Life insurance companies agree to pay out an amount of funds to your beneficiaries should you die. There are several life insurance plans, and finding out which is best depends on your financial goals and situation. There are two common types of coverage offered by Bayshield Insurance in San Jose, CA: Term Plans and Whole Life Plans.
- Term Plans: These shorter-term options have lower premiums for a shorter payout period but have higher interest rates. These are ideal for those just entering the realm of insurance, who aren’t ready to commit to longer periods, or who are on a limited budget.
- Whole Life Plans: This lifetime coverage offers higher payout rates and lower premiums. Making this choice depends on your expected lifespan and financial needs.
Life Insurance Plan Inclusions
Inclusions are benefits provided by life insurance policies and include a wide range of features and benefits. They are broken down into four categories, each one featuring different aspects. Understand these before making a decision about life insurance plans.
- Death Benefit Inclusions: Death benefits are payments made to the beneficiary should the policyholder die before the end of the policy’s terms.
- Income Protection Benefits: These benefits provide income for surviving dependents should the policyholder get seriously ill or unable to work.
- Beneficiary Designation Inclusions: Should the property owner choose to make you the beneficiary, you’ll obtain the rights over the entire aid.
- Other Inclusions: Depending on the plan in place, other inclusions provide coverage related to health, motor vehicle incidents, and other factors.
Considering Your Life Insurance Needs?
You’ll need a comprehensive life insurance plan to protect you and your family after your passing. Learn more about coverage options from an agent at Bayshield Insurance in San Jose, CA.
