Life Insurance

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Life Insurance

There are two primary types of life insurance, and each has a place in any sound financial plan. 

• Term Life Insurance - fixed premiums for a fixed period of time, like 10, 20 or 30 years.  If the policyholder is still living after the term ends, the policy expires and the death benefit is no longer payable.  These policies do not build any cash value like a permanent option may.
• Permanent Life Insurance - in exchange for premiums paid, life insurance carriers will provide a death benefit and assign the policy to build cash values, which allows the owner to take withdrawals and /or loans against it in the future.  There are several different permanent options, but the main two are whole life and universal life.
  • Whole Life Insurance - permanent life insurance where premiums are normally the same and paid until death, in return for the payment of a death benefit to a specified beneficiary.
  • Universal Life Insurance - similar to Whole Life but with the flexibility to normally choose investment risks to maximize cash value benefit, specify payment periods and take tax-free loans against the policy in the future.

Life insurance can be used for a variety of financial planning purposes, including:

• Paying for the education of children
• Helping your spouse and surviving children maintain their lifestyles
• Paying off mortgages and other debt
• To ensure the continuation of a business after the death of a key owner or employee

Do you have questions about Life Insurance?

Contact an insurance agent at Insurance Wagon today to answer any questions about Life Insurance or for a free review and insurance quote for Life Insurance. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.