Life Insurance in Henrico VA | Old Dominion Investment & Retirement Advisors

Life Insurance

With life insurance, your love can live on...

Much as we hate to admit or even think about it, we are all going to leave our loved ones one day. The problem is, we just don't know when. If we did, planning for this event would be simple.

Owning your own Life Insurance policy can reduce the risk that an untimely death could leave your family in a serious financial bind. Whether it is Term Life Insurance, Universal Life Insurance or Whole Life Insurance, you can feel confident knowing there's a way to be there for your family - always. You pay a monthly premium, and if the unexpected happens, your loved ones get a death benefit* they can use for such things as medical bills, funeral expenses, to pay off the mortgage, to make sure your kids can go to college one day or just to provide everyday living expenses. If properly structured, the proceeds of a life insurance policy death benefit may paid out, free of taxes, and can be available to your family within days. Some types of Life Insurance can also be used to build cash value, money that can be used as a supplement to retirement income in the future**. Life Insurance can also be used to make sure that your business can be passed along in the future or can continue to operate if one of the owners or partners dies. Trying to decide what type of policy to buy can be complicated because there are a number of different types of life insurance products and even the different types have variations. If you live in Richmond, Henrico County, Hanover County, Chesterfield County, Goochland County or Powhatan County, we can help you with your Life Insurance needs.

*Life Insurance guarantees are subject to the financial strength and claims paying ability of the issuing insurance company who is solely responsible for all obligations under its policies.

**Policy loans and partial withdrawals may vary by state, generate an income tax liability, reduce available surrender value and death benefit or cause the policy to lapse.

Why Buy Life Insurance?

Buying life insurance is unlike any other purchase you will ever make. Whether you buy Term Life Insurance, Universal Life Insurance or Whole Life Insurance, you are helping to secure the future financial stability of your family. Life insurance acts as a safety net, making sure that the plans you have today for your family can be fulfilled if you are not there one day.

Through powerful insurance planning tools, we can offer a 1) complimentary review of your current life insurance policies to see if they meet your current needs and situation. Next we can 2) help you determine how much life insurance coverage you really need and for how long you need it. We will then 3) provide complimentary life insurance quotes comparing Term Life Insurance, Universal Life Insurance and Whole Life Insurance policies and explain to you the difference in those life insurance policies. Finally, 4) we will make sure that you can afford the life insurance premiums. It does no good to have a life insurance policy that you have to give up because it is too expensive. If you live in Richmond, Henrico County, Chesterfield County, Hanover County, Goochland County or Powhatan County and can't make it to our office, we can come to you.

Term Life Insurance

Term Life insurance is the most competitively priced type of life insurance coverage and is an excellent option for someone who needs a lot of coverage but has a limited budget, or who needs to cover a specific risk for a specific period of time. An example might be to help protect your mortgage or to make sure the kids get off to college one day in case you are not around. As its name indicates, Term Life insurance insures you for a specific term or span of years. If you pass away during the "term" period, your beneficiary is paid the coverage amount that you have purchased. You can get Term Life insurance with premiums that are guaranteed for 10, 15, 20, 25 or even 30 years into the future. Term Life insurance does not build any cash values, however, some Term Life insurance policies will let you convert them one day to a cash value life insurance policy without having to go thru any additional underwriting. This can be very important if your health changes after you buy your term life insurance policy. Call us or fill out the form above to get your complimentary Term Life Insurance Quote.

Universal Life Insurance

Universal Life insurance first became available in the 1970's. Universal Life Insurance is one type of cash value Life Insurance. It is insurance that is designed to last your lifetime with regular premiums. These premiums are usually higher than Term Life Insurance premiums, but that is because Universal Life insurance policies have the potential to accumulate cash value, on a tax deferred basis, in addition to the death benefit protection they provide. As the cash value grows, in many cases the amount of the life insurance "death benefit" may also grow. Within certain limits, you can choose or vary the amount of premiums that you pay and in some Universal Life insurance policies, you can also select the interest crediting method used for your excess funds account. Through withdrawals, loans or a combination, the cash value can be used, if needed, to help with emergency expenses or to help pay for college or as a supplement to retirement income**. Today there are many types of Universal Life Insurance policies. For questions or to get your complimentary Universal Life insurance quote, please call us or complete the form Above.

Whole Life Insurance

Whole Life insurance is one of the oldest types of life insurance. Whole life insurance is also a type of cash value Life insurance. It combines a death benefit with the potential for growth of cash values. Many Whole Life insurance policies let you participate in the profits of the insurance company by receiving "dividends". Many Whole Life insurance policies give you a choice of what you want done with your dividends, from building additional cash value, to buying additional "paid up" amounts of Whole Life insurance coverage, to even helping pay your policy's premiums. Because of the guarantees* built into a Whole Life insurance policy, it can be a more expensive type of life insurance to purchase. If you have questions or would like a complimentary Whole Life insurance quote, please call us or fill out the form above.

Other Life Insurance Considerations

Many people are under the mistaken belief that because they have Life Insurance at work, that their families are protected. Most of these employer sponsored plans may only offer minimum amounts of coverage, much less than your loved ones would probably need if they have to make ends meet without you. Also, if you change jobs or lose your job, you will probably not be able to take your Life Insurance with you. And, if your health has changed in the meantime, you may not be able to purchase affordable coverage. If you have some Life Insurance coverage at work, you may need to supplement it with a personally owned Life Insurance Policy.

Whatever your situation, we can help you determine not only how much life insurance coverage you need and which type of plan is best for you, we can even combine different types of plans to give you the best mix of coverage at the most competitive price. A hybrid policy customized just for you. If you live in Richmond, Henrico County, Chesterfield County, Hanover County, Goochland County or Powhatan County and want answers to your Life Insurance questions, or to get your complimentary Life Insurance quote, please call us or fill out the form above.


Serving clients in Amelia county, Chesterfield County, Goochland County, Hanover County, Henrico County, Louisa County, New Kent County, Powhatan County, Ashland, Charlottesville, Mechanicsville, City of Richmond, City of Petersburg, Colonial Heights, Newport News, Tappahannock, James City County, Williamsburg and more..

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