When it comes to life insurance, there are many things to know to make the best decision for you and your loved ones. Here are the basics of life insurance, i.e., what you need to know to get started.

What Is It?

Life insurance is a contract between you and an insurance company in its simplest form. You pay premiums, and the insurer agrees to pay a sum of money to your beneficiaries upon your death.

The money can help cover final expenses, debts, and other costs that your loved ones would have to bear after you’re gone.

What Are the Different Types of Life Insurance?

There are three main types of life insurance: term, whole-life, and universal-life.

Term life insurance

It’s the most basic and well-known type of life insurance. It is also the simplest to understand – you pay premiums for a set period, usually 10, 20, or 30 years. If you die during that period, your beneficiaries receive a death benefit. If you outlive the policy term, it expires, and you are no longer covered.

Whole-life insurance

This type of life insurance covers you for your entire life. The policy pays out a death benefit to your beneficiaries when you die. Whole life insurance also has a cash value component, which means that the policy builds up cash value over time. You can borrow against the policy’s cash value or even cash it out entirely if you need to.

Universal-life insurance

This is a type of whole life insurance, but with more flexibility. The premiums and death benefits can be adjusted to fit your needs, and the cash value grows at a variable rate.

Benefits of Having Life Insurance

The death benefit is the primary benefit of having life insurance. But there are other advantages as well.

For example, whole-life and universal-life policies have a cash value component that can be accessed while you’re alive. This can be used as an emergency fund or for other expenses.

Get Life Insurance in Chandler, AZ

These are the basics of life insurance. It’s important to understand the different types and how they work in order to make the best decision for you and your family. If you have any questions, speak with a professional at San Marcos Insurance Group in Chandler, AZ. We’re here to help.

When it comes to commercial insurance coverage, Chandler, AZ area business owners can rely on San Marcos Insurance Group. When transportation is a big part of your business, keeping your fleet protected is very important. We can help you with all of your commercial insurance needs, including coverage for your vehicles.

Keep your commercial fleet protected

If you count on your vehicle fleet to get the job done, you need to know that it is protected. Don’t find out after it’s too late that you didn’t have the coverage you needed. 

Any damage to your commercial vehicles can cause a huge impact on your firm’s ability to do business. You need to know that you will have options in place if any part of your fleet is rendered inoperable due to a covered event. With the right insurance in place, you can enjoy features like reimbursement for replacement vehicles while yours are off the road.

And, if any part of your fleet is totaled or stolen, or otherwise needs to be replaced, you will want to have protection in place. Because of all of these reasons and more, it is important to carefully review your insurance needs and options. You don’t want to think that you had a particular type of coverage only to find out that your policy does not include it. With the right policy in place, you can focus on your core business!

Count on us for all of your commercial insurance needs

Chandler, AZ area business owners can turn to the team at San Marcos Insurance Group for all of their insurance needs. We are here to help you keep your business protected! Give us a call today and schedule your consultation. We look forward to working with you!