Life Insurance for Individuals
Life insurance is a crucial step in planning for your future. Not only can life insurance provide assurance for your family if you are no longer around, there are life insurance policies that offer benefits while you are living. Take the next step with life insurance by contacting Lewis Insurance Associates for a quote today.
How Much Life Insurance is Enough?The necessity of life insurance depends on your own personal and financial needs. At Lewis Insurance we assist and help you determine the best type of life insurance that is appropriate for you and your family. Generally, you should consider life insurance if:
- You have a spouse
- You have dependent children
- You have an aging parent or a physically challenged relative who depends on you for support
- Your retirement savings are not enough to insure your spouse’s future against a rising cost of living
- You have a sizable estate
- You own a business
- The cash value earned and borrowed from a permanent life insurance policy can be used to help with large expenses, such as a college education or down payment on a home.
- The growth of a cash-value policy is tax-deferred — you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.
- Life insurance can be used to cover funeral expenses and pay estate taxes — consult your tax advisor and agent for more information.
- Benefits paid to the beneficiary are not taxable.
Don’t leave the future of you and your loved ones to chance. Lewis Insurance Associates can help you find the right life insurance coverage for you, and help ensure that your policy continually meets your needs.
What type of policy is right for you?Lewis Insurance Associates can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:
Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.