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Discover the Right Life Insurance Solutions for Your Needs
There are many different types of life insurance policies out there, so it’s important to understand what’s available and which type of policy will serve your needs best. By scheduling a consultation with our team, you can get to know more about our life insurance solutions and begin getting your policy in place. There are two basic types of life insurance. Read on for a closer look at each option, so you know which one may cater to your unique lifestyle and financial situation.
Whole life insurance:
Whole life insurance provides you with a permanent policy that guarantees ¹ protection throughout your lifetime, as long as premiums are paid. With whole life insurance, you not only have a death benefit that will be paid to your loved ones upon your passing, but you also have guaranteed cash value that accrues throughout the life of the policy. You may also leverage whole life insurance to help pay for your child’s college, secure income in retirement, protect your spouse during retirement, or provide funding to your business.² One thing to keep in mind when taking a distribution from a whole life insurance policy is that accessing the policy’s cash values will reduce the policy’s cash value and death benefit and increase the chance the policy will lapse.
Whole life insurance generally has higher premiums than term life insurance, but it offers much more flexibility and financial protection throughout the life of the policy.
¹ Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
² Guarantees are based on claims paying ability of the issuing company or companies.
Term Life Insurance:
Term life insurance provides coverage for a specific period—for example, the policy may be valid for a set period like 30 years, or it may terminate when you reach a certain age and retire. During this term in which you pay your premiums, your beneficiaries will receive a death benefit in the event of your passing. These funds can provide financial protection for your family, help pay for funeral expenses, and help pay for other expenses. Once your policy term ends, you may be able to roll it over into a permanent policy, allowing you to retain the death benefit for your loved ones permanently. In addition, some policies allow you to convert to a permanent policy.
With both types of life insurance, make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy, income tax free.
Your life insurance needs may evolve over time as you change careers, get married, and start a family. With Strategy West Financial, you can rest assured that our team will be there for you well after you purchase your policy, so you can adjust your coverage as needed. We are not simply out to sell you a product. We are here to help you gain peace of mind and lifelong financial security for your loved ones. Schedule your consultation today to see how we can help.
Schedule Your Consultation With One of Our Agents Today
It doesn’t matter if you are right out of college or nearing retirement; life insurance is something most people should have in place. Contact us to discuss what kind of coverage may suit your needs.
