Most people do not consider purchasing a life insurance policy until they marry, have children or start a dangerous job. Whatever the situation is for you, West Virginia is home to many insurance companies that can find the best life insurance policy for you.
Before you start searching for quotes, however, there are a few things you should know.
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Why Is Life Insurance Important?
Many West Virginia residents struggling with their finances in today's downtrodden economy may think they can save money by skimping on life insurance. More than 30 percent of U.S. households have no life insurance coverage, according to a 2010 study conducted by LIMRA, an insurance industry research company. And among households with children under 18, 11 million have no coverage.
Don't leave your family or loved ones in a bind in the event you are no longer able to provide for their needs. A life insurance policy can protect them long after you can't.
How Does Life Insurance Work?
Life insurance can help provide for the people who financially depend on you if you can't be there for them. They can use the money for final expenses, to help replace your lost income, cover debts, pay your mortgage, fund your child's education at West Virginia University and more.
When a person dies, there is often a large gap between the financial needs of the person's dependents and the amount available from other sources, such as Social Security benefits, available cash and savings. Life insurance helps bridge that gap.
What Is Term Life Insurance?
There are two main types of life insurance:
- Term life insurance: This offers simple, affordable coverage for a set period, typically 10 to 30 years.
- Permanent life insurance: This offers coverage for your lifetime with the potential to build equity in the form of cash value and options for more flexibility.
Term life insurance is often the most affordable type of coverage because it offers protection for a specific number of years. You may want to purchase a term life insurance policy for these reasons:
- To get maximum coverage at an affordable price
- To cover specific financial responsibilities like a mortgage or college expenses
- To supplement a permanent policy or work policy
There are two main types of term life insurance:
- Simplified life insurance: For coverage amounts below $100,000, most companies offer simplified issue term life insurance with no medical exam and same day approval. You can buy this coverage at any time.
- Level term life insurance: For coverage amounts of $100,000 or more, most West Virginia insurance companies offer term life insurance policies with premiums guaranteed not to increase for the length of the term.
Is Permanent Life Insurance More Appropriate for You?
Most insurance companies in West Virginia offer several types of permanent life insurance policies to meet your needs:
- Whole life insurance: Permanent insurance, fixed premiums, guaranteed death benefit and cash value growth.
- Universal life insurance: Permanent insurance with flexibility to change payments, premiums and death benefit options.
- Variable universal life insurance: Permanent insurance with flexibility to change payments, premiums and death benefit. This insurance also allows you the option to take investment risks in return for a potentially higher cash value.
- Survivorship life insurance: Permanent insurance for two people, which provides a benefit to beneficiaries after the second person passes away.
What About Final Expenses?
Final expense life insurance is simple, affordable whole life insurance designed to cover expenses like medical bills, credit card debt and funeral costs. It can help protect your loved ones from future financial burdens. If you're aged 45 to 75, your insurance company cannot turn you down for health reasons. Final expense life insurance premiums and coverage amounts remain the same for the life of your policy.
According to the National Funeral Directors Association, the average cost of a funeral in 2012 was more than $7,000. Because WV has a higher standard of living than many states, your final expenses may be closer to the national median of $8,000.
If you become very ill during your final days, medical bills in the tens of thousands, if not hundreds of thousands, can add up quickly. Final expense life insurance will help your West Virginia loved ones cope with their loss without financial worries.
How Are Life Insurance Quotes Determined?
Your quotes for life insurance in West Virginia depends on your age, your health and the size of the death benefit you want. It should be no surprise that the younger and healthier you are, the lower the premium you will find.
For example, a healthy 40-year-old man who buys a 20-year level term policy that has a fixed annual premium might get a quote of $350 a year to secure a $500,000 death benefit, according to CNN Money. A healthy 50-year-old man who buys the same policy might pay $1,000 a year. If he waits until he's 60, the policy may cost about $3,000 a year.
Quotes for cash value policies are much higher. For example, the healthy 40-year-old man who pays $350 a year for a $500,000 term policy would pay about $3,000 a year for a $500,000 universal life policy, in part because a portion of that $3,000 is going into the investment component of the policy. That's a huge difference.
Leave Your Family Protected
Finding a perfect life insurance policy is quick, easy and over in minutes when you contact a knowledgeable Trusted Choice® independent insurance agent. One phone call or click of the mouse is all you need in order to gain that peace of mind for your family and loved ones. Contact an agent in your area to get started and to get peace of mind.