Pearson Wallace has the right life insurance policy for everyone.
Conversations about life insurance aren’t usually comfortable, but keeping your family comfortable and financially secure after you’re gone is a conversation worth having. Pearson Wallace Insurance can help get the discussion started about the best personal insurance policy that will suit everyone’s unique needs and concerns.
Who needs life insurance?
Life insurance is for people who wish to provide for their family or business when they die. A good time to purchase is when things are new: marriage, a new baby, or a new house.
Before You Shop Around
Think about how to accomplish your goals, even after you’re gone, like paying for your child’s education or paying off the mortgage or credit card debt. How do your loved ones pay for burial expenses or medical bills? It helps to know what you’re looking for before sitting down with an agent.
Types of Life Insurance
When shopping for a life insurance policy, consumers should take into account several factors: the age and health of the insured person, the amount of coverage needed, risk tolerance, debt and tax liability, and budget.
A younger person is presumably more healthy than an older person, therefore policy premiums are lower for younger people. Some policies require a medical exam, others do not. Some special policy additions, called “riders,’ may require a more comprehensive medical exam.
Whole Life Insurance
The whole life policy offers premium payments that will never go up, plus it has cash value that’s accessible through loans or cash-out. Loved ones left behind are guaranteed to receive a tax-free death benefit as long as the premiums are paid.
Universal Life Insurance
Like whole life insurance, universal life insurance is permanent life insurance with cash value. Unlike a whole life policy, premium payments vary depending on market conditions. A universal life policy remains in force for as long as the premium is paid; the policy pays out at the end of the insured’s life as long as all requirements of the policy are fulfilled.
Term Life Insurance
Term life is an easy, affordable way to provide financial protection for your loved ones when you pass away. It's relatively inexpensive and premiums never increase during the term, usually 10, 15, 20, 25, or 30 years. Most policyholders will never need a medical exam, however every carrier has its own criteria.
Some insurance carriers offer the option to add a term life insurance rider to a whole life policy, while others. Some offer conversion to a whole life policy.
Riders
A rider attaches additional benefits to an insurance policy, usually for a fee. Your Pearson Wallace agent will provide details to help you decide what’s best for you.