Customize Your Life Insurance in Woodbridge
Even at its best, life is uncertain. You might be doing great, your business might be booming and your family might be happy; but if something happens to you, everything changes. This is where life insurance can protect your loved ones by providing financial support and security. Life insurance helps your family overcome the sudden loss of income. It will also ensure that your debts get settled, your funeral is paid for, and your survivors can maintain their standard of living or continue their education.
As a local, independent insurance broker, Ken Maynard Insurance Brokers Ltd. can help you select life insurance at our Woodbridge office that will provide you and your family with efficient coverage.
How Does Life Insurance Work?
Life insurance is just like any other insurance, a contract between the insurer and the insured. Here, in exchange for a premium, the insurer agrees to pay the policy sum to a beneficiary upon the death of the insured. It can either be term insurance, or permanent insurance. The prices of coverage vary from one insurance provider to another but the premiums depend on factors like your health and age. By paying policy premiums, you are able to create a financial safety net for those you love the most.
A Critical Part of Financial Planning
You might leave your family or friends with the daunting task of dealing with your financial records, bills and dues, or outstanding debts if you do not have a life insurance policy. Life insurance with satisfactory coverage preserves the security you worked so hard to achieve, even when you are no longer present. Life insurance is an asset just like your savings account and an investment in your family’s and business’ future.
Benefits for your family:
- Provides financial stability
- Helps afford education
- Repays debt
- Maintains standard of living
If you own a business, life insurance is an important component of your commercial insurance, which can ease financial burdens and confusion for both your family and surviving business partners.
Benefits for your business:
- Acts like a financial shock absorber to help the business recover from loss
- Repays debts
- Helps buy off your share of the business
Choose Your Best Policy
How do you decide what insurance policy is best for your needs? Our insurance brokerage in Woodbridge offers more than 50 years of experience in helping our clients analyze their insurance needs. We are committed to helping you select life insurance that will be meaningful to you. You have choices in standard permanent life insurance policies, including:
- Whole life insurance: Gives you consistent premiums for the life of your policy; tax deferments for growth in cash value; cash value accumulations you can borrow from; and permanent protection as long as you make required, on-time payments
- Universal life insurance: Lets you adjust premiums and coverage; increase or decrease death benefits; accumulate tax-deferred interest; borrow from cash values while you’re alive; and have permanent protection and access to cash values
As your local life insurance brokers in Woodbridge, we will also discuss any additional options or riders to customize your policy, some of which will be at no extra cost. Riders that may apply to your individual circumstances include but are not limited to:
- Accidental death benefits if you have a hazardous work environment
- Disability income benefit for supplementary income in case of total disability
- Accelerated death benefit for access to cash value in cases of terminal illness
- Children’s term life insurance to extend your policy’s benefits to your children
Life Insurance Policy That Fits Your Needs
It’s really never too late to buy life insurance, but don’t get left underinsured or paying for excess coverage. When you let Ken Maynard Insurance Brokers review your life insurance needs in Woodbridge, you will receive a personalized formula to accurately match your circumstances. Be prepared for your consultation with relevant information to factor in, which includes:
- Your annual income and employment status
- Number of children and their ages
- Value of a stay-at-home parent and/or child care costs
- Your mortgage balance or monthly rent
- Your debts and monthly household expenses
- Future needs – education, business or funeral costs
- Your current liquid assets – savings, life insurance or property
Get Your Life Insurance Today
We can assure that we will help you find the best life insurance for you. Contact us today!
