A permanent Life Insurance in West Virginia insurance policy will remain in force for the insured’s entire lifetime. In most cases builds a cash value.
Term life insurance, also known as pure life insurance, is a type of death benefit that pays the policyholder’s heirs throughout a specified period, i.e., 20,25,30 years.
Universal life (UL) insurance is permanent life insurance (lasting the insured’s lifetime) with an investment savings element and low premiums similar to term life insurance.
Key person insurance is a life insurance policy that a company purchases on the life of an owner, a top executive, or another individual considered critical to the business.
Types of Life insurance in West Virginia
Term Life Insurance in West Virginia
Term life insurance has a specified coverage period (term), but can usually be renewed or converted into a permanent policy at the end of the term. Premiums are generally affordable initially but can increase substantially when renewed.
Whole life insurance in West Virginia
Whole life insurance is a type of permanent insurance that offers life-long coverage combined with a cash-value savings component. This type of policy has higher premiums than term life. Premiums remain constant throughout the policy, and a portion is invested by the company, which becomes the policy’s cash value. Whole life insurance pays a fixed amount upon death.
Universal life insurance in West Virginia
Universal life insurance is another type of permanent insurance policy that combines term insurance with the ability to earn interest on the cash value, paying a market rate of return. Cash value grows tax-deferred and can be withdrawn or borrowed from the policy. It is more flexible than whole life insurance, allowing you to change your premium payments and death benefits within limits.
Premium Amounts for Life Insurance in West Virginia
Rates for life insurance policies will vary. Women typically pay less than men due to their longer life expectancy, and rates increase with age. Also, smokers pay more than nonsmokers.
Contact Songer Benefits, Inc. today for a better idea of the rates you can expect to pay for life insurance.