A life insurance policy can help your loved ones pay college tuition, mortgage payments, and even help cover retirement income gaps in the event of your passing. And some of the permanent policies offer the opportunity to build cash value, which you're able to use however you'd like.
How does life insurance work?
With term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit processed from the policy. Term insurance is for a specific period of time whereas permanent is for life as long as the premiums are paid.
Do I need life insurance?
If you have anyone that depends on you financially or if you don't want to leave your loved ones with burial costs or debt, then answer is yes. And if you're just starting out and want to lock in an affordable rate for when you have family, different types of life insurance can help with that, too.
How much life insurance do I need?
Generally speaking, most advisors recommend 10 times your annual income. However, everyone's situation is unique, so generalized rules of thumb aren't accurate.
At Chen & Associates Insurance Services, we diligently find the financially strong and reputable life insurance companies to partner with. This will allow us to help our clients get the best coverage in the industry.
Finding a Life Insurance Policy to Meet Your Needs
We understand—choosing a life insurance policy can seem a bit overwhelming. If there’s one thing the life insurance industry is guilty of it’s producing an abundance of choices. But in this case, there’s good reason: Everyone’s needs, goals, and preferences are different, and we want to help you find a policy that meets:
The amount of time you need it to be guaranteed.
How much, if any, risk you can accept.
Even how actively involved in managing the policy you’d like to be.
You don't have to do this alone
you can explore a policy on your own, or you can talk to or meet with a Financial Professional who can simplify the process for you. Our Financial Professional can sort through all the choices and help you choose a policy to meet your needs.