Affordable Life Insurance Plans to Keep Your Family Protected

Individuals buy life insurance to protect the ones they love. The trouble is, life insurance is complicated. That’s why 33% of Americans say they are underinsured, including one-fourth who already own a policy.

Wallace-Rice Benefits wants to help you understand life insurance options that will provide protection and financial security for your family’s future.

Life insurance can help your family:

  • Pay for final expenses
  • Pay off debt, taxes, and the home mortgage
  • Pay for college education costs
  • Maintain current standard of living while recovering from grief

How much life insurance coverage is needed?

The link below will guide you through the process of evaluating your immediate and future needs. Once you know the amount of coverage you need, we can help you find a policy that fits within your budget.

Calculate Your Needs

Term Life Insurance or Permanent Insurance?

There are several kinds of life insurance to consider – so which is best for you? An agent will help you select the type of policy that suits your wishes, and then also help you choose the insurance carrier likely to offer you the best rate for that type of plan.

Term Life Insurance

  • Guaranteed premiums and benefit for a specific period of time—the “term”
  • Typical coverage periods span from 10 to 30 years
  • Convertible within the length of the term
  • Designed to cover a temporary need, such as a mortgage loan (Mortgage Life Insurance) or a Buy-Sell Agreement (see our business life insurance page for more information)

Term life insurance offers the greatest amount of coverage for the lowest initial premium and is a good choice for those on a tight budget. Policies do not accrue cash value and are non-participating.

Get an Instant Term Quote

Permanent Whole Life Insurance

  • Premiums and death benefit guaranteed for life, so long as premiums are paid
  • Can accrue cash value over time in a reserve account
  • Cash can be withdrawn with tax advantages
  • Guaranteed rate of return
  • Offers an attained age rate that will not increase over time
  • Utilizes either dividends or interest for cash accumulation

Whole life insurance premiums are much higher than term insurance premiums when the policy holder is younger. However, if a policy is maintained throughout the life of the policy owner, the coverage becomes less expensive than term policy rates as the policy holder ages.

Universal Life Insurance

  • Can be structured to behave like a Term policy
  • Offers term insurance rates, with a variable interest rate accumulation feature
  • Guaranteed minimum death benefit
  • Can accrue cash value over time in a reserve account
  • Cash can be withdrawn with tax advantages
  • Indexed UL also available, which accrues cash value by participating in the stock market

Unlike Term and Whole Life, if the policyholder’s circumstances change, the death benefit, premiums and savings element are flexible and can be altered on a Universal life insurance contract. The policyholder can also use interest accumulated in the cash value account to pay premiums.

Read more about Term vs. Permanent Insurance

Own a Business? Protect it with Corporate-Owned Life Insurance.