Many of us believe life insurance is unnecessary for anyone not reaching retirement age or older. However, you should be planning for your financial future at any age, no matter how young you are. Millennials might think they are exempt from these conversations, but that couldn’t be further from the truth.
Planning Your Financial Future
As a millennial, you’ve worked hard to gain the financial assets that you have. The last thing you want is that, in the tragic event of your passing, your loved ones are left to deal with any unpaid debts or others are making financial decisions on your behalf.
Enjoy Lower Premiums
Life insurance premiums tend to be lower when you’re younger and healthier. It will make it easier to obtain a plan that you can lock in at a premium rate, which should save you money in the long run. It’s also an investment, as some policies will have a cash value that accumulates over time. Many use that extra money for things like retirement.
Lessen the Burden of Those Around You
Taking out a policy will lessen the burden on those around you. Unfortunately, if you’re a millennial, you’re likely to have some form of debt, such as student loans. The policy should help handle those debts and tackle any medical expenses you incur.
Contact Bayshield Insurance in San Jose, CA
At Bayshield Insurance, we know that a good policy is the only way to protect you against financial loss. We understand how crucial it is that you find coverage that meets your needs and will navigate you throughout the entire process.
If you’re a millennial looking to talk about life insurance, contact us at Bayshield Insurance. We happily serve San Jose, CA and surrounding areas.
At Bayshield Insurance, serving the greater San Jose, CA area, we help individuals select and purchase the life insurance products that are best for them. Life insurance can help to pay for your final expenses, as well as provide your family with money, as they will no longer have your income coming in. One of the questions that we are often asked is how much life insurance is ideal. There are many factors that need to be considered when determining how much life insurance you should have.
Here are some of those factors:
How Much Debt You Carry
You should always consider the amount of debt you have, including car debt, student loan debt, home debt, and credit card debt. You want to ensure your life insurance policy will cover all your debts if you pass away.
How Much You Earn Now and Are Projected to Earn In the Future
Another factor to consider is how much you earn now and how much you are projected to earn in the future. Your family is likely reliant on this income, and the amount you make times the number of working years you have left may help to give you an idea as to how much income your family will lose and may need to live the same quality of life should you pass away.
Contact Us Today
Determining how much life insurance coverage you should carry is not always straightforward, and there are many different things that need to be considered. If you are in the market for a life insurance policy in the greater San Jose, CA area, Bayshield Insurance can work with you to determine how much coverage you need and to help find you the policy that best protects yourself and your family.
At Bayshield Insurance, serving the greater San Jose, CA region, we are happy to assist our clients with all of their insurance needs, including life insurance. Many people have questions about this coverage, and one of the questions that we are often asked is whether a parent should take out a life insurance policy on a child.
Should You Take Out a Life Insurance Policy On a Child?
If you are unsure if you should take out a life insurance policy on a child, you should consider whether you can afford to pay for a funeral out of pocket. No one wants to think about their child passing, but if an accident or illness happens, you want to ensure you can give your child the final resting place they deserve. If you cannot afford to pay for a funeral out of pocket, buying life insurance is a wise choice.
What Are the Benefits of Taking Out a Life Insurance Policy On a Child?
Another reason why you may want to take out a life insurance policy on a child is that it helps your child to get life insurance early on in life before injuries or illnesses strike. Many of these policies can carry along with your child their entire life, so buying a policy before illnesses or injuries strike helps to keep premium costs low.
Give Us A Call
If you have a child, you may want to consider taking out a life insurance policy on your child. If you think you can benefit from purchasing a life insurance policy, Bayshield Insurance, serving the greater San Jose, CA area is here to assist you. Let us help you find the right policy for your family’s needs, including life insurance policies for yourself and your children.
Among the best moves that you can make to safeguard the well-being of your family after you pass away is purchasing life. If you are lucky enough to work for an employer that provides you with an employee benefits package, a life insurance policy will likely be included. Many San Jose, CA residents that have life insurance through their jobs don’t think they need more life insurance. But this is not correct; at Bayshield Insurance, we recommend getting more life insurance even if you already have a life policy as part of your employee benefits.
Why More Life Insurance
1. Your Employee Benefits Life Policy Is Not Enough
Most employers offer their staff life policies that are several times their annual salary. For most employees earning $50,000 to $70,000 annually, the coverage is usually $200,000. While this is a reasonable amount, it’s not sufficient life insurance if you have debts, kids who will be joining college in the future, and a mortgage. Getting additional insurance would plug the holes left by your employer’s group life insurance and provide sufficient financial protection to your loved ones.
2. Your Employer’s Group Life Insurance Isn’t Customizable
An excellent life insurance policy should fit your family’s needs and financial situation. However, the group life insurance policy provides the same coverage to every employee. This means you can’t customize the policy like adding riders to suit your specific situation. Getting another life insurance enables you to customize the policy the way you want.
3. You May Want a Permanent Life Policy
Most life insurance policies provided under employee benefits are term policies. Employers usually renew the group life policy only for as long as the employee is working for them. If you want a permanent life policy, your only option is to get individual life insurance.
Bayshield Insurance is a leading insurance agency in San Jose, CA. Call us today for life insurance assistance.
Those who are in the San Jose, CA area are going to have various personal insurance needs. One form of coverage that all people need to seriously consider is life insurance. This is a unique form of insurance that provides benefits that are unmatched by other forms of coverage. There are various reasons why you should get a life insurance plan when you are here.
Provide Financial Protection for Dependents
An important reason that you should get life insurance coverage is that it is a good way to provide financial protection for your dependents. If you have people that rely on you for financial support, ensuring this support moving forward is important. A great way that this can be done is with life insurance. With this coverage, you will be able to build a full plan that will provide financial protection to those that you care about.
Today, you can also use life insurance as an investment alternative. Due to recent volatility in the financial markets, finding a way to diversify and have a more secure investment stream can be helpful. A great way to do this is with a whole life plan. This form of coverage will put some of your payment into an account that accumulates interest each month. You can then use this as a source of liquidity in the future.
If you do live in the San Jose, CA area, you will want to make sure that you speak with the team at Bayshield Insurance about your life insurance needs. As you are looking for a plan in this area, Bayshield Insurance can make the process easier and smoother. They are able to answer any questions that you have and give guidance necessary to build a plan ideal for your situation.
Bayshield Insurance serving San Jose, CA would like to talk to you about some of the common life insurance questions you may have.
What is Life Insurance?
It is an insurance policy that you take out and pay a monthly premium for. In the event of your death, money is paid out to your beneficiaries to take care of them after you are gone. It affords your loved ones additional financial protection or may be used to pay off a mortgage after your death.
How many types of Life Insurance Policies are there?
There are two main types – term life and whole life. Term life insurance is when you take out a life insurance policy for a particular time frame. If you die during that period, then your death benefit is paid out. If you do not, then you may renew it depending on the policy wording. A whole life insurance policy is a policy that you pay for from the time you take it out until the time that you pass away. The death benefit is paid to your beneficiaries
What is a Beneficiary?
A beneficiary is a person or persons that you have nominated to receive the benefit (or money) from the life insurance policy after your death.
Are Life Insurance Policies expensive?
This depends on several factors including, the amount you wish to insure, your health, the type of life insurance policy you want, and your age. Term life insurance policies are more cost-effective in the beginning but eventually get more expensive. Whole life insurance policies are more expensive in the beginning and flatten out as you age.
There are many benefits to purchasing a life insurance policy. Contact Bayshield Insurance serving San Jose, CA today and let them guide you.
People that live in San Jose, CA need to ensure they have a proper package of personal insurance plans. An important type of insurance that everyone will need to have in this area is life insurance. There are several types of insurance to consider, which include whole and term life. You should spend time assessing the features of each when determining which is right for you.
Whole Life Insurance
A common form of coverage to consider is whole life. When getting whole life coverage, you can continue to have the insurance in place for the rest of your life if you continue to make payments. While premiums tend to be higher than other options, some of your payments will go into an account that you can turn into cash in the future. This also grows with interest, which can be a good conservative addition to a personal investment plan.
Term Life Insurance
You should also consider a term life plan. For many, term life is ideal as you can curtail the plan to meet your needs. This includes selecting a coverage level and term length that will provide protection that is ideal for your situation. Additionally, monthly payments are often more affordable than other options.
A life insurance plan in the San Jose, CA area is an important investment and a great option for anyone to consider. As you are evaluating your life insurance needs and options in this area, you should speak with Bayshield Insurance. There are a lot of important choices to consider when looking for protection and Bayshield Insurance can make it easier for you. The team here will help you assess your needs and then give the support to help you choose and build an ideal plan.
Based in San Jose, CA, Bayshield Insurance offers residents multiple types of insurance coverage. We strive to ensure that our clients find policies that will allow them to minimize risks. We want to make sure that our clients are covered in any situation.
Differences Between Term Life and Whole Life Insurance Policies
At some point, you’ll have to start thinking about the future. Life insurance helps you by providing coverage so that your loved ones will be protected as they deal with your passing. Life insurance covers your assets and helps alleviate some of the burdens that your loved ones may feel while they grieve your loss. Two of the most common types of life insurance policies are whole life and term life insurance.
Whole life insurance provides coverage throughout your entire lifetime. The policy is generally considered a low-risk way to protect your assets. Term life insurance provides coverage through a specified time period. You can choose the time period that you think is best, though the coverage normally lasts between 10 and 20 years. Term life insurance provides flexibility, as you can amend the policy to suit your individual needs.
As you figure out which type of life insurance is best for you, there are a couple of variables to consider. Notably, you have to assess where you are in your life. If you are single with no children, you obviously have a different life perspective than if you were married with children. You’ll also have to consider variables such as your age and your health history. If you are a San Jose, CA business owner, you’ll have to think about the future of your business after you pass away. Life insurance can help you set up an inheritance.
Consult with Bayshield Insurance
Visit our website today to learn more information about life insurance.