Victor Keaton has over ten years of experience offering a wide variety of life insurance plans. If you are a seeking professional assistance from an experienced life insurance agent then you have come to the right place. Victor is an independent agent who supports clients in Barstow, Apple Valley, Victorville and all communities in San Bernadino County. To receive a free quote call Victor at 1-760-885-6610.
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We pride ourselves on our attentive service to our clients and our reputation for designing the best possible plan coverage. In fact we go so far as to guarantee no other agency can find you more comprehensive coverage for less premium.
Please feel free to contact us at 1-760-885-6610.
What is Life Insurance?
A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policyholder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. When the policyholder dies, the insurance proceeds pass to the beneficiaries free of probate, though they are counted for federal estate tax purposes. There are many types of life insurance, including: term life insurance, whole life insurance, and universal life insurance.
Term Life Insurance
Term Life Insurance is life insurance which provides coverage at a fixed rate of payments for a set period of time. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must end the coverage, pay the higher non guaranteed amount or obtain a new life insurance plan with different payments and conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.
Universal Life Insurance
Universal Life Insurance is a type of permanent life Insurance which combines the low-cost protection of term insurance with a savings component that is invested in a tax deferred account. The cash value of which may be available for a load to the policy holder. Universal life was created to provide more flexibility than whole life by allowing the holder to shift money between the savings and the insurance components. The premiums, which are variable, are usually broken down into savings and insurance. There is usually a minimum rate of return.
Whole Life Insurance
Whole Life Insurance, also known as Permanent Life Insurance, is an insurance product that joins an investment factor with normal term insurance. Term insurance, unlike whole life insurance, only provides a death benefit for a specific period of time. The premium payment for whole life insurance pays into two separate components. Part of the charge for whole life insurance pays for the insurance coverage, the other part pays for the investment portion of the policy. As a person ages, more money is allocated to the insurance coverage in a whole life insurance policy. The investment component earns interest from the company’s investment strategy, and increases in value over time. Whole life insurance provides a surrender value based on the value of the investment portion at any given time. This amount may be taken in cash if the whole life insurance policy is canceled, used as collateral for a policy loan, or used to buy additional death benefit coverage.
Permanent life insurance
Permanent life insurance is a form of life insurance such as whole life or Universal Life (can be), where the policy remains in force until the policy matures (which is when the insured passes away), unless if the owner fails to pay the premium and the policy lapses.
Joint Life Insurance
Joint Life Insurance is type of policy that covers spouses, or even two or more business partners, also called First to Die. The policy pays when the first insured person dies. The underlying concept is that when the first person dies, the joint policy will provide the living person with enough money to pay the mortgage, provide for children, or pay off a business loan. Once that is complete, the large face value will no longer be needed.
Survivor Ship Insurance
Survivor ship, Survivor or Second to Die is a type of policy that does not pay until the last insured dies, whether it be a spouse in a marriage or the last partner in a business. This approach is most logical when a couple wants to leave a sizable legacy to someone or when they don’t need the money as long as one of them is living, but will need to leave a way for the heirs to pay estate taxes, or pay off debt.
Key person insurance
Key person insurance is a type of life insurance policy taken out by a company on one of their key employees, in which the company is the beneficiary in the case of that employee’s untimely demise. Key person insurance is a relatively new type of Insurance, but has attracted much praise and is encouraged by many strategic advisors. Life insurance is a system by which a fixed amount of money is paid to a beneficiary in the event that the person being covered dies. Most life insurance companies offer a type of key person insurance, as it has become more and more necessary in the business world.