Don’t leave the future of your loved ones and your key employees to chance. Having the right life insurance is pivotal in planning for the future. Life insurance will help you fulfill promises you’ve made to your beneficiaries when you are gone.
WBC Risk Management Inc can help you find the right life insurance policy for you and help ensure that your policy continually meets your demands. Contact us today to get started.
Life Changes — So Should Your Policy
The right life insurance policy will be unique for you.
As your life changes, your life insurance coverage may change in order to adapt to your current circumstances.
Some life transformations that may require a policy tune-up include the following:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse’s health has deteriorated
- You are providing care or financial assistance to a parent
- Your child or grandchild requires assistance or long-term care
- You recently purchased a new home
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse recently received an inheritance
- You have a sizable estate
Common Types of Life Insurance
There are several different types of life insurance policies available — the most common include the following:
- Term Life Insurance
Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than whole life insurance, and is available in varying time periods with fixed premiums from a one-year (annual renewable term) to 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your circumstances change.
- Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be a great savings opportunity, as whole life insurance policies also build cash value over time.
- Universal Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.
So what type of life insurance is best for you? Talk with the team at WBC Risk Management Inc today at 931-526-4234. We can assist in identifying the best policy for you.
Advantages of Life Insurance
Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and cash buildup opportunities you can take advantage of while you are living.
Advantages of the life insurance death benefit: When you pass away, your life insurance provides income tax-free money to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner.
Advantages of Living Benefits: The cash value growth of a whole life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans can be taken against the cash value of a whole life insurance policy to help with expenses, such as college tuition, the down payment on a home, or any other major capital purchase. This cash value builds even as the loan against your cash value collateral is in use.
The right life insurance coverage for each and every one of our neighbors is unique — talk with the WBC Risk Management Inc team today to find out how to protect your family and the future of your business with the right life insurance.