Life Policy Management

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Who will receive money if I die? How much?

Upon death of the insured, the insurance company pays the policy’s benefit amount to the beneficiary (or beneficiaries) named by the insured on the policy. Some policies may provide additional benefits, so be sure to discuss this with your Trusted Choice® agent.

Does it matter how I die as to how much my beneficiaries will collect?

During the first two years of the policy period, there may be conditions (fraud, misstatement of age, suicide) that can affect the death benefit paid by the policy. Your Trusted Choice® agent can discuss these with you. After two years, the full policy death benefit is payable, regardless of the cause of death. (Some policies may also pay extra benefits in certain conditions, such as the insured dies in an accident.)

Will my beneficiaries receive the benefit in one lump sum, or will it be distributed over a period of years?

That is entirely up to you, or you can leave the decision to your beneficiaries. Both options are available.

Who can I name as my beneficiaries? How often can I change them?

Your choice of beneficiaries is entirely yours. You can name individuals, organizations or your estate. You can also change them at any time. The original beneficiaries under your policy, as well as any changes you later make, must be designated in writing to the insurance company, and attached to your policy by endorsement.

Do I have to die to collect life insurance?

For term insurance, the answer is always yes. For permanent insurance, as the living benefits accumulate, they may be used to provide funds for financial needs such as loans, premium payments and retirement benefits.

Will I ever need to re-qualify to keep my life insurance policy, as long as my premiums are paid on time?

For permanent insurance, no. For term insurance, if an insured wishes to continue the coverage beyond the specified term, many policies (known as renewable term) allow the insured to continue the coverage for another term of the same length, without any need to fill out a new application or undergo an underwriting review. This is a valuable provision, since the insured’s health or occupational status may have changed during the policy period in ways that would render them uninsurable if they were to try and purchase a new policy.

If I need to cash in my life insurance at some point, how much will it be worth?

If your policy is term insurance, it will have no value. Term only provides a death benefit. If your policy is permanent insurance, you will be eligible to receive the current cash values contained in the policy, whatever they may be at that point in time. Your Trusted Choice® agent will be able to show you sample charts illustrating your policy’s anticipated values for any particular year after your policy is issued.

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Our locations:

Harbor Insurance
1622 S. Gaffey #104
San Pedro, CA 90731

310-832-5311

C & S Insurance
3220 Sepulveda Blvd #202
Torrance, CA 90505

310-517-8255