One of the most important reasons for purchasing life insurance is to provide for final expenses and a similar quality of life for the family after a death. However, the needs for each person vary depending on age, life stage, and family situation and will likely change throughout your life. Before purchasing life insurance, carefully consider your options to determine which type of policy best fits your needs.
Term Life Insurance is coverage that is in place for a certain time period – it is often referred to as “temporary coverage.” You can typically purchase coverage in periods of 10, 20, or 30 years. If you die before the end of the period, your beneficiaries will receive the death benefit. Term insurance does not typically have a cash value. In most cases, term insurance can be purchased at more affordable rates than permanent coverage.
Permanent Life Insurance offers protection for your entire life. There are several types of permanent insurance plans, including Universal Life and Whole Life. Permanent insurance builds cash value on a tax-deferred basis. You can generally access your cash value in the form of a loan or withdrawal during your lifetime. Premiums can be a fixed amount and are generally greater than they would be for the same amount of term insurance.
What does wfla have that fits these categories?
10, 20, or 30 Year Renewable Term life insurance: Guaranteed level premiums for the 10/20/30-year period and annual renewable rates thereafter to age 95. This term can be converted into to permanent insurance coverage at any time prior to the end of the original 10/20/30 term time period or prior to the certificate anniversary after attaining age 70, without proof of insurability.
Whole Life Insurance: A traditional dividend paying* life insurance certificate that provides life-long insurance protection. It features level premiums, guaranteed cash values, optional riders, and benefits.
WFLA offers four different Whole life options:
Continuous Pay over the life of the insured
20-Pay premiums over 20 years
10-Pay premiums over 10 years
Single Premium pays one lump sum
Universal Life Insurance: Provides permanent insurance protection with flexible premium and adjustable benefits. Cash value accumulates at competitive interest rates on a tax-deferred basis.
*dividends are not contractually guaranteed.
For more information on the products wfla offers, contact the Marketing Department at 319-363-2653 or toll free 1-877-935-2467.