Life insurance is designed to help provide for the people who depend on you financially after you can no longer do so. For you, the insured, it also means peace of mind. In life, you protected them. In the event of your death, you can go on protecting them with a carefully designed life insurance policy.
Each family’s needs are different, but life insurance can be used to pay for one-time expenses, such as funeral and burial costs and estate taxes, as well as long-term financial requirements. A life insurance policy can be designed to replace your income, pay off household debts, such as a mortgage, finance a child’s college education, and provide life-time care for a family member with special needs.
How much life insurance to purchase depends on your family’s personal circumstances. Some standard formulas suggest buying coverage equal to five to 10 times your annual income, but formulas are often too general. Your Alliance Insurance Services agent can talk with you about your family’s specific needs and goals, examine other possible sources of income, such as Social Security benefits and retirement funds, and help you arrive at the proper amount of life insurance for your family. Alliance Insurance Services has offices in Winston-Salem and Walnut Cove to assist you with this process.
Life insurance comes in various forms. Term life insurance offers straightforward, affordable coverage for a set time period, usually 10 to 30 years. Term life policies pay a benefit in the case of death only during the period prescribed.
Permanent life insurance, also known as whole life insurance, is lifetime insurance with fixed premiums, a guaranteed death benefit and cash value growth. It is available in several forms, including universal life insurance, variable universal life insurance and survivorship life insurance. All provide some flexibility for changing payment and benefit options and selecting investment instruments that may produce a higher cash value return.
In fact, some individuals purchase a variable life insurance policy as an addition to their investment portfolio. Variable life insurance policies allow for investments in stocks, bonds and mutual funds, which can increase the cash value of the policy more quickly. While these investments carry risk, you can limit that risk by including a guaranteed minimum death benefit in the policy.
The options available when purchasing life insurance are many. Your Alliance Insurance Services agent will be happy to explain these options to you and answer your questions.
The Alliance Insurance Services Guarantee
At Alliance Insurance Services, we believe that when it comes to selecting an insurance agent, the most important factors are Protection, Price, and Service. Protection of your most valuable assets is what insurance is all about. As your insurance agent, it is our job to make sure you are adequately insured.
As an independent insurance Agent, we represent more than 20 top-rated insurance companies. This means we shop your life insurance for you, offering you the best possible coverage for the best price.
When you have a question, concern, or problem, we are here for you! We have offices in Winston-Salem and Walnut Cove. And our Summit Square Boulevard office in Winston-Salem has extended hours (until 6pm Monday thru Friday) and every Saturday for your convenience.