A Few Things Everyone Should Know About Life Insurance

A Few Things Everyone Should Know About Life Insurance

What you need to know about life insurance!

With varying kinds of policies and levels of coverage, navigating life insurance can be difficult. These tips demystify the complexity of life insurance to help you find an affordable policy that works best for you and your family.

Term Coverage vs. Permanent Coverage

There are two types of policies to choose from, term and permanent. Term insurance has a lower fixed premium than permanent insurance, but pricing only holds for the duration of the term. Once the term ends, premiums will likely increase. Permanent coverage has a higher premium, but remains at a fixed rate for life. Which ever policy you choose, make sure to pay premiums as required, as a lapse in payment may affect the fixed price and your coverage. Discuss your needs with your agent to pick the plan that works best for you!

Supplement your Insurance

You may have a group life insurance plan with your employer or perhaps you’re relying on social security to take care of your loved ones, but it’s often not enough. A group plan often has a limited payout and may not carry over if you change jobs and social security benefits have strict restrictions on beneficiary eligibility. A personal policy to supplement your current plan ensures your family will be covered appropriately.

Maximizing Coverage and Save Money

The cost of insurance is more flexible than you think! Companies offer various ways to save money on your insurance premium.

  • The earlier you take out a policy the better! Age is a major factor in determining life insurance premiums, so the younger you are when you start the lower your premium will be.
  • Bundle your insurance! More companies are offering lower prices if you purchase multiple policies with them.
  • Pay all at once! Certain companies will give a discount if you pay your premium annually rather than monthly.

Let Lloyd S. Berkett Insurance assist you in finding your perfect policy! For your all your insurance needs, contact Lloyd S. Berkett Insurance Agency, Inc.

11150 W. Olympic Blvd.
Suite 1100
Los Angeles, CA 90064

(310) 857-5757
(800) BERKETT | 237-5388
Fax: (310) 857-5750

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The Lloyd S. Berkett Insurance Agency, Inc. was founded in 1946 by Lloyd S. Berkett. Regarded as one of Southern California’s most successful, well-respected and innovative independent insurance agencies, ... Read More

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