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Life Insurance: Understanding which type is right for you

Contact us to set up an individual assessment and for plans that fit your budget and needs.

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Read information below AND also click on the link to the right to hear our WPSG Radio Show about Life Insurance! There are different types of Life Insurance, make sure you choose the right one for your needs!

Life insurance should not be complicated! Here is a great book that helps answer your questions in more detail than below.
"The Life Insurance Life Preserver" by Daniel A. Bassani
Click HERE to go to Amazon.com to get the book NOW!

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Life Insurance 101:
Life Ins to Finance your Dreams:
 

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What are the different forms of Life Insurance and how do they differ?
Life Insurance comes in 3 main forms as illustrated below:

Whole Life: This is, by far, the most popular and is usually used for Final Expense planning. Most policies are under $25,000 face value and depending on your age are very affordable. When setting up a Whole Life policy, you lock in your monthly premium and do not have to worry that it will go up in cost. Your policy grows in cash value and eventually might become "paid up". This means you will not have to pay premiums after a certain number of years.

Universal Life: Sometimes called "flexible premium life", this is similar to a whole life policy as it usually grows in cash value and gives you a predetermined monthly premium. However, it gives you the option of paying more each month if you want to. Later on, if you want to stop paying premiums, you can use the built up cash value to pay your premiums for as long as the cash value lasts. If you are looking for a larger policy, $100,000 and up, this is probably the policy for you. Most new policies have a fixed interest rate. However, if you already have a Universal Life policy, make sure you look at your statements! Many of the policies in the late 1980s and early 1990s were based on interest rates attached to market indexes. Some of those policies are in trouble of folding.
Contact us immediately if you have one of these policies.

Term Life: These policies are usually the least expensive, but they do not grow in cash value and end after a preset period of time. Normal term policies are set up for 5, 10, 15, 20, 25, and 30 year. After the term is up, the policy holder has a chance to renew for another term, but at a higher monthly premium. The most common reason that term policies are used is when you have a mortgage and/or children in the house. If one of the "bread winners" passes, then the mortgage can be paid off and/or have money available for children's education.

What if I don't have good health, can I get approved for Life Insurance?
We have a variety of Insurance Companies to choose from. If you are looking for a Final Expense plan, we can almost always provide you with coverage... even with poor health. If you are looking for a larger policy, it might be harder to get coverage. Term policies are usually easier to issue than Universal, but poor health could prevent coverage. Contact us and we can go over your health concerns and give you a quote right over the phone!

Which policy should I choose?
Depending on your needs, we can help you choose the right coverage for you and your family.


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