A crucial step in planning for your future and your family’s future.
Life Insurance can give your family freedom from financial burdens that may incur after your death. Additionally, the death benefit is income-tax free and can be used to cover funeral expenses, repay debt, provide education, pay estate taxes or any other expenses.
Assessing Your Need
The amount of life insurance you select should be dependent upon your personal and financial needs. We can assist you in determining an appropriate coverage amount and help you decide which type of life insurance is right for you. Generally, you should consider life insurance if you have:
- A Spouse
- Dependent children
- Aging parents or a physically challenged relative who depends on you for support
- Retirement savings that aren’t sufficient to ensure your spouse’s future financial well-being
- A Sizable estate
- A Business
TERM LIFE INSURANCE
Term Life Insurance provides life insurance protection for a specified period of time. If you don’t currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent insurance, and is available in varying term periods with fixed premiums from a one year (annual renewable term) to 20 year period (level term). Term insurance can sometimes be converted to permanent coverage, providing you with flexibility as your needs change.
WHOLE LIFE INSURANCE
Whole Life Insurance is a form of permanent life insurance that remains in force during the insured person’s lifetime, provided the premiums are paid as specified in the policy. Whole life insurance can build cash value.
In addition to Whole Life Insurance and Term Life Insurance, there are a number of different types of life insurance. At R.W. Testa Insurance Agency, we provide you with a thorough explanation of each type of life insurance and assist you with deciding which one fits your financial needs.