Life Insurance in Temecula

Learn more about life insurance in Temecula, including coverage options and available discounts as a Craig Davis Family Insurance customer. Start your quote today.

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How much has your life changed in the last few years? Whether you’ve purchased a home, gotten married, had children or started a small business, it’s a good idea to review your life insurance plan.  Life insurance for young adults is especially important and they progress through life’s major events and begin to accumulate debts and assets.  Call me today, and I can help you create a plan to provide financial support for those who depend on you.

This insurance is one of the most important forms of insurance solutions and, regrettably, it is also one of the most overlooked. There is a saying, “If every wife knew what every widow knows, no husband would be without life insurance.” Your income is important for the well-being and protection of your family. If the unforeseen and unthinkable happens, who will take care of them? California life insurance is way to take care of your family if you can’t.

You protect your home, your cars, and your other assets; make sure you protect your ability to provide for your family if you aren’t around. As licensed agents of life insurance in Temecula, we can show you a number of options you can tailor to your priorities and budget. In fact, these plans may be more affordable than you might think.

Life Insurance: The Basics

What does life insurance cover?

When considering this type of protection, it is important to recognize that everyone’s needs, goals, and financial situations are different. This is why these plans come in a variety of forms, each with its own features, so that you can construct the best life insurance plan to fit your individual needs.

Types of life insurance

Farmers Life® offers three types of life insurance — and each has unique characteristics:

Term Life Insurance

Term life insurance is a type of policy that offers level premiums for a predetermined period, usually 10, 20 or 30 years. Once the term is up, premiums will typically rise. Coverage remains so long as premiums are paid. If you are on a tight budget and your expenses are only short-term, this might be a policy to consider. By selecting a shorter term, such as 10 years, you may be able to pay a lower premium. However, as you age and thus become more of a risk of death, the premiums of a term policy usually rise after the level premium period.

Farmers New World Life Insurance Company offers two types of term plans, and each may help you address your financial priorities differently.

Here are some features of Farmers Simple Term:

  • Coverage issued between the ages of 18 and 65 years
  • 10-, 20- and 30-year level premium periods with coverage starting at $75,000
  • A guaranteed death benefit that is generally income tax-free

  • Guaranteed level premiums for the initial term period
  • Convertible (within certain limits and regardless of health) to Farmers EssentialLife® Simple Whole Life5 coverage that builds cash value

Here are some features of Farmers Value Term:

  • Coverage issued between the ages of 18 and 75 years
  • A medical exam is required
  • 10-, 20- and 30-year level premium periods with coverage starting at $150,000 — and no maximum
  • A guaranteed death benefit that is generally income tax-free
  • Guaranteed level premiums for initial term period
  • Conversion (within certain limits and regardless of health) to permanent coverage that may build cash value

Whole Life Insurance

If you would like to have a policy that accumulates value that can be utilized to meet financial needs, or if you wish to provide your family with greater security, then a whole plan may be the right choice. As long as you are consistent with your payments, this type of policy could be an excellent way to plan ahead and provide for your loved ones.

Talk to us today about ways Whole Life from Farmers New World Life Insurance Company may help you reach your goals.

Here are some features of EssentialLife Simple Whole Life:

  • Coverage issued between the ages of 15 days and 80 years — with proceeds paid to age 121.
  • Policies with coverage that starts at $15,000.
  • A guaranteed death benefit that is generally income tax-free

  • Coverage is guaranteed for your lifetime — or the life of the policy — with a level premium, provided premiums are paid per terms of the contract.
  • Automated underwriting — a medical exam may not be required. Issuance of a policy may depend on answers to questions set forth in the application.

Here are some features of Graded Whole Life:

  • Coverage issued between the ages of 18 and 80 years — with proceeds paid to age 121
  • Coverage from $5,000 to $30,000 with a guarantee to accumulate cash value
  • A guaranteed death benefit, with a limited payout if the policyholder dies within the first two policy years

  • Guaranteed level premiums while the policy remains in force
  • Coverage is guaranteed for your lifetime — or the life of the policy — provided premiums are paid per the terms of the contract
  • No medical exam — just three simple health questions determine eligibility. Issuance of a policy may depend on answers to questions set forth in the application.

Universal Life Insurance

Universal life, like other forms of protection, is designed to financially support your family should something happen to you. Universal insurance is a versatile policy that can be changed to fit your current situation and needs, as long as the adjustments remain within policy limits.

What is universal life insurance?

Universal life insurance is a type of permanent life insurance policy which is designed to last for your entire lifetime and provide financial support for your beneficiaries after you pass away. Unlike whole life insurance, it offers more flexibility as you can adjust the premium, payment schedule and death benefit while the policy is in force.

Key features of universal life insurance:

  • Flexible premiums
  • Ability to accumulate cash value that earns interest, generally tax-deferred
  • You can access the cash value during your lifetime for any reason, generally income-tax free
  • Your policy lasts your lifetime (as long as sufficient premiums are paid)
  • Your policy pays your beneficiaries a lump sum that is generally tax-free, known as the death benefit
  • You can choose whether the death benefit is a fixed amount or increases with your policy’s cash value

How does universal life insurance work?

Universal life insurance provides a death benefit and can accumulate cash value, making it more flexible than other kinds of permanent policies. The amount and duration of the premium payments you choose will determine how much cash value your policy can accumulate. When you make a premium payment, most of that payment is allocated to your policy’s cash value. Then, the cost of keeping the policy in force is subtracted from that cash value every month. In addition, there are different types of universal life products that can offer increased growth potential, including options tied to the market. The death benefit may be increased and the premiums may be lowered or even stopped in the future if the policy has built up enough cash value.

How much does a universal life insurance policy cost?

The monthly cost of maintaining a universal life policy depends on several factors such as your age (as you get older, the cost of insurance increases), your health, whether you smoke and the size of the death benefit you want. But that cost is internal to the policy, it’s not something you pay directly. You choose how much premium to pay, within contract limits. You can pay more than the policy requires today to build up cash value which can be used to cover the policy costs in the future. If there is enough cash value, you can choose to pay less than the cost of the policy or even stop paying for a period of time.

Who is universal life insurance best for?

Universal life insurance offers the flexibility to alter premiums and coverage amounts, making it a great option for coverage that lasts throughout your lifetime. It can also be very useful if you have long-term savings goals which require both life insurance and an accumulation vehicle to reach them.

Does universal life insurance have flexible death benefits?

Yes. Universal life insurance has flexible death benefits, within the limits of your contract. You can alter the amount of your death benefit by increasing or decreasing the coverage, provided that the policy still meets the minimum policy size requirements.

Accidental Death

When considering how to best financially support your loved ones, what are your main priorities? Perhaps you want an extra layer of security to accompany your existing life insurance policy. Maybe you need a fast approval process without the need to answer health questions or take an exam. You may also want to provide for your heirs in the case of accidental death.

You can learn more about Accidental Death Insurance or you can purchase accidental death insurance coverage today by calling us at (951) 699-1776.

Life Insurance in Temecula: FAQs

This type of insurance is a contract between an individual and an insurance company, where the individual pays regular premiums to the insurance company in exchange for a lump sum payment, called a death benefit, to be paid to the individual’s beneficiaries upon their death.
This type of protection is important because it provides financial protection for your loved ones in the event of your death. It can help replace lost income, pay off debts, cover funeral expenses, and provide for your family’s future financial needs.

There are several types, including term, whole, universal, and variable life insurance. Each type has its own features and benefits, so it’s important to choose the one that best fits your needs.

The amount of life insurance protection you need depends on factors such as your income, debts, and future financial goals. A general rule of thumb is to have coverage that is 5-10 times your annual income, but it’s recommended to consult with an agent who can assess your specific needs.

Yes, it is possible to enroll in a policy if you have pre-existing health conditions. However, the type of coverage and premium rates may be affected. It’s best to discuss your situation with an insurance agent who can help you find suitable options.

The cost of this type of insurance varies depending on factors such as your age, health, coverage amount, and type of policy. Generally, term plans are more affordable than whole plans. It’s recommended to get quotes from multiple Temecula life insurance providers to compare prices.

Yes, you can typically make changes to your life insurance plan in the future. Some policies may offer options to increase coverage, add riders for additional benefits, or convert term insurance to permanent insurance. Review your policy and consult with your agent for specific details.

If you stop paying your insurance premiums, your policy may lapse, which means you will no longer have coverage. However, some policies may have a grace period during which you can make premium payments to reinstate your coverage. It’s important to understand the terms of your policy and discuss options with your insurance agent.
When choosing a life insurance agent in Temecula, consider factors such as their experience, reputation, customer service, range of insurance options, and familiarity with local regulations. You might wish to purchase auto insurance, home insurance, business insurance, and other insurance services from the same insurance agency. We can also discuss things like disability insurance, renters insurance, long-term care insurance, or boat insurance so that you can take advantage of any bundled pricing available. It’s also helpful to get recommendations from friends or family who have had positive experiences with insurance agents in Temecula. Let’s get started so you can get a quote today.