| Individual
Life Insurance
Before
purchasing life insurance, several things must first be taken into
consideration. Among the things to consider are questions such as
the following:
- Is
this for personal or business protection?
- Will
I need this policy to help fund my retirement?
- Is
the purpose to create an estate?
- How
much money will my survivors need to pay outstanding debts, burial
costs, etc?
Watson
Insurance Agency can help you identify your needs and place you
with appropriate coverage. There are many different types of life
insurance available. Some examples are:
Policy
Type
Term
Insurance
Features
Level premium, level coverage, definitive
coverage term, no cash value
When
it’s applicable
Often purchased when protecting financial
obligations which reduce with time (ie. mortgages, college tuition
payments, etc.)
Policy
Type
Whole
Life Insurance (AKA Permanent Insurance)
Features
Level premiums, level coverage, cash values.
Cash values are affected by insurance company's general asset performance.
When
it’s applicable
Often purchased when protecting future
income needs of surviving spouse, funding retirement needs, or other
long term obligations.
Policy
Type
Universal
Life Insurance (AKA Permanent Insurance)
Features
Premium and coverage can be level or adjustable.
Cash values are affected by insurance company's asset performance.
When
it’s applicable
Often purchased when insuring estate
growth and/or liquidity, funding retirement needs, or other long
term obligations.
Policy
Type
Variable
Life & Variable Universal Life (AKA Permanent Insurance)
Features
Premium and coverage can be level or adjustable.
Cash values are affected by performance of investment choices (ie.
bond accounts, stocks, money market accounts) made by policy owner.
When
it’s applicable
Often purchased to protect long term
obligations by individuals that are interested in investments as
well as life insurance protection. |
