Having adequate life insurance protects those yo
ur love most and in the event of a loss, delivers security to the most important things in you life.
At Weber’s Insurance we understand the changes that take place throughout life’s many cycles and that is why we strive to safeguard your financial future through life insurance.
Life insurance protects your spouse against lifestyle adjustments and added expenses in the event of a loss.
Life insurance can funds ensure that a child has a better chance at succeeding in life by being able to complete college.
Empty nesters may elect to maintain life insurance for the benefit of a spouse in order to provide for health and care in the years ahead.
Life insurance needs are typically triggered by the realization that family and business are assets we treasure and their longevity is a key to heritage.
Choosing the right kind of life insurance plan depends on your needs today as well as tomorrow.
For example, your primary concerns today might be to protect your family’s home and lifestyle in the event of your death.
Next, you may want to
provide a fund for your child’s college education. Finally, you’ll probably want to start building a nest egg for your retirement.
We are qualified to help you identify your needs, guide you through the variety of life insurance plans that we offer, and recommend the plan that best suits your needs.
There are four basic types of life insurance from which you can choose. Before seriously considering a policy, it’s important to understand what these four types are and what they entail.
Term Life Insurance
Term life insurance is very straightforward. When you choose this type of coverage you pay for a specific duration of time. During that period, your chosen beneficiary receives the benefits of your policy in the event of your death. You should know that there are subcategories that fall under the category of term life insurance.
For example, you may choose an annually renewable term life policy. Obviously, this would be a policy you choose to renew (or not to renew) each year. Because the price of the policy and premiums may go up as you get older, consumers may want to choose to avoid the annually renewable term life policy in favor of something like a guaranteed level term life insurance policy.
This type of policy stays the same price for a specific time period of time that can range from 5 to 30 years depending on what you’ve chosen
The newest type of term life is called ROP or return of premium term life insurance. It pays out the value to you at the end of the term if you are still living. If you die during the term the funds go to your beneficiary.
Whole Life Insurance
Whole life insurance covers you for your entire life rather than a specific term. A whole life policy will cost more on average and have higher premiums than term life policies, however, the investment potential and lifelong coverage are appealing to some insurance shoppers.
Whole Life policies may not be suitable for your needs and they have fallen out-of-favor with the general public. However, there are still cases where this type of life insurance may be helpful to you and your objectives.
Universal Life Coverage
With Universal Life coverage you can actually add your preferred amount to the minimum price of the premium. The insurance company then invests the funds with returns that are put into the premiums, or left to accumulate.
One subcategory of universal life insurance is universal variable life which lets customers choose what they want to invest in rather than the insurance company choosing for them.
Variable Life Insurance
Variable Life is another one of the main basic types of life insurance. With variable coverage, you have more investment opportunities, which includes stocks.
This policy type is similar to universal coverage because the returns are either used towards premiums or allowed to accumulate in an account. Your beneficiary receives either the value of the policy, or the value of the policy, in addition to a portion of, or the full cash investment returns account.