Welcome to our comprehensive guide on life insurance. At Borbolla Insurance Agencies, we believe in helping you make informed decisions that protect your loved ones and secure their financial future—no matter what life brings.
What Is Life Insurance?
Life insurance is a contract between you and an insurance company. In exchange for regular payments (premiums), the insurer provides a lump-sum payment (death benefit) to your chosen beneficiaries when you pass away. It’s designed to provide peace of mind by offering financial support for your family when they need it most.
Key Life Insurance Terms
- Policyholder – The person who owns the policy
- Insured – The individual whose life is covered by the policy
- Beneficiary – The person or entity that receives the death benefit
- Premium – The cost of your life insurance policy
- Death Benefit – The amount paid to your beneficiaries upon your passing
Types of Life Insurance
- Term Life Insurance
Covers you for a specific period (e.g., 10, 20, or 30 years). It’s typically more affordable and ideal for short- to medium-term needs. - Whole Life Insurance
Provides lifelong coverage and builds cash value over time. Premiums stay the same, and you can borrow from the policy’s cash value. - Universal Life Insurance
Offers flexible premiums and coverage levels, plus a savings component that earns interest.
How to Choose the Right Policy
When selecting a life insurance policy, ask yourself:
- What are my family’s financial needs if I’m gone?
- How long will my dependents need support?
- Do I have debts, a mortgage, or future education costs to cover?
- Am I also planning for retirement or estate transfer?
A licensed agent at Borbolla can help walk you through your options.
Additional Features to Consider
- Riders – Add-ons like child coverage, critical illness protection, or accelerated death benefits
- Cash Value – Permanent life insurance builds a cash value that you can borrow from or withdraw
Conclusion
Life insurance is one of the most meaningful financial decisions you can make. It ensures your family’s stability and honors your commitment to their future. At Borbolla Insurance Agencies, we’re here to help you choose a policy that’s right for your goals, budget, and loved ones.
Want help choosing the right plan? Contact us today for a personalized life insurance consultation.
