LIFE INSURANCE FOR WEST VIRGINIA AND OHIO RESIDENTS
Whether you are an individual or have a family that depends on you, a sound life insurance program is a good solution. The main purpose of life insurance is to offer protection to your survivors in the event of your death. Other uses might include mortgage or loan protection, burial funds, cash accumulation, and estate conservation. There are two basic types of life insurance, term (or temporary) and permanent.
TERM VS. PERMANENT LIFE INSURANCE
Term insurance is considered to be temporary in that it is usually purchased for a particular need (such as a bank loan or mortgage) and is for a pre-determined amount of time (such as 10-15-20-30 years). Term life is also often used for protection for a breadwinner’s family. People often carry high limits of term insurance that would provide funds for the care and education of their children as well as income for the surviving spouse in the event of the insured’s untimely death. Term insurance does not have a cash accumulation; however, a return of premium rider may be purchased that would refund the premiums paid at the end of the policy term if the insured is living. Return of premium policies cost more than regular term policies, but are attractive to folks that can afford the higher annual premiums.
Permanent life insurance is life insurance with some type of cash accumulation. It offers various premium payment plans. Some you pay your entire life, others may be paid over a period of years; however, the policy is permanent as long as you make adequate and on-time premium payments. The policy will cover you until you die or until it reaches maturity (normally at 100 years of age). Universal life insurance is considered a permanent plan, but affords you more flexibility with premiums and returns on your investment.
There are a number of factors that go into the premium rate for life insurance. These include your age, your overall health and weight and whether or not you use tobacco. Even your occupation or hobbies can effect what you may have to pay.
A professional, experienced life insurance agent can help you understand and calculate your life insurance needs, and devise a plan to help you reach your goals.
Call for a FREE Life Insurance Quote if you are in West Virginia or Ohio.
Contact Bryan Insurance today at either our Moundsville, WV office on 304.845.0121, or our Wheeling, WV office on 304.233.5907 and let an experienced Life insurance professional discuss your life insurance options with you.