1320 Central Park Blvd, Suite 407
Fredericksburg, VA 22401
No one wants to think about their mortality. Young people feel immortal, and when you get older, you still wish you could be around forever. You never want to leave your loved ones behind. But this is precisely why it is essential that you think about life insurance. You do not want to leave your family behind, but even more, you don't want to leave them behind with financial concerns, including funeral expenses or any other debt you might have left over.
At Pete Webb Agency in Fredericksburg, VA, we understand these concerns, and we want to help you. Whether or not you have experience shopping for life insurance in the past, or already have a current policy, we are here to address your concerns and find or adjust a plan that fits your needs.
There are several types of life insurance plans to choose from in Virginia. The main types of plans are:
This is the most common, basic type of life insurance. The policy is written for a specific term; the term is usually from one to thirty years. When the term is over, the insurance is over. However, if the person dies within the term of the coverage, then their family receives the payment called a death benefit from the insurance company. Premiums for term policies tend to be lower than for the other types of policies.
The premiums for whole-life are higher, but the death benefit is paid no matter when the insured person dies. This is better for someone who wants guaranteed lifetime insurance.
Universal-life is similar to whole life, but it allows for more flexibility. With this option, the insured can choose to pay a higher premium for so many years, which may result in a higher death benefit. This could also allow them the flexibility to pay less or nothing eventually. The insured should be cautious not to pay too little overall since that could result in no death benefit.
Variable universal-life is similar to universal-life but with an added risk. This type of life insurance allows the cash-value account, where the premiums are paid, to be invested in stock or bond funds. This can result in a higher death benefit or a lower death benefit since the risk of stock and bond investments could lead to gains or losses.
If you are in Virginia and are looking into a life insurance policy, Pete Webb Agency is here to help. If you have any questions or would like a quote, call us at (540) 693-2720 for help or to schedule an appointment at our office in Fredericksburg, VA.