Are you one of the people who think you don’t need life insurance? Please think again. The gift of San Ramon Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone. The Mirchandani Insurance Agency can provide you with many options that will address some of the items below.
1. Payment of Debt- if you have any outstanding debt (like a mortgage, car payment) at the time of your death, it will not go away. Your estate will still be responsible to settle all accounts. Life insurance can give your loved ones the peace of mind to know that they can still pay off the debts if you are not around. What a great gift!
2. Income- Life insurance can provide money to replace income. Family income will diminish without your income.
3. Medical Expenses- There usually are medical expenses prior to anyone’s death. Some of which may not be covered by health insurance. Life insurance proceeds ensure that these expenses can be paid.
4. Funeral Expenses- Most people don’t plan for or fund the funeral expenses. With life insurance you will have funds to manage end of life expenses.
One very important thing to remember is to own your policy if possible. If you are working for a company and have the "group" policy, it will disappear if you go on disability. So you may want to modify the policy or secure a second policy. Some group plans may be able to be modified to make you the owner. A life insurance policy owner has the right to control the economic benefits of the policy. Any person can own life insurance on another person as long as the policy owner has an insurable interest. An insurable interest is when one person has a financial interest in another person's life. Spouses and children are a good example.
The good news is that life insurance rates are low and there are many different kinds of products from which to select. One question we often get is, “How much life insurance do I need”? That really depends on your individual situation, but here is a general guideline. Consider a California life insurance limit of at least 10 times your annual gross income.
Call Gail Mirchandani today for a free quote.