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Life Insurance

Life insurance isn’t for those who have died — it's for those who are left behind. When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.

Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC 7702A. Tax laws are subject to change. Clients should consult their tax professional. For information on how life insurance works, including fees and expenses, please contact your financial professional.

Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC 7702A. Tax laws are subject to change. Clients should consult their tax professional. For information on how life insurance works, including fees and expenses, please contact your financial professional.

Advisory services are offered through Retirement Investment Advisors, a Registered InvestmentAdvisor in the State of California, Retirement Investment Advisors, a SEC Registered InvestmentAdvisor. Retirement Investment Advisors and Safe and Secure Retirement Insurance Services are notaffiliated with or endorsed by the Social Security Administration or any other government agency.Insurance products and services are offered through Safe and Secure Retirement Insurance Servicesan affiliated company.

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