Term Life Insurance

The simplest way to protect the ones you love is to purchase term life insurance. It enables you to lock in the lowest available rates for a specified period of time. If you should die within that time period, death benefits can replace lost income to help provide for the ones you leave behind.

How Term Life Insurance Works

This is the most straightforward type of life insurance policy. You pay premiums on a monthly or annual basis, and your dependents are protected during the policy term. There are a variety of affordable term life insurance products available. Our agent at Primos Auto Insurance, can help you find a term life insurance policy to fit your budget, timeframe, and needs.

Types of Term Life Insurance

There are several term life insurance options to choose from such as select term, return of premium, and instant answer term.

Select Term

You select 10, 20, or 30 years of coverage with level premiums for the initial policy period, which will increase annually thereafter. The policy may be renewable and convertible to a permanent policy.

Return of Premium

This type of insurance gives you coverage with a level premium for your choice of 20 or 30 years. All the policy premiums you have paid will be returned to you if you outlive the policy period.

Instant Answer Term

This type of policy provides death benefit protection for 10 years or until you turn age 50, whichever is longer. It is designed to provide base-level life insurance at an affordable rate.

The cost of term life insurance depends on the type and term of the policy, as well as other factors. A knowledgeable agent at Primos Auto Insurance, can help you select the right term life insurance to protect your family. We are easy to reach, as we live and work right here in The Central Valley.

How Universal Life Insurance Works

Under the umbrella of permanent life insurance, universal life insurance provides more flexibility than whole life insurance. The insurance company breaks the premiums down into two categories: the cost of the insurance and the cash value, or savings component. As long as the cost of the insurance is covered to keep the policy in force, the premiums can be adjusted based on the policyholder’s needs over time.

Premiums over the minimum cost of the insurance accumulate as cash value. Those funds can be used to pay premiums. The policy is guaranteed for the entire term, as long as the minimum cost of the insurance is covered one way or another, through paid premiums or cash value.

The insurance company issuing the policy establishes an interest rate minimum. If the portfolio outperforms the minimum interest rate, excess earnings can be applied to the cash value. Policyholders can borrow against a portion of the cash value without affecting guaranteed death benefits and with no tax implications. Withdrawals can also be made but may incur tax liabilities.

Factors affecting the cost of universal life insurance include your age, health, weight, occupation, whether or not you smoke, and the policy itself. Our local agent at Primos Auto Insurance can help you find the best value and coverage for your money.