Life Insurance

At Forward Insurance, we understand the importance of safeguarding your family’s future. Our life insurance policies are designed to provide comprehensive coverage that aligns with your unique needs, whether you’re seeking term life insurance for temporary protection or whole life insurance for lifelong assurance. With customizable options and the support of our expert agents, you can create a plan that ensures your beneficiaries are financially protected, no matter what life brings.

Term Life Insurance versus Permanent Life Insurance

Features of Term Life Insurance

Term life insurance provides coverage for a specific period, usually ranging from 10 to 30 years. It’s often chosen for its simplicity and affordability, making it a popular option for young families and individuals with temporary needs.

• Affordable premiums: Generally lower premiums compared to whole life insurance, especially for younger individuals.
• Temporary coverage: Coverage lasts for a set term (e.g., 10, 20, or 30 years). If the policyholder outlives the term, the coverage ends unless renewed.
• No cash value: Unlike whole life insurance, term policies do not accumulate cash value. They solely provide a death benefit.
• Flexibility: Ideal for covering specific financial obligations that will eventually end, like a mortgage, children’s education, or debt.
• Convertibility: Some term policies offer the option to convert to whole life insurance without a medical exam, providing flexibility if your needs change.

Features of Permanent Life Insurance

Permanent life insurance provides lifelong coverage with a built-in cash value component that grows over time, offering both protection and a savings element. It’s an ideal choice for individuals seeking enduring coverage and financial growth potential.

• Lifetime coverage: Coverage extends for the policyholder’s entire life, provided that premiums are paid.
• Cash value growth: A portion of the premiums contributes to a cash value account, which grows tax-deferred and can be accessed through loans or withdrawals.
• Flexible premiums and benefits: Depending on the type of permanent life insurance (such as universal or variable), premiums and death benefits can be adjusted to suit changing needs.
• Guaranteed death benefit: Provides a guaranteed payout to beneficiaries, offering financial security for your loved ones.
• Investment options: Certain permanent policies, like variable life, allow for investment choices that can potentially enhance the cash value growth.

Moving Your Insurance Needs Forward

Finding the right life insurance policy doesn’t have to be complicated. By understanding your options, you can make an informed decision with confidence. The insurance agents at Forward Insurance are here to help you navigate each step, providing the ideal coverage to meet your protection and legacy goals.