Life Insurance

Life Insurance

The Walters Agency

The Walters Agency


Life insurance consists of a contract between an insurance company and the individual that sets up a payment for the beneficiary if the insured person dies. The insured individual agrees to pay a premium on a monthly basis while the person is living and the recipient’s family receives the death benefit when the person passes.

Who is this for?

Life insurance is for most people. Any person who is a member of a two-person household may require less coverage than a person with a two-income household. Sole breadwinners would be good candidates for a larger policy. Most would benefit from substantial coverage.

How does it work?

This protects a family against the financial challenges that can come from a premature death. Families are likely to face financial hardships when a person passes. A monthly premium is paid for coverage for a designated amount of time until the end date is reached. If you die before the policy end date, the death benefit is paid to your family. The premiums paid to the company are invested, which allows the value to build. 
What types of coverage plans are there?

Whole life policies build cash value and individuals can borrow against it as the value of the policy accumulates. Universal life is another type of permanent insurance policy features a money market-type investment account with a term insurance. No return is guaranteed but a higher return can be achieved.

What are the major benefits of having it?

Death benefits keep families secure financially in the absence of an income. Individuals transitions families and allow them to properly care for their families. College education, funeral costs and estate taxes can be covered with death benefits. In some cases, a person can protect the family from losing their property if a person dies.