Life Insurance in Marietta & Smyrna, Ga.

Life insurance is interesting these days because the cost of policies has dropped substantially over even the past decade.  This is great news for people living in the Marietta, Ga. or Smyrna, Ga. area – or really anywhere for that – because life insurance is now so much more affordable than what it used to be.

In today’s life insurance market, you can literally get a $1 million life insurance policy for the same amount a $250,000 policy costs ten years ago.  Again, great news for anyone in the Smyrna, Ga and Marietta, Ga. who are looking for the best life insurance policy for themselves or their loved ones.

Life Insurance Coverage at Waggoner Insurance

We mention these two specific locations because Waggoner Insurance has been providing the absolute best life insurance coverage to friends and family in this area since 1974.  We have the experience, expertise, and knowledge of the life insurance markets to help you navigate through and find the most coverage you need for the least amount money.

At Waggoner Insurance, we provide 100% free quotes and reviews on life insurance at no additional cost.  In fact, it would be our honor to talk with you about your life insurance policy needs – no matter who you are or what age bracket you fall in.

And along with quoting and delivering the best life insurance policies, we specialize in educating both clients and potential life insurance customers on the benefits of have a life insurance policy in place for both yourself and your loved ones.  The more you know about life insurance, the more educated you’ll be to make the best decision as to what coverage is right for you and your family.

Types of Life Insurance Coverage

When it comes to life insurance, there are typically 5 types of coverage available:

  1. Term Life Insurance
  2. Permanent Life Insurance
  3. Whole Life Coverage
  4. Universal Life Coverage
  5. Limited Pay
  6. Endowments
  7. Accidental Death Insurance Coverage

#1:  Term Life Insurance Coverage

Term Life Insurance is one of the most common, and most popular, types of life insurance.   With term coverage, you are purchasing life insurance coverage for specific length of time.

Some other key attributes of term life insurance coverage are the policy does not accumulate cash value, the term of the policy is considered a “pure” insurance, and premium amount on the term life insurance policy buys protection in the event of death only.

There are three key factors to be considered in term life insurance:

  1. Face amount (protection or death benefit),
  2. Premium to be paid (cost to the insured), and
  3. Length of coverage (term).

#2:  Permanent Life Insurance Coverage

Permanent life insurance is unique because it is a policy that actually remains active until it matures – the only exception being if the owner of the policy fails to pay their premium.  What also makes the permanent life insurance policy unique is that is actually accumulates cash value over time.  And by accumulating cash value, the permanent life insurance policy will, in effect, reduce the exposure of risk for the insurance company.  The owner of permanent life insurance policy is able to have access to the money – or cash value – of the policy and can withdraw money, borrow the equivalent cash value, or even surrender the policy and receive the cash value amount.

#3:  Whole Life Insurance Coverage

Whole life insurance coverage is similar to permanent life insurance coverage except with whole life, the premium remains level throughout the lifetime of the policy holder.  With whole life insurance policies, the owners can access the cash value of the policies at any time through the use of what’s called policy loans.  And better yet, the loans on the whole life insurance policy are received 100% income tax free.  However, in the event of death, if any outstanding balance on a loan remains in place, the insurance company will subtract the amount owed from the loan amount, and pay the remaining balance to the named beneficiary.

#4:  Universal Life Insurance Coverage

People are attracted to the universal life insurance policy because it combines the permanent insurance coverage benefits with flexibility in the premium payment on the policy, and it all comes with a greater potential for growth of cash values.

The main types of Universal Life Insurance Coverage are:

  1. interest sensitive (traditional fixed universal life insurance)
  2. variable universal life (VUL)
  3. guaranteed death benefit
  4. equity indexed universal life insurance

#5:  Limited Pay Insurance Coverage

With limited pay insurance coverage, all of the premiums are paid out over a pre-designated period of time after which no additional premium payments are required – and the policy remains in effect.  The common payment periods for limited pay insurance coverage are 10 years, 20 years, and are paid out at the age of 65.

#6:  Endowments

Endowments are unique forms of life insurance coverage where the cumulative cash value of the policy equals the death benefit at a certain age.  This means, the there is a certain point in future where condition known as “the endowment age” is met and premiums are no longer required to be paid.  The premium payment periods are typically shorter, and the endowment date is earlier, both of which drives the premiums up considerably.

#7:  Accidental Death Insurance Coverage

Accidental death insurance coverage is very common in most work places that offer benefits.  As the name eludes to, the accidental death insurance policy covers victims who die due to an accident.  Accidents can include everything from an injuries that led to death or accidentally situations that caused death.  Health problems that result in death and suicide are both not coverage under the Accidental Death Insurance Policies.