Individual Life Insurance
Peace of Mind for You and Your Loved Ones
Many individuals consider Life Insurance to be the cornerstone of a sound financial plan. And while no one likes to think about passing on, Life Insurance can relieve you of the financial worry your loved ones may face in the event of your untimely passing.
Your beneficiaries will be able to use your Life Insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage to ensure that the family home stays in the family.
At Ward Group, we know that choosing a Life Insurance plan is a big decision with many important factors to consider. We are committed to walking you through the process and providing you with the best insurance solution to give you and your family the peace of mind you deserve.
Types of Individual Life Insurance
Ward Group offers several different types of Life Insurance for your consideration: Term Life, Whole Life, Universal Life and Indexed Universal Life.
Term Life – This is typically the simplest and least expensive insurance option. Term Life Insurance provides coverage at a fixed rate for a specified period of time. It’s a benefit policy that’s used primarily to cover financial responsibilities of the insured, with the benefit to be paid only if the insured were to die during the specified term. Most Term Life policies can be converted to a more permanent insurance solution such as Whole Life, or Universal Life Insurance.
There are two types of Term Life Insurance:
- Annual Renewable Term is purchased for a period of one year, with the death benefit to be paid only if the insured were to die during that one year term, along with the option to renew after the term period.
- Level Term Life guarantees a fixed premium for a given period of time, usually in terms of 10, 15, 20 or 30 years. Your premium is based on your age and coverage options, with longer terms being more expensive.
- Whole Life – As the most common type of permanent insurance, a Whole Life policy guarantees a death benefit for the lifetime of the insured as well as a cash value account for saving. Your premium remains constant throughout the duration of the policy while payment over and above your premium are credited to your saving, which earn a fixed rate of interest
- Universal Life – These policies are designed to be more flexible than other permanent Life Insurance. You are still guaranteed a death benefit for the duration of the policy as well as saving that accumulate cash value, but the flexibility of a Universal Life plan allows you to change certain aspects of your plan to accommodate life changes.
Depending on your options, you have the flexibility to change the overall value of the death benefit as well as the time and amount in which you pay your premium. This give you the option to focus on building your policy’s cash value, or pay a lower premium and focus on guaranteed protection. It’s important to note that changes to your Universal Life policy can affect its guarantees and limits.
Ward Group is Here For You
There are many things to take into account when purchasing Life Insurance and changes in your life situation can reflect changes in your insurance requirements. That’s why it’s important to carefully consider the different policy options and ensure that you have the right solution to meet your long term Life Insurance needs.
We will review your current Life Insurance situation and help you design a policy that plan for the future. At the end of the day, one of the biggest investments you can make is an investment in yourself.
