Life Insurance

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What types of life insurance does Fourth Ward offer?

Fourth Ward offers two primary types of life insurance coverage:

Term Life Insurance: Term Life Insurance is a straightforward and often more affordable type of life insurance that provides coverage for a specific period, known as the term. This term can be 10, 20, or 30 years, depending on the policyholder’s needs and preferences. If the insured individual passes away during this term, the policy pays out a death benefit to the designated beneficiaries. It is important to note that Term Life Insurance does not accumulate cash value and expires once the term ends unless renewed or converted to a permanent policy.
Whole Life Insurance: Whole Life Insurance is a form of permanent life insurance that offers lifelong coverage, meaning it remains in effect as long as the premiums are paid. This type of insurance not only provides a guaranteed death benefit to beneficiaries upon the policyholder’s passing but also includes a savings component. Over time, this savings component accumulates cash value, which can be borrowed against or withdrawn. Whole Life Insurance premiums typically remain level throughout the policyholder’s life, offering both protection and a savings element in one comprehensive package.

How much life insurance coverage do I need?

The amount of life insurance coverage needed can vary significantly based on an individual’s unique circumstances. Several factors should be considered when determining the appropriate coverage amount, including one’s current income, any outstanding debts such as mortgages or personal loans, ongoing financial obligations like education expenses for children, and the financial needs of beneficiaries who would be impacted by the loss of income. It is also wise to consider future expenses, such as inflation and potential changes in lifestyle or financial goals.

Fourth Ward’s experienced financial advisors are readily available to assist you in assessing your specific situation. They can help you navigate the complexities of life insurance planning by evaluating your financial landscape, discussing your goals and concerns, and recommending an appropriate coverage amount that aligns with your needs and provides peace of mind for you and your loved ones.