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Life Insurance in San Diego

Life insurance is essential to provide protection and financial security to individuals and their loved ones. Beyond the monetary support it offers, life insurance plays a pivotal role in estate planning, debt management, and securing the financial future of loved ones. 

What Is Life Insurance? 

A life insurance policy is an agreement between a policyholder and an insurance provider. Generally, the policyholder pays for premiums during their lifetime; when the insured individual dies, the insurer pays a sum of money to one or more beneficiaries.  

What Are the Different Types of Life Insurance? 

The following are the two most common types of life insurance policies: 

  1. Term life insurance can provide coverage for a specified term, typically 10, 20 or 30 years. The policy pays out a death benefit to the beneficiaries if the insured person dies during the agreed-upon term. It’s often more affordable than other types of life insurance but does not accumulate cash value. 
  1. Permanent life insurance can ensure coverage for the entirety of the insured person’s life, contingent upon the consistent payment of premiums. This type of insurance may incorporate a cash value component, which increases over the policy’s duration. While permanent life insurance premiums are generally higher than term life insurance, they remain fixed throughout the policyholder’s lifetime. 

What Does Life Insurance Cover? 

A standard life insurance policy typically includes the following death benefits: 

  • Income replacement can help support dependents who rely on your annual salary for financial support. 
  • Inheritance creation passes down your wealth and assets to your desired beneficiaries. 
  • Final expenses can help pay for burial, funeral and other related expenses. 

Do I Need Life Insurance? 

Life insurance is recommended for most people since it can help with expenses you leave with loved ones when you die. Consider the following scenarios: 

  • Your debts may be inherited.  
  • Your spouse, partner, children or other relatives depend on your income.  
  • Your funeral expenses would be a financial burden.  
  • You own a business.

Contact Destiny Insurance to discuss if life insurance is right for you. We provide life insurance solutions to ensure our clients have adequate financial protection.