We understand that navigating life insurance options can seem overwhelming. Our agents at Walker and Solomon Insurance Agency can help. Contact us with any questions you may have.

Term Life Insurance

Term life insurance is designed so that the policy benefit is paid if an individual passes away during the term of the policy. Generally, policy term lengths can be anywhere from one to thirty years.

The two basic types of term life insurance commonly discussed are level term and decreasing term policies. Level term insurance has a policy benefit that remains the same throughout the length of the policy, while decreasing term insurance has a policy benefit that decreases over time. The majority of individuals select level term insurance policies.

Whole Life Insurance
The basic definition of whole life insurance is a policy that remains in effect for the insured’s whole life and generally requires annual premiums to be paid into the policy.

While life insurance is considered by many financial experts an important part of personal financial planning, it is a topic that many families understandably put off discussing. The knowledgeable team at Walker & Solomon can answer questions and ultimately help you and your family navigate the various options to determine what is right for you. 

Whole life insurance is also sometimes called permanent life insurance and is designed so that the policy benefit is paid when an individual passes away.There are three main types of whole life insurance, which are traditional whole life, universal life, and variable universal life. Within each type, there can be variations.

Some of the main motivations that individuals acquire life insurance include:
Replacing income for dependents
Paying final expenses
Creating an inheritance for family members
Paying federal and/or state “death” taxes
Leveraging a substantial charitable gift
Creating a source of savings and/or broadening a financial investment portfolio