There are many different kinds of Virginia life insurance including term, whole, universal and annuities. Decide which is best for your business needs.
If you are attempting to protect your business in case of death of a key employee or board member, term insurance is usually the best option. Whole and universal life policies for your employees afford them with the peace of mind that their families will be protected should the unthinkable happens. The premium on these policies does not increase, making it easier to maintain them. Annuities are not life insurance. Their aim is providing an income during retirement years. Usually they end with the person's death, unless there is a provision for a beneficiary.
Life of Virginia insurance company details plans for each of these events.
1. Choose life insurance companies that offer term life insurance policies.
2. Select whole life insurance for added benefits.
3. Find out how annuities create piece of mind in retirement.
Action Steps
The best contacts and resources to help you get it done
Choose term life of Virginia for your business needs
Most life insurance companies offer term life insurance. They differ in the terms of the policy itself such as number of years it lasts and payment amount. Term life insurance is a good option if the event you are covering will only last for a period, for example take a term life policy for 20 years term until you pay off your mortgage.
I recommend: New York Life offers a new family protection term life policy with innovative features such as ability to increase the face value and conversion privileges. This means that when the term ends, you can convert to whole life without having to prove insurability.
Advise life insurance company of Virginia of your whole life needs
Life insurance company of Virginia whole life policies offer cash value and a premium payment that never increases. If you do need money for college education or a new home, you can borrow against the whole life policy.
I recommend: SBLI whole life insurance policies provide guaranteed cash value, the freedom of knowing you never have to renew or convert your policy, and peace of mind knowing someone will be there to help with burial costs when that event happens.
Let life of Virginia insurance company annuities give you retirement income
Life of Virginia insurance company annuities are contracts between an individual and the insurance company. The person pays the insurance company a single amount or a series of payments and the insurance company pays the person an income to start at a predetermined age, usually when he retires. The annuity interest is tax deferred until the person begins to draw.
I recommend: Most Choice explains and answers all annuity questions and provides a quote based on your individual information. Fill out the form and receive your annuity quote.
Tips & Tactics
Helpful advice for making the most of this Guide
- Make sure the term life insurance policy you take out is convertible in the event you become uninsurable. You can then convert your term life policy to permanent insurance without proof of insurability.
The official source of Virginia Life Insurance is
the Virginia Life Insurance page at Business.com
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