Life insurance is a central part of any simple or complex financial plan. It creates an immediate estate where one may not exist; providing a tax-free distribution when most needed. For a family, life insurance may be the greatest gesture of love by keeping possibilities alive after a parent has passed away. It is also useful in planning for larger estates where it can be positioned to pay anticipated estate taxes to enable other assets like a family business to remain in tact.
A Partial List of Issues Addressed with Life Insurance
- Provides continuity of income in the event of an untimely passing of a wage earner.
- Provides continuity of care in the event of an untimely passing of a non-working care provider.
- In the event of an untimely death it can be used to pay mortgage and other financial obligations that do not go away after death.
- In the event of an untimely death it can be used to fund college education for children or retirement of a non-working spouse.
- Key person insurance – helps fund transitional costs that arise when a person key to a business operation has passed away.
- Buy/sell insurance – helps keep a business entity going when a partner or major shareholder has passed away.
- Group life insurance – an inexpensive way to provide added value to your employee benefits program.
- Can be a central part of a conservative retirement plan.
- Can provide fixed income that is guaranteed for as long as you live.
- Can provide fixed income that is guaranteed for as long as you and a co-annuitant live.
Why Get Your Life Insurance or Annuity with Us?
- We don’t just sell you a policy. Life insurance or annuities are financial planning tools where the right answer to most questions is – it depends. Our professionals can provide answers to questions and tailor a policy to your unique circumstances.
- We help you determine what the optimum amount of coverage should be. Many people get policies just to say they have one but the amount of insurance is not enough to address the situation.
- Some life insurance is better than no life insurance. Sometimes a growing family cannot afford the optimum amount of life insurance for their situation. We recommend taking a lower amount as some protection is better than none.
- Get it while you can. For most people there will come a time in their future where life insurance is unattainable due to age or health reasons. No one knows when this will occur; the only logical solution is to get the coverage you need at a young age while still healthy.
- Financially strong company. Life insurance is a long-term proposition and you should have the peace-of-mind that your underwriting carrier is financially strong. Farmers Insurance has been in business over 75-years and together with its parent company Zurich Financial Services is one of the largest insurance companies in the world. Even during these unusual financial times the company remains rate “A” for financial strength by all the major rating agencies.
- Discounts. A life insurance policy with Farmers makes you eligible for additional discounts to your home and auto policies with Farmers. These discounts make the cost of your life insurance even more affordable.
Get a Life Insurance or Annuity Quote
You can choose a number of ways to receive a quote for from us. It is very helpful if you share with us the following information:
- Your age
- Whether you are a smoker or non-smoker
- Description of any past/present medical conditions
A life insurance policy offers your family financial security upon your death. Such a policy is of three types, term life, whole life, and universal life.
- Whole life insurance, as its name suggests, offers a fixed amount of coverage for the whole life of the insured. The premium for the policy remains fixed until the maturity date and the beneficiaries receive benefits of the policy upon the insured’s death or on the maturity date. You can also take loans on your policy for the amount of the cash value; however, you are not required to repay prior to death. In case of the insured’s death before the loan repayment, the beneficiary will receive only the balance amount, after the loan amount with interest has been deducted.
- Term life insurance pays a death benefit in the event of death of the insured during the specified time period if the premiums have been paid. Normally the term periods are 10, 20 and 30 years. This type of insurance is usually purchased for huge coverage amounts for specific time periods. At the end of the specified term, coverage ends. The policy may be exchanged for a whole life policy without the need to provide evidence of good health if converted during the term period. Initially the premium for whole life policy is higher; however, it will not increase or decrease for the rest of your life and does provide dividends which provide cash values.
- Universal life insurance is more flexible, gives the insured greater control over premiums, and offers protection for beneficiaries. The insured has the flexibility to change death benefit or timing, amount of premium payments. The universal life policy allows loans against the policy’s cash value.
- Another type of is variable universal life insurance. Similar to Universal life, the insured is able to choose mutual funds to invest the proceeds in. it gives greater flexibility to the owner of the policy to participate in gains in those mutual funds. There is also greater risk.
Annuity is defined as a contract between an insurance company and an insured. This offers a source of regular income to the insured at a particular time, either now or in the future, in exchange for a single premium or flexible premium payments over a period of time. If you choose to pay a single premium upfront, the return income from the policy may start within a year. People buy an annuity keeping their retirement in mind, since this offers a guaranteed income for the rest of the life.
Types of Annuities
- Variable Annuity provides varied payments, which depend on the performance of investments in the policy.
- Fixed Annuity provides a fixed amount over a specific period or term.
- Immediate Annuity provides immediate returns after you make payment of the annuity.
- Deferred Annuity provides returns at a later time period
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