Life

The Dominguez Agency can help you decide which type of Life Insurance product you should carry.  Whether you are single, married, or have kids, there are many options for Life Insurance that can help in the event of a loss.

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Below you will find frequently asked questions:

How much life insurance* should I purchase?
If you have a family, many experts suggest that you need an amount equal to 5 to 10 times your annual salary. However, many people own higher coverage’s to provide more income for their family.

How can life insurance funds be used?
Your life insurance funds can be used for a number of needs, including:

•    Any needs after the time of death, such as final illness expenses, burial costs and estate taxes.
      
•    Funds for a readjustment period, to finance a move, or to provide time for family members to find a job.
      
•    Ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement.

Compare Life Insurance: Term vs. Permanent

Term life insurance provides you with coverage for a specific period of time. It pays a benefit only if you die during that term. Some term insurance policies can be renewed at the end of the period. Premium rates may increase at each renewal date. Because term insurance premiums are generally lower than permanent insurance premiums, you can usually afford a higher level of coverage. Term insurance is good for responsibilities that will diminish or end over time, for instance, mortgages or car loans.

Permanent insurance is designed to be a lifelong policy and is known by a variety of names. As long as you pay the necessary premiums, the death benefit will always be there. These policies are designed and priced for you to keep over a long period of time.

In addition, permanent life insurance policies can build cash value over time. This is money that can be borrowed against and, in some cases, withdrawn to help meet future goals. Please note that accessing your cash value may reduce the death benefit and increase the risk of lapse.