Life Insurance Options In the Richmond, Virginia Area

For folks unfamiliar with life insurance, the material that involves purchasing a policy can be unsettling.

 

You have to put an enormous amount of trust in your insurance broker/agent. And then hope they have your best interests upfront and center.

 

Here at LCA Insurance we exercise extreme diligence in advising families on the right policy for them.

Types of Life Insurance

There are three main types of life insurance. These types are Term Life, Whole Life and Universal Life. Within these policy types, exists additional options and variations. However, most policies are some form of one of these three basic choices.

 

There are advantages/disadvantages for each kind. Having a complete understanding of the ‘good’ and ‘bad’ of each is extremely important. Using a trusted broker to help you navigate through the options can be very helpful.

 

Below is a brief summary of the three different types –

Term Life

Term life insurance is usually the cheapest option to pay on a monthly basis. However, term life has no cash value. The low cost makes it popular, on the other hand, if you outlive the “term” the policy expires. This type of policy is what we call "just in case" insurance. It can work well for a younger person looking for an affordable monthly premium. Another form of Term Life is Mortgage Protection insurance.

Whole Life

Whole life insurance is permanent and is designed to last for the insured’s “whole life”. It has a level premium (the payments do not change) and will accumulate a cash value through time.


In some cases, a whole life policy may earn dividends from the insurance carrier. This also makes whole life a form of investment. This is a good option for Seniors.

Universal Life

Universal life is another permanent choice of insurance. The main difference with universal life is that it has a flexible payment. In other words, the payment can change over time.


The cost of insurance will increase (with the insured's age) with this type of policy. As rates go up over the years, the growth in cash value will hopefully make up for the increasing payments.

The Right Policy For You

Different types of life insurance can be appropriate. It depends upon a person’s needs, age and goals for their policy.

Questions to ask when considering a policy:

  • Do I want permanent or temporary coverage
  • What are my debts, loans, mortgage
  • Will the death benefit amount accomplish my goals
  • Will this be my financial legacy for my family
  • What is the cost of the policy over time

In conclusion, whichever insurance you choose, it is essential to know the guidelines of each kind. We recommend a no-obligation needs assessment with one of our brokers to assist you with your options.

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