Individual Life Insurance
Get instant Individual life insurance quotes from multiple companies.
Life insurance is one of the most cost effective and valuable ways to protect the people who depend on you financially. Selection of the right individual life insurance policy generally depends on your future goals. Whether you desire to provide a tax free income for your beneficiaries, have funds for the payment of final expenses or estate taxes, or replace income that is lost if you die, we can help you select the policy that will matches your needs at a competitive price.
Individual Life Insurance can be important for:
Mortgage debt
Additional debt (e.g., vehicle, credit card)
Funeral and burial expenses
College funds for children
Future living expenses
Age and health generally are the most important factor in the premium you will pay. Although you can purchase a policy at any age, the younger you are the more affordable the policy premiums will be.
Basic Types of Life Insurance Policies
Term Life Insurance: generally, the most affordable type of coverage. The term of the policy generally ranges from10 and 30 years and guarantees payment of a stated death benefit if the covered person dies during a specified term.
Whole Life Insurance: generally, the most expensive type of coverage. It provides coverage for the entire life of the policyholder and death benefit and premiums will generally remain the same during the duration of the policy. These policies can also build cash value which may be withdrawn or loaned similar to a savings account.Note that withdrawals are taxed, and loans, if unpaid at time of death, will result in lower death benefits for the beneficiary or beneficiaries.
Universal Life Insurance: it provides coverage for the entire life of the policyholder and won’t expire. It also offers flexible premiums that may allow the policyholder to adjust how much they will pay each year by accessing some of the policy’s cash value (though you will need to pay the minimum premium amount or the policy will lapse). Depending on your policy’s potential cash value, it may be used to skip a premium payment, or be left alone with the potential to accumulate value over time.The beneficiary or beneficiaries only receive the death benefit.
Our professional agents at Teamworks West Insurance Agency, Inc. can guide you through the various types of life insurance policies available and help you chose the policy that will best fulfill your insurance needs and goals.