Life Insurance in California

One of the most common gifts that California residents leave to their families is the gift of life insurance. This last piece of finances can help with the mourning process and make all the processes after your death easier for your loved ones. Knowing what life insurance is and how you can use it is essential.

What is Life Insurance?

This is an optional policy that you pay a monthly premium on each month for an allotted amount of money to be given to your beneficiaries at the time of your passing. When you pass, your policy will receive a death certificate and payout to those you have listed.

How Can You Use Life Insurance?

If you decide to pursue a life insurance policy, you can use it for several things, depending on what your loved ones need and if they rely on you financially.

  • Final Expenses
  • Outstanding Debt
  • Court/Probate Costs
  • Gifts

The most important thing that your policy should do is cover your final expenses so that your loved ones are not burdened with that financially. If you have funds left over, having them cover any outstanding debt you may owe on the property you want to leave to your beneficiaries is a good idea.

Because your estate could be held up in court and probate for some time, they can use some of these policy funds to cover these expenses. Finally, you may want to gift your loved ones, which is fine. When the check is paid, if you had minimal responsibilities that needed to be paid, they can use the rest as a final gift from you.

How Much Do I Need?

Depending on what you want to do with your policy should determine how much you want to leave your loved ones. That number can range from several thousand to hundreds of thousands.

If you have more questions or want to know about a life insurance policy, contact our agents at Crown Reinas Insurance Agency in Los Angels, CA today.

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