Health & Life Insurance Policies in Bakersfield CA
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Protecting the future of you and your loved ones is something that you shouldn’t take lightly. Likewise, having the right life insurance policy can make all the difference. At Millennium Insurance in Bakersfield CA, our life insurance policies are tailored to fit the constraints of your lifestyle and finances. Millennium Insurance can help you select the best life insurance coverage to meet your needs. We also provide a variety of different types of life insurance policies for our customers. The most common policies include:
This insurance protection is only active for a defined period of time. If you are currently without life insurance, a term life insurance policy is a great place to start. For the most part, it is less expensive than a whole life insurance policy. This form of insurance is also available for varying time periods with fixed annual premiums that are renewable to a 20-year period. Whats more, a term life insurance policy can often be converted to permanent coverage offering you more flexibility as your needs change.
A whole life insurance policy is a form of permanent insurance. This kind of policy remains in tact for your entire lifetime as long as premiums are paid in accordance with the policy. This can be a tremendous investment opportunity as many whole life insurance policies also build cash over time.
As another form of permanent life insurance, a universal life policy provides you with flexible premiums, face amounts and an unbundled pricing structure. This insurance policy can also build cash value which accumulates according to an adjustable interest rate. However, this interest rate is usually guaranteed not to fall below a certain percentage.
Benefits of Life Insurance
Life insurance provides more than just protection for your family after you are gone. These policies also provide a substantial investment opportunity that you can take advantage of while you are still living.
Life Insurance Death Benefit
When your time is up, your life insurance policy provides tax free income to a named beneficiary and can be used to pay for funeral expenses, debt, tuition, estate taxes, or any other financial needs. Beyond the needs of your immediate family, your life insurance policy can also provide security for your business assets as well.
The cash value of a whole permanent life insurance policy is tax deferred. This means you don’t pay taxes on the growth of your policy’s cash value. You can also withdrawal loans against the cash value of your insurance policy to help with other expenses you may encounter.
At Millennium Insurance in Bakersfield CA, we know that the right insurance coverage is different for everyone. This is why having an experienced insurance professional in your corner can help guide you through the different options that are available. Contact our insurance team 24/7 to learn more about our available insurance packages and to find the right match for you and your family.
As you go through life’s changes, your life insurance coverage needs to adapt to meet your needs. There are several life changes that may require your policy to be updated:
- You have recently married or divorced.
- Your health or your spouse’s health has deteriorated.
- You have refinanced your home mortgage in the past six months.
- You or your spouse recently received an inheritance.
- You have a sizable estate.
- You have a new child or grandchild.
- You have opened or expanded a business.
- You are providing care or financial assistance to a parent.
- Your child or grandchild requires assistance or long-term care.
- You recently purchased a new home.
- You are planning for a child or grandchild’s education.
- You are concerned about retirement income.