Don't leave the future of your loved ones to chance.
Having the right life insurance policy is essential in planning for you and your loved ones' financial security and can help you fulfill commitments you made when your were living.
When you pass away, life insurance provides income-tax-free money to your named beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need.
If you own a business, a life insurance policy can help provide security for your company as well by enabling partners to buy out your interests and prevent a forced liquidation.
Voldico can help you find the right life insurance coverage for you and help ensure that your policy continually meets your needs. We are a group of independent agencies with the shared interest of helping you compare insurance policies from several of the nation's top insurance carriers and select the best policy for you.
Do I need life insurance?
You may be wondering if now is the right time to purchase a life insurance policy. Whether or not you need a policy will depend on your personal and financial needs.
If any of the following statements apply to you, it may be a good time contact your agent:
- You recently married
- You recently bought a new home
- You have a new child or grandchild
- You have started a business
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
Types of Life Insurance Policies
There are several different types of life insurance policies available. The most common include:
Term Life Insurance
Term life insurance provides protection for a specified period of time. It is usually cheaper 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. In some cases, you can convert a term life policy to permanent coverage as your needs change.
Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime as long as you pay your premiums as specified in the policy. The cash value growth of whole life insurance is also tax deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
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.