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Life Insurance — Coverage for the Ones You Love | Wescom Financial Services

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Life Insurance Solutions

Retirement Facts

When Social Security was established in 1935, retirement age was established to be 65 but life expectancy was only 61.

Social Security Administration

Coverage for Those You Love

In the event your income suddenly stops or in untimely death, life insurance can help financially cover the ones you love. We offer term and permanent life insurance products provided by some of the industry’s leading insurance companies.

Additionally we offer Long Term Care coverage to help provide for the cost of long-term care for those who are no longer able to perform the basic activities of daily life beyond predetermined period. Long term care can often cover the cost of at home care, assisted living, adult daycare, respire care, hospice care and nursing home.

Our WFS Financial Representatives are licensed to help you decide on the coverage that best fits your needs.

Understanding Life Insurance

There are two main types of Life Insurance, term and permanent.

Term is simply a basic insurance policy that provides coverage for a limited time period.

Permanent coverage is similar to a term insurance policy but has an additional investment component known as the cash value. Permanent coverage includes variable, universal, and whole life insurance policies.

Both term and permanent insurance offers proceeds that are federal income tax-free and are paid directly to your designated beneficiaries which allows them to avoid the administrative time and costs of the probate process.

Understanding Permanent Insurance Policies

Variable Life is a permanent insurance policy with an investment component tied to a stock or bond mutual fund. Return on investments are not guaranteed.

Universal Life combines the aspects of term insurance with a money market account type of investment. To get higher returns, they usually don’t guarantee a certain rate.

Whole Life policies remain in force for the insured’s whole life and requires premiums to be paid every year into the policy.