The entire team here at the Marla Williams Agency is proud to serve the insurance needs of Kansas residents. If you wonder which type of life insurance may serve your family’s needs the best, let us help! We are here for you whenever you need us.
Different types of life insurance
There are two main types of life insurance: term and permanent. As the names suggest, a term policy is in place for a specified period of time, such as 15 or 30 years. A permanent policy is in force for your entire life. Of course, these parameters are only in place when the policyholder stays current with their premium payments.
With a permanent policy, you can have peace of mind knowing that your family or surviving spouse is protected. A term policy is utilized to cover burial costs and other end-of-life expenses for many. There are pros and cons to each type of policy.
When you work with a local insurance agent, you get the benefit of having a firsthand resource and an advocate. Navigating all of the life insurance options and policy amounts can make the selection process a bit overwhelming. If you want to find the policy that best meets your needs and those of your family, it only makes sense to work with someone who knows you and your needs.
Discover more today by calling our office.
Let us help you protect your family.
Marla Williams Agency wants to ensure that our friends and neighbors in Kansas have the insurance protection they need. If you have questions about life insurance, we are here to help! Call or stop by our office today.
If you are a Kansas resident, you can rely on the Marla Williams Agency for all of your insurance needs. Our team is here to help you protect your possessions and your life. We are here to answer all of your insurance-related questions and provide the coverage you need.
Understanding whole-life insurance policies
Life insurance is an important and effective way to protect your family, no matter what the future may hold. If you are interested in learning more about the different types of policies available, we are here to help.
With a whole-life policy, you are able to accumulate a cash value within the policy in addition to providing a death benefit to your survivors. This cash can be accessed during your lifetime and can be used for a variety of different expenses.
If you want to purchase a larger family home or have college tuition fees and expenses, the cash value of your policy will come in very handy! This money can be used to help your children while you are still alive. Imagine the joy that your family will share when you use the funds to pay for your child’s wedding. Or, you can help your child with the down payment when it is time for them to purchase their first home. These funds would also be beneficial when it comes time for you to retire.
Find out more about this policy type today!
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Here at the Marla Williams Agency, our goal is to provide Kansas residents with the insurance they need. If you would like to find out more about the life insurance policy options that are available in our state, give us a call today and set up an appointment. We look forward to working with you!
Basics of Life Insurance
When you purchase life insurance, your policy establishes a contract between you and the insurance company to provide a lump-sum payment upon your death to your beneficiary in exchange for your timely payment of premiums. The Marla Williams Agency of Kansas wants you to understand that within that essential framework, you have many choices, beginning with whether you choose a term or permanent policy.
Those two main types of life insurance cover you for a different time period.
- Term life: a term policy remains active for the specific time period enumerated in the policy documents. This typically refers to 10, 20, or 30 years.
- Permanent life: a permanent policy remains active while the policyholder pays the premiums. When the policyholder either dies or surrenders the policy, it ceases to exist.
With a term policy, you can pick from a level term or increasing term policy. The former refers to a policy with premiums that always stay the same. The latter refers to a premium that increases as you age.
Most permanent policies require a monthly or quarterly premium payment. Still, you can purchase a single premium policy for which you pay the entire premium up-front in a lump sum.
You could choose a whole policy with a cash value account that lets you save part of your monthly premium in a money market or investment account. A universal life policy features a cash value account that earns interest. You can adjust the premiums and death benefits during the policy’s life. You might choose a variable universal policy, so you can save in your cash-value account and grow it by investing it, or an indexed universal policy with a cash value account that earns interest or invests using a fixed rate return or an equity-indexed rate of return.
You can also obtain permanent policies without a cash-value account, such as the guaranteed universal policy, which charges lower premiums than a typical whole life policy. If you have a pre-existing medical condition that has precluded you from obtaining life insurance, choose a guaranteed issue policy. It only pays accidental death in the first two years, but after that, you receive coverage for any death type except suicide.
Contact the Marla Williams Agency of Kansas today to obtain the life insurance policy for your situation.
Life insurance needs to be tailored to your particular needs. What is right for one person would be all wrong for another. Having an insurance agent who knows you and your needs can make buying life insurance much easier. In Kansas, the Marla Williams Agency is locally owned and operated and dedicated to providing the service our customers deserve.
Life insurance needs variation over your life. From time to time, it makes sense to look at your coverage and make sure it meets your needs and the needs of any dependents and loved ones who count on you.
When you change employment
If you are like many people, you have life insurance as a part of a benefits package. When you change positions, you may be able to keep your insurance at your own cost. You should contact an insurance agent to determine if it is worth paying for. You may be able to get a better deal, or you may get insurance from your new employer. Keep in mind most policies won’t pay out for up to two years, and that could leave your dependents with no protection.
When you get married
When you get married, you need to change the beneficiary on your insurance policy. It is a good time to consider whether you need to add additional insurance. If you have purchased a home and plan on having a family, your insurance needs will be growing.
When you retire
By the time you retire, you may not need the same amount of life insurance you needed when you had a young family. It would be best if you had enough to take care of final expenses and keep your spouse or partner in their current position.
If you have questions about life insurance at the Marla Williams Agency, we provide Kansas residents with the answers they need.