Standard Types of Life Insurance

Having proper insurance coverage is a very important responsibility. While most people are aware that they should have a home, auto, and medical insurance coverage, life insurance is often overlooked. Since life insurance is so important, understanding your options is very beneficial. For those that are in the Blacksburg, VA area, whole life and term life are the two most common insurance options and there are benefits to both. 

Whole Life Insurance

Whole life insurance is a type of insurance coverage that will provide you with coverage for your entire life. Beyond providing you with the predetermined life insurance amount, a portion of your premium payments will accrue in an account in your name. You will then be able to liquidate this account and redeem the balance at any time. This can also make a whole life insurance policy a good investment that provides conservative returns with minimal risk.  However, the premium payments tend to be much higher. 

Term Life Insurance

If you are looking for the maximum amount of coverage with a lower payment, term life insurance could be your best option. With term life insurance, you will receive coverage for a certain period of time. The cost of the term life insurance premium will be based on a variety of factors including your age when the policy is taken out, the length of the term, and a variety of other risk factors. 

For those that are in the Blacksburg, VA area, choosing the right life insurance option and policy is a big decision. If you are struggling to understand your insurance needs and options, contacting the Dove Insurance Agency could be a great option. The Dove Insurance Agency will be able to explain your life insurance options and help you find the right policy to meet your needs. 

General Tips To Know When Shopping For Auto Insurance

Auto Insurance rates can vary a lot from one person to another. In today’s big data world, just about anything you can imagine can impact your cost.  Things like age, marital status, education, occupation, prior insurance tenure and limits, and zip code to begin.  Then add in other rating factors like number of drivers, home ownership, other policies, vehicle usage, even financial score.

There are still other factors, but it should be easy to see why comparing your policy to what a friend or family member has is not “apples to apples”.  And that is before even looking at the vehicles, coverage needed, and your driving record.

On top of all the rating factors, there are over 100 personal line insurers in Virginia.  Most people can maybe name 5 because of TV commercials.  But each one can have their own niche with a certain customer profile.  Insurance Companies set their rates by giving their best rates to drivers with the characteristics that feel they can insure profitably. You can no longer say that one company is less expensive than another, rather it is where do you fall within their offer.

 

 

So how do you navigate through the choices? 

Your best course is to work with an Independent Insurance Agent that represents many companies.  If an agent is locked into only one company there are no options.  In contrast, an Independent Agent has the ability to look at several offers to find your best combination of price and coverage.

Do you know what it costs to have an Independent Insurance Agent review your policy?  It doesn’t cost anything!

Take the time and contact our family of Independent Agents at Dove Insurance.  Serving the New River Valley for over 50 years, we are Independent Agents for Auto, Home, Life, and Business Insurance as well as special policies for Cyber Liability, Employment Practices, and Workers Compensation.

Michael Dove  |  Joshua Dove