Life Insurance

As you get older, life’s responsibilities seem to grow and when you have children, they become even more important. Not only are you now responsible for the well-being of yourself, but for your family as well. It’s never too early to think about the future of your family and one way you can do that is to take out a life insurance policy. It might seem a little scary at first, but it’s better to face it early and do your research when considering the policy that is best for you and your lifestyle.

Types of Life Insurance

Life insurance is paid out to the beneficiaries upon the insured’s death and is also known as a death benefit. There are different types of life insurance so that is why it’s important to consider your lifestyle choices when picking a policy.

Term life insurance is used when you want life insurance for a specific amount of time. Once you decide the amount of time you’d like to be covered, you will have to pay a premium payment which usually increases once that term is over. The good thing about term life insurance is that it’s less costly than permanent life insurance. It can be used to replace potential income or help with paying for college but is paid in a lump sum, not monthly payments.

Another type of insurance is universal life insurance which provides lifetime coverage and is flexible when it comes to your premium. It allows you to increase or decrease your premium payments over the lifetime. If you’re looking to keep your funds safe to be transferred to beneficiaries or build cash value while guaranteeing coverage, this may be an option for you.

Whole life insurance is most likely the life insurance policy most people think of when it comes to this topic. It is a permanent life insurance policy that covers your whole life. Because the amount of time that is being covered with this type of policy the payments are usually fixed and has a savings component which accumulates tax over time.

Choosing The Right Policy For You

Many insurance companies offer a deal if you bundle multiple products, so if you already like your company that you have for your vehicle or home insurance, it might be worth starting with them first when you decide to choose a life insurance policy.

Although bundling policies can save you money, it doesn’t hurt to do your research. Sometimes companies offer deals to new customers so it might be more of a hassle to switch everything over to a new company, but you could find a long term savings that makes it worth doing. All insurance companies have their own unique benefits so it’s to shop around for price, but for a company that suits your lifestyle. Life insurance policies generally take things like your health and medical history into account when determining your premium, so do your research on which company has a policy that suits the current status of your personal life and history to get the best coverage possible.

Contact Us Today

Thinking about life insurance is a pretty big deal and we know that at Willoughby Insurance. If you’re just doing some research and have questions, we can help out. Or maybe you just got married and starting a family is coming soon, life insurance is something you might be focusing on next. No matter the case, reach out so we can help figure out the best options for you today!

Life Insurance

Life insurance is an important investment and valuable part of your financial planning, no matter your age or financial situation. Most families do not have savings substantial enough to replace the income of a lost loved one. Life insurance is meant to provide much needed financial security to your family in the event you were to pass away. At Willoughby Insurance, we are committed to helping our neighbors throughout Buffalo, Niagara Falls, Tonawanda, Blasdell, Williamsville, and the surrounding areas to establish financial security through an affordable life insurance plan.

It is important that you consider life insurance while you are young and healthy. As you age, premium rates begin to rise. Purchasing a life insurance policy sooner rather than later will give you access to lower rates and better coverage than if you were to delay. Life insurance can be purchased with confidence at a young age knowing that your policy is protected by the Life Insurance Company Guaranty Corporation (LICGC). The LICGC offers this protection by providing funds to New York policyholders in the event a life insurer becomes insolvent during a policy holder’s lifetime.

It is a common misconception that the life insurance benefits offered through an employer will provide adequate coverage. A general rule of thumb is you should purchase a policy which will provide approximately 8 to 10 times the breadwinner’s annual income. Life insurance offered through an employer in many cases may only offer up to a single year of income which will leave your loved ones unprotected.

There are a couple of common life insurance options available depending on your needs. These options are:

  • Term Life Insurance provides coverage for a set period of time, usually 5-30 years.  This tends to be one of the most affordable options.
  • Permanent Life Insurance provides coverage for a lifetime, and may include an investment component. Permanent is typically more expensive than Term Life Insurance.


Permanent Life Insurance includes additional variations such as Whole Life, Universal Life, and Variable Life policies. The team at Willoughby Insurance will explain the differences between each type of Permanent Life Insurance to help you determine which is right for you and your family.

When shopping for life insurance, it is important to take into account medical expenses, burial costs, estate taxes, monthly bills and expenses, remaining mortgage, college tuition, and retirement costs. Re-evaluation of your life insurance plan should take place after every major life event. This includes events such as the birth of a child, purchase of a home, or marriage.

Life insurance is an important investment that allows you to provide for your family financially, even after you have passed.  Willoughby Insurance will make sure your loved ones are adequately covered through a quality life insurance plan that meets your individual needs.  Contact us today for more information on life insurance or to receive a free quote.