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Life & Health Insurance Information
Mark Trumm Insurance Agency, Inc.
California Life and Health Brokers
Our brokers here at Trumm Insurance Agency are here to help you with your specific life insurance needs. Each carrier we offer will have their own policy details. We are here to help you consider those details carefully so please Call Us (530) 534-4600 or submit this brief form, HERE and we’ll contact you!
We offer group health insurance for business or individual policies for personal needs. Whether you need a major medical plan, an HMO, or a medical supplement from Aetna, Blue Shield, Blue Cross or any other major medical provider Mark Trumm Insurance Brokers can help! We'll also assist you with Covered California, Medicare, Dental, Prescription or Vision Insurance. Click HERE to contact us about your medical insurance needs. We'll compare all your present costs and make sure you have the best, affordable plan for everyone in your family and explain what your policy covers and how to read your claim statements!
Whether you need a Medicare Supplement Plan, a Prescription Drug Plan or a Medicare Advantage Plan, we're here to help you and answer all of your questions.
What Is Life Insurance?
Life insurance is a contract between you and an insurance provider. You agree to pay a monthly premium in exchange the insurer will pay a sum of money to your loved ones should you die. Once you (the policyholder) start paying your premiums, the insurance company guarantees they’ll pay the death benefit to your beneficiaries when you die.
Life insurance is protection for your family. Imagine your family without your income. They still have to pay the mortgage and scrape up enough money to get by while not to mention take on the expenses of a funeral and daily living. Your spouse and children deserve some security in the event of your death. Most of us agree that we don’t want our loved ones to struggle with the bills while trying to recover from grief. Life insurance is the easiest way to protect your loved ones whether you choose Term Life Insurance or Whole Life Insurance.
Life insurance can cover loss of income, funeral expenses, debt and other family financial needs after you pass away. Once you sign your application and start paying monthly, you’re providing financially for your loved ones even after your death.
Do I Need Excellent Health to Get a Life Insurance Policy?
While good health will qualify you for higher benefits and better premiums, there are many companies who will insure people with medical conditions and advanced age. That is where a broker comes in handy. Brokers have the advantage of helping you chose from many, many companies to find the policy that fits your health, age and income needs. Here at Mark Trumm Insurance, we have over 70 companies to choose from.
There are two main types of life insurance: one that lasts for a set number of years (term life insurance) and one that lasts through your entire life (permanent life insurance). Permanent life insurance lasts throughout your entire lifetime, not for a set number of years. It comes in the form of whole life, universal life or variable life insurance—each differing slightly from the other and as I mentioned earlier, is an expensive option as far as premiums go. You’ll find term life insurance is an affordable way to protect your family. While whole life or permanent insurance offers you a cash value, which can pay out while you’re still living, the premiums are much higher and there are better ways to save your cash.
I’m Too Young to Think About Life Insurance
If you have loved ones who will be negatively affected by your death, you are not too young for life insurance! Besides, the younger you are, the better your health is and the lower your premiums will be. No doubt you have credit card and student loan debts that will need to be paid after death. But if you’re completely debt-free with no dependents, then all you really need to worry about are burial costs, however, if you get a small burial policy, usually a whole life policy, you will lock in some really low premiums!
I’m Healthy and I Just Started a Family and I Have a New House
This means you’re still paying off your house and trying to add to your retirement savings. If you died today and your spouse no longer had your income to rely on, would the amount in your savings accounts be enough to take care of them? Now is the perfect time for you to buy Life Insurance.
How Much Does Life Insurance Cost?
Here’s an example of a typical cost for a simple level term policy lasting 20 years for a married 30 year-old woman, non-smoker in good health with a child. Let’s say she is earning $40,000. per year. She can get a $400,000. Term Life Policy for about $19.00 per month.
This is what insurance providers will consider when deciding life insurance premiums:
- Personal and family medical history
- If your lifestyle includes risky hobbies like skydiving, shark wrestling and the like
- If you regularly travel to dangerous parts of the world
After you give the insurance company these details, the insurance provider will schedule a medical exam with you (unless you’re buying a no medical exam life insurance policy).
How Much Life Insurance Do I Need?
Naturally some life insurance is better than none, however, I would recommend opting for a death benefit that is 10 to 12 times your yearly income. If you die and let’s say you’re making $75,000. A year your family could have $750,000. to invest upon your death. The interest alone made from a stable investment would replace your salary. And this could cost you less than you spend on Starbuck’s coffee each month! That is good value. As far as the timing of a claim, here’s good news: There’s no time limit on a life insurance payout. Your family can get this done at their own convenience.
Can I add Extra Benefits to a Term Life Insurance Policy?
Yes, you can add one or more policy riders to your term life insurance at an extra cost. Here are the usual riders available on a term life insurance policy:
Accidental Disability Income Rider- pays for a a certifiable disability from an accident The disability income rider provides a supplementary income benefit if you were to become totally disabled, as defined under the policy rider. It is a percentage of the policy for a limited time
Accelerated Death Benefit Insurance Rider- allows you, the policyholder, to use all or a portion of the policy death benefit for various expenses in the event you are diagnosed a critical, or terminal illness.
Accidental Death Benefit Insurance Rider- pays out an additional death benefit to the beneficiary (that's above the current benefit limit of the policy) if you should die as a result of an accident.
Critical Illness Insurance Rider- allows you, the policyholder, to use all or a portion of the policy death benefit for various expenses in the event you are diagnosed with a named, specific chronic, critical, or terminal illness.
Waiver of Premium Insurance Rider- If you become totally disabled, unable to work and can't afford to pay your life insurance premiums, a waiver of premium rider allows you to stop paying premiums and continue your policy until you are able to return to work full-time.
Protecting your life is one of the most important things you can do for your family. It helps you prepare for life's unexpected events and eliminate years of extra stress!