West Virginia Life Insurance
Also Serving the Business Insurance Needs of Virgina, Washington D.C., Maryland, and Pennsylvania
Do you know which life insurance policy type is right for you? At Fargo Insurance And Financial Services Inc we can help. Our dedicated team of life insurance professionals understand West Virginia's market and regulations and can find the right plan – or mixture of plans – to cover your specific needs. Here we outline the two basic forms.
Term Life Insurance Basics:
- Coverage for a "term" or period of your life.
- Lower premiums for higher coverage.
- Rates can change after specific terms expire.
- No equity – cannot be used as cash value.
Whole Life Insurance Basics:
- Exactly like it says – permanent, not for a specific period.
- Protection carries with you your whole life.
- Can build equity and have cash value.
- Higher premiums than term life, but can be more valuable in the long run.
When to choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
When to choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Many times whole life policies will pay dividends - although not always.
What to do?
Many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right life insurance quote for you. Fill out the request for more information at the top of this page, and get a free life insurance quote!
As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.
