At Citywide Insurance Group we know that Life insurance can be the foundation of your financial security and can help you leave a lasting legacy. Because your needs are different from anyone else’s, we offer a broad range of life insurance products to help provide financial protection.
What is it?
Life insurance offers financial protection for your beneficiaries when you die. Some policies also accumulate cash value, offering a living benefit that can be used for supplemental retirement income, funding for a child's education or cash for emergencies. Any cash value taken as a living benefit will reduce the death benefit, when paid.
Who needs it?
So much depends on your needs and your income. If you have loved ones who rely on you for their financial well being, life insurance helps ensure that their financial future isn't left to chance.
What is covered?
There are many types of policies that offer a variety of features and benefits. The basic principle of a life insurance policy is that it pays your beneficiary a specified amount of money when you die in exchange for regular payment of premiums.
What are the different types of life insurance?
There are two basic types of life insurance: Term and Permanent.
- Term Life
For those looking for the coverage they need at a cost they can afford or have a specific need for a certain period of time, term insurance is often a good option. - Permanent Life
For others who prefer the added flexibility and security that owning life insurance for their entire lives can offer, permanent insurance is typically purchased. In many instances, people find that their objectives are best met with a combination of both term and permanent insurance. What are the different kinds of permanent insurance?
Whole Life
- Whole life
Whole life insurance provides protection for a lifetime as long as premiums are paid. It offers guarantees that you can’t find in other forms of life insurance, including guaranteed premiums that will not increase, a guaranteed death benefit and guaranteed cash value growth. - Universal Life
Universal life insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances as long as there is enough money in the account to pay for the monthly insurance and administrative charges.
Call today to speak to an agent: 804-237-5949
