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 you 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.
As life insurance products have evolved, you can also utilize your life insurance policy during the time you need it the most during your lifetime—in an event of chronic illness, terminal illness or needing to stay in a nursing home.
With permanent life insurance, you may use your policy as an additional retirement income.
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 to purchase life insurance or review my existing coverage?
You may be wondering if now is the right time to purchase a life insurance policy or review your current 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
- Your income has changed
- Your health has changed
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 and is usually the cheapest and simplest coverage. You will pay a fixed premium for the period you chose, which is typically 10 or 20 years. In most cases, you will have an option to renew or convert to a permanent life insurance for a higher premium cost
Whole Life Insurance
Whole life insurance is a form of permanent life insurance that provides coverage during your lifetime as long as you pay your premiums as specified in the policy. It has a savings component called the cash value that grows tax-deferred, and you have the option to take loans when needed.
Universal Life Insurance (UL)
Universal life is a form of permanent life insurance characterized by its flexible premium and adjustable face amount which is why it is also known as Flexible Premium Adjustable Life Insurance. This product unbundles the insurance protection and cash value component of the policy which allows you to see the amount you are paying for your coverage and the amount credited on your cash value. The interest credited is based on the insurance company’s investment performance.
Indexed Universal Life Insurance (IUL)
This is a type of universal life insurance where the interest credited is based on, in part, one or more of the indices (such as S&P 500). It provides downside protection as the interest cannot be below 0% so you won’t lose any money and at the same time provides upside potential as the interest is based on the performance of the index and cap of the strategy chosen. This allows you to take advantage of the market without being directly invested in it and having the risk of losing money.