Life Insurance

Purchasing life insurance can protect your family in California. You can even use it to build wealth for your retirement. Factors that influence your decision include the number of dependents you have, including your spouse and kids. Let the agents at Samko Insurance & Financial Services help you purchase life insurance to provide for their future support, education, and other needs should you happen to pass unexpectedly.

Two Main Types of Life Insurance in California

The two types of life insurance in the Golden State, term life and cash value.

Term life policies remain in effect a certain number of years. This could range from 1 year to 20 years or until you reach a specified age. If you die before the end of the term, the company sends your beneficiaries a check for the face value of the policy.

Cash Value Insurance has both death benefits and an accumulated cash value. You pay more in the first several years but the premium not required for the death benefit gains interest. You can surrender the cash value policy for the accumulated value once you no longer need life insurance.

Cash Value Insurance Types

There are four kinds of cash value insurance:

Whole Life Insurance covers your entire life instead of a specified period.

Universal Life Insurance is very flexible and treats different aspects separately. You can skip premium payments and change your death benefit more easily than other types of cash value insurance.

Variable Life Insurance provides a death benefit that changes with the value of assets underlying your life insurance policy. With a higher rate of return, the death benefit rises. With a lower return on events, death benefits will go down.

Variable Universal Life Insurance combines elements of universal life insurance with the investment potential of variable life insurance.

Contact Samko Insurance & Financial Services to learn more about life insurance in California or to set up an appointment to purchase your own policy.