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Los Angeles Life Insurance Agent

Written by Bill Ware

Are you looking for a Life Insurance Agent in Los Angeles?

Well you’ve come to the right place.

We’re Aware Insurance Services and we are a top insurance agency in Los Angeles, Ca.

Los Angeles is a very diverse city as it attracts people of all different races, religions, characters, and backgrounds. We’ve got our issues, such as homelessness, mental health problems of homeless people and drug addiction. We are also very welcoming people. We believe in helping people that want to and are able to help themselves. The proof in that is that we voted to raise our own taxes to provide better services to our citizens. I believe we are one of the greatest cities on earth and plus we have unbelievable weather and activities. We have foods from around the world as our cultures come together to express themselves.

So let me tell you about Aware Insurance Services.

We specialize in Life Insurance for people who don’t want to have to go through an 800 number to get insured, thus we a good fit for the personality type of Angelenos. We offer all types of insurance to fit the lifestyles of those who dwell in our city.

Let’s Look at Some of the Different Types of Coverage

We offer Whole Life Insurance, Term Life Insurance, Guaranteed or Burial Insurance, Universal Life Insurance, Return of Premium, as well as Life Insurance for kids.

What is Whole Life? It’s a type of coverage that will last a lifetime. It’s best for people who are younger and want to get coverage that won’t ever expire, a lifetime of protection. The reason it’s so good for you people is that it is less expensive when it is purchased at a young age. The older you get, as with many types of insurance, it will begin to become more expensive. Angelinos love this type of policy because it is available to cover them, and they can then concentrate on the other things that we need to do here in L.A. Our lifestyles are very different than someone who lives in New York.

A $1,000,000 Standard rated policy for an 18-year-old female until they are age 95 would cost around $217.00 per month. The same exact policy for a 45-year-old female, Standard rating would cost somewhere in the range of $524.00, so you can see the difference. If you are young and you want to buy your insurance policy and never have to worry about insurance, then this may well be the insurance that you need. Some Whole life policies offer a paid up Life Insurance option. This is where you have paid for a certain amount of time and you have paid enough premiums as to where the surplus accumulation of cash value has become enough to cover the rest of the length of the policy, and you don’t have to pay any more. Cash Value is another benefit of this type of policy. It is where the amount of premiums that you pay is more than the cost of the insurance. Those premiums are invested by the insurance company and accumulate to give you a cash value option in the policy. What that means is that the policy will have funds that are stored in the policy that are accessible to the policyholder. For example, if the policy has been in force for a while and the insured has been paying premiums on time, the extra cash for the policy will accumulate and the policyholder can borrow against that cash value. He or she can take out a loan on the policy. Now, this does not have to be paid back but the amount that is borrowed will decrease the face value of the policy. If the owner wants to keep the same face value amount of the policy to pay to the beneficiaries, then this loan must be paid back plus interest.

A Term life Insurance policy is a policy that is set to last for a certain period of time.

This type of policy guarantees to pay the face value of the policy if the insured passes away during the specified time of contract. This policy does not have any cash value, it will only provide a death benefit to the insures beneficiaries. This type of insurance is great for young people because it much less expensive than Whole Life or Universal Life Insurance policies. If you’ve just moved to an expensive city like Los Angeles, this might be a good policy for you until you’re able to save money and start building for your future. There is a Term policy by American National that you can cash out after keeping the policy for a certain amount of time, it’s called Signature Term Life Insurance. You can cash this policy in at a pre-determined time in the policy and recoup a certain percentage or all of the money that you’ve spent on the policy up to that point.

This type of Life Insurance is issued with very few qualifications, yes almost no qualifying. There are a certain set of rules that they have, such as the insured must be a certain age to qualify, and the policy must be a policy that covers the insureds whole life. It is sometimes known as Burial Insurance in that it is used mainly to pay for funerals and the expenses that one has to cover.

These policies of course are for older people, and they are typically more expensive. They are a lot like Whole Life policies, they last a lifetime, they build cash value, and some have a paid-up benefit.

They are especially good for people who have been turned down for other types of insurance and cannot get covered. It is good for people with health issues that would automatically disqualify them for other types of coverage. This type of policy helps a lot of seniors, so if you have an elderly parent or relative that needs a policy, and they are not likely to be able to qualify for a regular Whole Life or Term Insurance, this is probably a good route for them to go. If you are a senior looking for a policy and you’re in this age group, your acceptance is guaranteed. We have a lot of senior citizens here in Los Angeles that can take advantage of this. It helps them to take care of the things that need to be taken care of for the insured so that responsibility does not have to fall on someone else. This type of policy will usually cover people up until age 80 or 85.

Burial Insurance is insurance that gets its name because it is usually associated with funeral expenses. It is often called Final Expense Insurance. It is a Whole Life Policy that is marketed differently than other policies that have similar characteristics. There is one way that it differs, it can have a smaller face value, often as low as $5,000.00. It is often marketing to people who cannot afford a more expensive policy, so there is a need for it. There are companies that use this as their main source of income and are able to be successful Insurance Companies. Some of the policies are associated with funeral homes, so the Insurance company contracts with the funeral service provider so that when a policy is submitted the insured will have chosen to go with this funeral home in advance.

A Universal Life Policy is another different type of Whole Life policy. It is unique in that it offers the ability to have it linked to a major stock exchange, usually Standard and Poor’s.

There are, however, very unique and different features of this policy. This policy is often marketing as an investment tool because it can be offered with an interest option where there is a limit to the amount that will be paid, but the policyholder won’t suffer any losses if the stock has a losing year. For example: if the stock goes up 15% you may have a maximum cap of 12% on the upside, but a bottom cap of 0% if the stock has an 8% loss for that year. So the investment option only has an upside, there are however upfront fees involved, so you have to choose this type of policy wisely.

Another feature of this policy is that it can be offered with flexible premiums. What that means is if there is a surplus of cash in the policy from the gains and the amount that is paid over the life coverage, then the policyholder could skip a payment or make a partial payment. This fits very well with the Los Angeles lifestyle because sometimes expenses come up and again, we have a high cost of living here in L.A.

Now the policy dividends can be taken out of the policy and the face value would still be paid, which is an attractive feature of this policy. One of the drawbacks of this feature is that if the policyholder does not take out the dividends for the policy or the policy cash value gains, the cash value increase will be used for the increased cost of the policy. After a certain point as the cost of the insurance rises, it will take more for the cost of the coverage and the cash accumulation will be used for the extra cost of the insurance. If all the cash savings are withdrawn in the later years, the cost of the premiums will increase as the cost of the coverage increases.

Return of Premium or R.O.P. Insurance as it’s sometimes referred to is a policy that will return all of the money that you have paid into the policy if you don’t cash it out. The term of the policy is preset, such as 20, 25 or even 30 years. So, let’s say you needed Insurance to cover you until your kids were grown up and they could support themselves. If the insured did not pass away during this time and the premiums were kept up to date, then the insurance company would refund all of the premiums paid into the policy. If the insured did pass away the beneficiaries of the policy would get paid the face value of the policy. Another good policy for Angelenos. There is a policy that is similar for homeowners called Mortgage Insurance. This insurance will cover you while you’re purchasing a home. However, the coverage decreases as you pay down the mortgage. This is less expensive than most insurance because the face value of the policy decreases as the amount that you owe on your home decreases. The cost of the insurance rates stays the same because the cost of the insurance goes up as you get older, but as I mentioned, it is one of the least expensive policies on the market. Now you will not get a return of your premium like the R.O.P. policy.

Life Insurance for Children

Life Insurance policies for kids can be purchased two ways. One is in a separate policy for each child, or another is through what’s called a Child Policy Rider. The price is going to be small because it’s insurance that isn’t paid out a lot, thus making it less of an expense for the insurance carrier. There are differences in the two types of policies. The stand-alone policy will cost you around $7 per mo., while the rider will be about $10 per mo. but it will cover up to 3 kids. Policies are typically anywhere from $5,000 to $25,000. Now one of the good things about these policies is that when your kids turn 18 they are automatically covered. So if for some reason they have an issue getting coverage, this coverage will stay in effect. Also getting the coverage increased at this age isn’t difficult. So again, getting insurance while you’re young will make your premiums lower.

So all of us Angelinos need insurance, but unfortunately the numbers are not nearly what they should be or even what they used to be. Hopefully that will change as we become more aware of the advantages of being covered. You’re always more than welcome to reach out to us here at Aware Insurance Services, go to our website and leave your contact info or reach out to bill@awareinsurance.com

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