual life insurance policies. Are you covered?
At Lucas Insurance Services, we give you the information you need to make your California life insurance decision with confidence. Our knowledgeable and professional agents can help you navigate your way through one of the most crucial policy decisions you will ever have to make in your lifetime. If you need life insurance in California, we have the expertise to secure you a tailored California life insurance plan you can rely on.
Here at Lucas Insurance Services, we offer two distinct types of California life insurance: whole and term life insurance. Whole life insurance never expires, and therefore guarantees a payout to the policy holder. On the other hand, term life insurance covers only a specific period of time, and does not guarantee a payout. Because you are not guaranteed a payout, term life insurance tends to be less expensive than whole life insurance.
Term Life Insurance Basics:
- Coverage for a “term” or period of your life.
- Lower premiums for higher coverage.
- Rates can change after specific terms expire.
- No equity – cannot be used as cash value.
Whole Life Insurance Basics:
- Exactly like it says – permanent, not for a specific period.
- Protection carries with you your whole life.
- Can build equity and have cash value.
- Higher premiums than term life, but can be more valuable in the long run.
Term and Whole Life Combined:
- Build lifelong base of whole live coverage.
- Supplement specific times of your life with term insurance.
When to choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it may make more sense to have a term life policy that covers the mortgage and living requirements until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
When to choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Often times whole life policies will pay dividends – although not always.
If you would like to speak to a Lucas Insurance Services representative about your life insurance needs, simply fill out the quote form on this page. As soon as we receive your information, we will begin building a life insurance policy tailored just for you!