Life insurance is more important than most West Virginia residents realize. It offers financial security to your loved ones when you pass away. This allows them to grieve your death without worrying about the financial stress of funerals. Our agents at Pinnacle Risk Advisors LLC are ready to answer any questions you might have about this type of insurance. Take a look at your options.
This type of life insurance lasts for several years before it expires. Policyholders pay a premium towards their policy, and if they die within that term, the insurance company pays the beneficiaries a set amount of cash. This death benefit can be paid as an annuity or lump sum.
Unlike term insurance, the whole life is permanent. That means it has no expiry date. It also comes with a death benefit and a cash value component that earns interest over time. Part of your premium will go toward the insurance policy, and the rest goes to the cash value account, which is like a tax-deferred savings account. This policy is fundamental when you have long-term dependents like kids with disabilities.
While universal life insurance is also permanent, it's flexible compared to whole life insurance. That means you can either increase or decrease the amount you pay for your monthly premiums. This policy is ideal for someone looking for some flexibility. For instance, if you decide to buy a home and need to make mortgage payments for some time, you can reduce premiums and direct cash toward your mortgage. If a period comes where you can't raise cash for premiums, the cash value can cover those payments.
Are you wondering which coverage is right for you? Don't fret. Pinnacle Risk Advisors LLC has got you covered. Talk to our trusted West Virginia insurance agents today for assistance.