Life insurance pays your family a benefit that is generally income-tax-free if you die, so the mortgage, the bills and the kids' school are covered without you. Via Rapida offers life insurance through New York Life, with bilingual licensed agents in San Jose and San Rafael and by phone anywhere in California.
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Term life covers a set period, usually 10, 20 or 30 years, at a level premium. It is the most coverage per premium dollar of the three types and the right fit for most working families: it covers the years when a mortgage, young children or a business loan depend on your income. If you outlive the term, it ends; many term policies can be converted to permanent coverage later without a new exam.
Whole life is permanent coverage that lasts as long as premiums are paid, with a guaranteed death benefit and a cash value that grows over time and can be borrowed against (loans accrue interest and reduce the death benefit if unpaid). Premiums are higher than term for the same amount because part of every payment builds that cash value.
Final expense is a smaller whole-life policy, typically $5,000 to $25,000, meant to pay for a funeral, burial and last bills. Underwriting is simpler, often health questions instead of an exam, and it is available at older ages.
A common starting point is ten times your annual income. Then add the mortgage balance and other debts, add what it would cost to raise and educate the children, and subtract savings and any coverage you already have through work. Employer coverage is usually one or two times salary and ends when the job ends, so it is rarely enough on its own. A licensed agent runs this math with you in a few minutes.
Premiums are set by the carrier after underwriting. A licensed agent gives you the actual numbers; nobody can quote life insurance accurately from a form alone.
Applicants who live in California can generally apply with a valid ID (a California ID or a foreign passport) and either a Social Security number or an ITIN; the carrier decides eligibility case by case. Ask the agent before you apply and we will tell you what the carrier needs.
Term is better for covering a specific period of financial responsibility at a lower premium. Whole life is better when you want coverage that never expires and a contractually guaranteed benefit. Many families use term for the large amount and a small permanent policy for final expenses.
It depends on the product, the amount and your age. Many term applications use health questions plus records; larger amounts usually need a short exam the carrier pays for. Final expense policies are typically no-exam.
Often yes, at a rate class that reflects the condition. Controlled diabetes, high blood pressure and past illnesses are common and often insurable, depending on the carrier's underwriting. The agent tells you what the carrier is likely to say before you apply.
Anyone you choose, usually a spouse, partner or children, and you can name a contingent beneficiary as backup. For minor children, ask the agent about naming a trust or custodian.
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