Life Insurance in Laguna Beach

In Laguna Beach, the median home is worth about $2.9 million and the median household earns about $145,000 a year. For most families the mortgage is the biggest bill, so a good starting point is term coverage that would pay off the house and replace several years of income if a paycheck stopped.

With home values this high, many households also add permanent coverage, such as an IUL or whole life policy, to leave money to the next generation and build cash value they can use later.

About 24.5% of residents are 65 or older. If you are close to retirement, an annuity can turn savings into steady income, and a final expense policy can keep funeral costs off your children.

California taxes income, which makes tax-advantaged savings worth a look. Cash value in an IUL grows tax-deferred and can usually be reached through policy loans in retirement.