Life Insurance

A good life insurance policy could be a godsend for your family in the event of your death.

It could help them keep a roof over their heads and pay outstanding bills and taxes. Proper planning is the key.

How much will you need? The rule of thumb is to have five to seven times your gross annual income. But that’s just a rule of thumb. Your Statewide agent understands no two families are alike and has the expertise to determine how much you and your family need.

What kind will you need? The choices are many and can seem a little bewildering, but a Statewide Insurance agent can explain them and help you make a decision as to which one is the right one.

• Term Life. This type of policy is usually the least expensive and provides protection for a specific period of time, usually for 10 to 30 years.
• Universal Life. This coverage provides lifelong protection as long as certain minimum premium requirements are met. This type of policy also accumulates a cash value against which you can borrow.
• Whole Life. This is the most common but least flexible type of permanent insurance. The premiums and death benefits usually remain constant over the life of the policy.
• Variable Life. This type of policy’s value is tied to the performance of financial markets. The cash value and death benefits can grow over time but naturally, there is risk involved if the markets do not perform well.