Do you need to know about life insurance in Virginia?
If you need to know what types of life insurance policies there are and how to find some great bargains for the best coverage in Virginia, then read on.
You will find the answers to most of your questions in the following paragraphs.
Types of Virginia Life Insurance Policies
If you’re just starting a family or just moved to the state, you will want to know what types of life insurance policies can be found in Virginia.
The first thing is that the kinds of life insurance policies which are sold in this state are pretty much the same that you can buy in any other state.
Virginia allows you to buy two different varieties of life insurance. These two types of life insurance consist of Term Life Insurance, and Permanent Life Insurance.
Term Life Insurance
The first type of life insurance is the most basic and the least expensive, and it is called Term life insurance. The reason it’s the most basic from of life insurance is because it covers death benefits only.
Term insurance will cover you for life, but insurance companies sell this product for specific time periods such as for 10, 20. 25 years. These periods are called terms. The one good thing about buying term insurance is that the premium is fixed for the period of the term.
At the conclusion of the term, the insurance company will allow you to either renew the policy or convert it to another form of life insurance known as ‘permanent insurance, which I’ll describe in more detail later on.
The death benefits you buy are variable. It all depends on why you are buying life insurance and how much coverage you will need to satisfy what the proceeds of the policy will be used for.
When you buy a policy you will be asked to name a beneficiary. This raises another good point you should keep in mind. The death benefits which are payable under your policy cannot be taxed! Your beneficiary, who receives the death benefits as a lump sum can do what they wish with the proceeds.
Term life insurance is not only the most affordable type of life insurance to buy. It is also the easiest to obtain because you generally do not have to go through the rigmarole of a medical exam. Mostly, all you might have to do is answer a few questions with an agent, or complete an online questionnaire, or something similar. It’s a pretty painless process.
The one thing to remember about buying term life insurance is that it becomes more expensive to buy as you get older. So if you’re thinking about buying life insurance, don’t put it off or procrastinate about buying because it will become more expensive with each passing year.
Give me a call and I can explain more about how term life is a good buy and all the different reasons you can use it for.
Permanent Life Insurance – Whole Life and Universal Life
The other form of life insurance available in Virginia is known as ‘Permanent’ life insurance. There are 3 basic varieties of permanent insurance to choose from.
These 3 varieties include whole life, universal life, and variable life. Of the 3 types, whole life insurance and universal life are the most common of the policies chosen by most people, and we are actually not licensed to sell variable life.
You should be aware that permanent life policies tend to be much more costly than a term life insurance policy. The reason is that these policies not only include death benefits, but also have the added bonus of a cash value which accumulates over the life of the policy.
Permanent life insurance policy applications are a bit more detailed and more complicated to get, because you will likely have to get a medical exam. The insurance company will also want to get additional medical information if they discover you have an underlying health condition.
I’m not going to go into a lot of detail on these policies because different companies offer different versions of these policies. The best advice I can offer is to talk to an independent agent like myself.
Please be aware we do not sell Virginia health insurance, only life insurance.
How Expensive is Life Insurance in Virginia?
Life insurance in Virginia is no more expensive than what can be found in other states.
To learn more about the cost of buying life insurance in this state, I suggest you use our online quote menu on this site.
Or, you could also give me a call at 1-877-996-9383 and I would be happy to take you through the process and discuss your options.
Where You Can Buy Virginia Life Insurance
Buying Virginia life insurance can easily be done online.
You can also buy it directly from a company but doing it that way you will have no choice but to pay their price and won’t be able to take advantage of finding a much better bargain.
Your other choice is to talk to an insurance agent, but make sure you pick the right one because there are two types of life insurance agents.
Company agents only represent one or only a few companies which reduces a lot of other potential options in finding a bargain.
To find the best deals you want to talk to an ‘independent’ agent like myself. I can show where to get the best buy on life insurance in Virginia.
We are one of these independent agencies, licensed with over 30 life insurance companies, so when you come to us for help, you’ll know the quotes we provide you are the absolute lowest prices available. For more information or to get started with an application for Virginia life insurance, sign up for some quotes using our instant quote form on the right or call us at 877-996-9383.