West Virginia Life Insurance - An Overview
Do I need life insurance?
Whether you are married, single, retired, or somewhere in between, chances are that someone in your life relies on you for financial support. If you were to die, that financial support would die along with you.
If you have people who rely on you for income, life insurance is something that you need to look into. Life Insurance is a very important building block in any financial plan, and if there are people that you care about who would be harmed from you passing away, then you need to speak to a professional agent who can help guide you through the process. Life insurance can be used to:
- pay for final expenses and estate taxes
- replace income of the deceased person for a surviving spouse or children
- send children to college
- pay off a mortgage or a business loan
- build financial security
- help fund charitable contributions to your favorite charity or school/college/university
How Much Life Insurance Do I need?
Determining the proper amount of coverage is the first step in the process. The proper amount will depend on your income, dependents, debts, your lifestyle, and other factors. Each person we work with is different, and it is important to consider what would happen to your loved ones and how much they would need. Contact me at Joseph@DeaconandDeacon.com to set up a time to discuss your options
What type of life insurance policy do I need?
There are two basic types of life insurance; term life insurance and permanent life insurance.
Term Life Insurance, as the name implies, lasts for a certain number of years. You can choose 5,10, 15, 20, and even 30 year term life insurance policies. This is much like renting the coverage, and the premium (the amount you pay for the policy) stays the same for the life of the term. Term life is the most affordable way to start a plan, but once the term expires, the premium will increase dramatically.
Permanent Life Insurance is designed to last your entire lifetime. The plans premium is guaranteed to never increase as you age, and this type of life insurance also offers other features such as cash value accumulation that can be used later to supplement retirement, or can be used to help pay for the premium.
Let me be candid in stating that one type is not better than the other; this is an important decision in your financial plan and what may be right for one person may be a terrible solution for another person.
At Deacon & Deacon Insurance Agency, we understand that there are many choices and this is why we are an independent agency; this means that we do not work for any one insurance company. We can offer you many companies to choose from, and this is important because as I have stated several times, this is not a one-size-fits all decision. Below is a small list of the West Virginia Life Insurance Companies that are available to us. Call us today at (304) 720-5641for a no-cost consultation to discuss your needs.
