Life Insurance is one of the most essential types of personal insurance. There are different types of policies with varying structures but, as a whole, it is designed to provide financial security for surviving family members and dependents after the death of a loved one. For example, if the head of household or a primary caregiver passes away, Life Insurance can help supplement the loss of his or her income – or the expense of outsourcing services that were provided by that family member, such as cleaning, grocery shopping or cooking. It can also establish a payoff plan for your financial obligations, so any outstanding debt on your mortgage, automobile or funeral expenses, will not burden your family.
Webb Insurance is an experienced life insurance brokerage firm headquartered in St. Charles, Mo. For more than 35 years, our office has served the greater St. Louis region and beyond by offering plans from some of the highest rated companies, including Ohio National and Midland National. Our agents have an in-depth knowledge on all of our plans and how they work in conjunction with Casualty and Property Insurance.
Making plans for a worst-case scenario can be uncomfortable and even a little difficult to discuss. Let a member of the Webb Insurance team be your ally and help you choose the best policy for your family. We want you to feel confident and empowered with a plan in place for your loved ones’ financial well-being.
Types of Life Insurance Coverage
We offer the following types of Life Insurance products:
- Term Life Insurance
Level term plans with 5, 10 or 20-year benefit guarantees
- Decreasing Term Life Insurance
A benefit that gradually decreases over the policy life, typically a home mortgage strategy
- Annual Renewal Term (ART) Insurance
A type of Term Life Insurance that guarantees renewability for a set period of time, paid annually in one-year contracts
- Universal Life Insurance
Benefits include additional funds grown through tax-deferred investments
- Traditional Whole Life Insurance
Benefits are guaranteed for the policyholder’s entire life, rather than a specified 5, 10 or 20-year term
- Variable Life Insurance
Permanent Life Insurance with additional investment sub-accounts, best suited for financially-savvy investors
- Second-To-Die Insurance
A survivor policy for estate planning management
Life Insurance Benefits
With Webb Insurance, you don’t need to be an insurance expert – we’ll handle that for you! When you meet with one of our brokers, we’ll walk you through some of the important concepts of life insurance and policy benefits, including:
- Accidental Death [and Dismemberment] or AD&D
A benefit paid in addition to the death benefit when death is caused by an accident. There can be certain exclusions, as well as time and age limits.
- Beneficiary Designation
The person or entity who will receive the life insurance policy benefits if and when the insured passes away.
- Living Benefits
Under certain circumstances, this feature allows the policyholder to receive proceeds of their Life Insurance policy before death, such as for terminal or catastrophic illness, or the need for Long-Term Care. Also called “Accelerated Death Benefits.”
LEARN MORE: Access our complete Glossary of Insurance Terms.
Who Needs Life Insurance:
If your income helps support anyone other than yourself, Life Insurance is important coverage for you to have. Parents will typically set up policies for their child(ren), but there can be other types of financial dependents – such as a spouse or former spouse, elderly parents, parents or siblings with special needs, employees and business partners. If you are financially independent but have significant obligations, such as a mortgage or business debt, it can be a valuable tool to prevent your debt from being passed down on to your survivors. It can also be set up as a financial tool to fund causes that may be close to your heart, by establishing a charitable gift, college fund or other donation.
Webb Insurance is happy to help you evaluate whether life insurance is a good fit for you and your financial goals. However, there are several misconceptions, including who needs it and when, which typically include:
- “Life Insurance is just for people with dependent children.”
Even if you don’t have children, you may own a home or have financial obligations, such as debt. Additionally, if you would like to set up a donation to a charity you are passionate about, or a scholarship to be set up in your name in the event of your untimely passing, Life Insurance could be a great fit for you.
- “I have adequate Life Insurance coverage through my employer.”
Strategists and financiers typically recommend carrying six to 10 times your annual salary in Life Insurance coverage. Do the math and make sure your employer-provided coverage stacks up – and remember to readjust for any changes, such as cost of living adjustments or raises. If your coverage is solely provided by your employer, it is also worthwhile to remember that this policy would be terminated if you change employers or lose your job.
- “I am a stay-at-home parent. I don’t need Life Insurance because I don’t have an income.”
Although you do not have a traditional income, think about all of the valuable services you may provide for your loved ones – cleaning the house, mowing the lawn, maintaining the budget, caring for pets, providing transportation for children, and much more. The critical services you provide for your household would likely need to be outsourced to professional services companies, such a daycare, accountant or cleaning service.
- “I don’t need Life Insurance because I am young.”
No one likes talking about death – us included. But the “It won’t happen to me” mentality is a gamble. In fact, it is very likely that your financial obligations will be greater when you are younger, and lesser (or even nonexistent) when you are older! That is why it’s important to talk with a Life Insurance broker about your financial goals and obligations, and make a plan for your future financial success.
Ready to start setting up your Life Insurance Plan?
Webb Insurance will help you find the Life Insurance coverage that accomplishes your financial goals and fits your budget. Our brokers will work with you to calculate an appropriate level of coverage based on your income, dependents and financial obligations. We’ll also help you prepare any charitable donations and trusts, including planning for any special tax scenarios. Then, we will review any other goals for your loved ones, such as paying off your mortgage or setting up a college fund for your children, and discuss the different types of Life Insurance policies to help you get there. Once we’ve identified an appropriate Life Insurance policy for you, we’ll search within our independent network of the top-rated insurance companies to secure the best possible rates for your needs.