How Does Life Insurance Work
When thinking about purchasing life insurance, it’s easy to get overwhelmed. Understanding how life insurance works is the first step in the process of making sure your family is taken care of. Our life insurance dealer in Santa Monica is here with the valuable information you need to make an educated buying decision.
Life Insurance Policies and Purchases in Santa Monica
To put it simply, life insurance is the money you leave to your designated beneficiaries after you pass away. It works like a contract between you and your insurance company. When you purchase your policy, you agree to pay for it on a regular basis, while your insurer agrees to pay a sum of money to your beneficiaries. There are several policies to choose from, and the staff at our life insurance dealer in Santa Monica is more than happy to help you find the policy that is right for you.
Once you’ve purchased your life insurance policy, you’ll designate beneficiaries. These beneficiaries will receive what’s called a life insurance payout, or death benefit. This money can help with funeral expenses, college funds, mortgage payments, and more. This payout ensures that your family will be comfortable and taken care of in the event of your passing.
Life insurance rates depend on your health and life expectancy. Factors such as age, gender, and medical history are considered when pricing an insurance policy. To verify the information on your life insurance application, some insurers will request medical records from your doctors, have you take a life insurance medical exam, or reviewing your personal credit history. These steps help in curating the policy that is right for you and your family.
Life insurance can be complicated, but the helpful experts at our Santa Monica life insurance dealer are here for you. If you’re interested in investing in life insurance, call us at (310)-309-1311 or request a life insurance quote from Sully Insurance today.