Term life insurance is the simplest and least expensive type of policy. It's pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whoever you've designated, upon a specific event - - your death. The death benefit and the policy limit are the same - - a $200,000 policy pays a $200,000 death benefit. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death.

Other types of life insurance provide both a death benefit and a cash value account. Their premiums are larger than term life premiums, because they fund the savings account in addition to buying insurance. These policies are often referred to as cash value policies. They include: Whole Life, Variable Life, Universal Life, Universal Variable Life.

Whole Life Insurance: Whole life insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts.

Variable Life Insurance: Life insurance coverage that allows you to choose the investment options. The value of your policy depends upon the performance of the underlying securities. You are subject to investment risk, including loss of principal.

Universal Life Insurance: If you need flexibility, try universal life insurance. It lets you adjust your premiums and increase or decrease your death benefit as your needs change.

Variable Universal Life Insurance: Permanent life insurance that builds tax-deferred cash value and includes features of both variable and universal life insurance coverage. Like variable life, the value of the policy depends upon the performance of the underlying investments selected. Like universal life, the premium and coverage options are flexible, within certain limits. You are subject to investment risk, including loss of principal.

Click here to fill out a California Life Insurance policy quote request form.

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