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Since 1950, Raley, Watts & O’Neill has been serving the insurance needs of our clients. We started as a one person operation in Lexington Park, MD and are proud of our small town heritage. We have worked hard to maintain the fundamental principles of our roots while we have grown into a company that serves clients throughout the Mid-Atlantic, the United States and Internationally. We pride ourselves on getting it right and taking care of the needs of our clients. We simplify the insurance process and take the time to make sure each of our clients understand their options, what they are buying and where their money goes. Our committed staff has the expertise and extensive experience in a broad range of insurance products and services like Commercial, Personal, Bonding, Safety/Risk Management, Group Health, Life and Financial Services. We would welcome the opportunity to demonstrate to you how working with Raley, Watts & O’Neill is about more than just insurance; it is about a long term relationship. We always strive to never veer from our values – C.A.R.E
Five Keys To Choosing Permanent Life Insurance
Although both term life insurance and permanent life insurance policies have their advantages, if you prefer permanent life, here are key guidelines to help you choose the best option:
  1. All policies are not created alike. Whole Life insurance combines a fixed premium with a guaranteed cash benefit and a death benefit. Universal Life offers a flexible premium plan that works like a combined term life insurance policy and bank account; you pay as much money as you want and the leftover funds paid will earn a variable interest rate. Variable Universal Life is similar, except that you can choose between mutual funds in which to invest your cash value.
  2. Because permanent life is written for a lifetime, rather than a limited term, you will be required to take a medical exam – the better your health, the lower your premium.
  3. Permanent life provides a tax-free investment vehicle. In most cases, a loan against the cash value of your policy will not be not taxable – and cash withdrawals (for tuition, medical expenses or other emergencies), up to your basis in the policy, will be tax free. What’s more, the "forced savings" of permanent life can help you build a financial safety net.
  4. Check the reputation and financial stability of the insurance company, as well as the underlying performance of its investments.
 
  1. You’ll pay more for permanent life than for the same amount of term insurance. Premiums depend on your health, age, and gender, as well as how much coverage you buy. Permanent life policies have sales charges, administrative fees, a mortality risk charge and fund management fees. If you cash in your policy during a certain period, you might be charged a surrender fee.
Our Life insurance professionals stand ready to offer you their advice on making this important decision.
Gordon O’Neill
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