Virginia life insurance

How Will Your Life Insurance Meet Your Current and Future Needs?

Choosing a life insurance policy may feel like a daunting task. With so many choices, how can you be sure you are making the right decision? Breaking down how different Virginia life insurance policies meet your current and future needs will help you pick the policy that is right for you.

Current Needs

Many Virginia life insurance shoppers are looking to keep monthly costs low. In this case, you could turn to a term life policy. It offers lower premiums compared to other types of policies but only for a specified period of time. If you are looking for flexibility in your monthly cost and coverage, consider a universal life insurance policy. While whole life insurance has other long-term benefits, their monthly premiums are higher and fixed throughout the duration of the policy.

Future Needs

Think carefully about who depends on you and how their needs will be met when you are gone. Will they need income? Will they have to take over a mortgage or pay for college? A universal or whole life insurance policy can help you accumulate wealth that you can seamlessly transfer to your beneficiaries. If your monetary obligations will be minimal after your passing, a term life policy will guarantee your beneficiaries a lump-sum death benefit.

Make sure that your Virginia life insurance policy works for you. It should make life easier now and when your family needs it the most.