Mendoza Insurance
Life Insurance
Term Life Insurance:
The simplest form of Life coverage, term insurance is no more than a matter of premiums and a death benefit. The name fits since term insurance’s span of coverage lasts only a specified period of time; if the insured dies while the policy is in force, the death benefit will be paid to the designated beneficiary.
Whole Life Insurance:
Whole Life Insurance is a permanent form of Life coverage that is provided for the insured’s lifetime. Whole Life policies feature guaranteed level premiums, and build cash value that the policy owner may use to keep the policy in force, or may borrow during the insured’s lifetime, at a reasonable rate of interest.
Universal Life Insurance:
Universal Life Insurance is also a permanent form of Life coverage that offers a great deal of flexibility to the policy owner. Premium payments may be varied, death benefits may be changed, partial surrenders are allowed, and cash value may be accessed either through loans or direct withdrawals.
Why should I buy life insurance?
Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:
1. Replace income for dependents
If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially.
2. Pay final expenses
Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
3. Create an inheritance for your heirs
Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
4. Create a source of savings
Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim.
About Mendoza Insurance
Frank Mendoza Insurance Agency offers a combined 40 years of insurance knowledge to make sure your insurance plan is right for you. Your lifestyle and your financial situation are not the same as anyone else's and because everyone's insurance needs are different, we make every effort to specialize your insurance program to you as an individual.
Since we provide a range of products from automobile insurance to health coverage we can offer you the security of being protected when you need it most.
Personalized service is what we specialize in. Read more
Contact Us
1108 Sheridan Avenue
Chico, CA 95926
(530) 895-1086
(530) 894-6166 Fax