Whether it is supporting your loved ones or protecting your assets to pass on to the next generation, B. Wood Insurance can help you find the right type of life insurance. Dealing with a premature death is difficult for a family and finances are typically overlooked until it is too late, so take this opportunity to let us help.
There are three types of life insurance to consider: Term, Whole life, and Universal life.
Term life insurance is temporary and the most affordable, commonly referred to as “renting versus owning insurance.” Term insurance covers the insured for a specified number of years for a premium amount per year. There is a variety of periods, coverage levels, and underwriting classes to choose from.
Whole life insurance is permanent life insurance. It costs more than term insurance for the reason that as we age, we become more and more likely to die. Whole life insurance protects you your entire life (up to age 100, at which time pays the face value to the policy’s owner). A unique quality of whole life insurance is that a portion of your premium builds cash value, like a savings account, which you can surrender and redeem at any time.
Universal life insurance is both a risk protection and a financial investment. It is more expensive, lasts a lifetime, has cash value accumulation, and allows you to invest a portion of your premium payment to grow your cash value at a faster rate.
All life insurance products are complicated and there are many things to consider before purchasing them. Please contact B. Wood Insurance to set up an appointment for a personal evaluation. Together, we will help you decide how much to spend and what type of life insurance is right for you.