Life Insurance & Annuities
Protect the people who depend on you—and build income you can't outlive.
Life insurance ensures your family is financially protected if something happens to you. Annuities can provide guaranteed income during retirement. Together, they help you plan for both the unexpected and the expected stages of life.
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Before You Get a Quote
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- Personal Information: You will be providing personal information including your name, date of birth, contact information, and address. If you choose to proceed with an application, you may be asked to provide additional sensitive information such as your Social Security number, financial details, and other personal data required by insurance carriers.
- Health Information: You may be asked to provide health-related information including medical history, current medications, lifestyle habits (such as tobacco use), and other health details.
- Information Sharing: The information you provide will be shared with Parrack Insurance Agency, our life insurance brokers, and insurance carriers for the purpose of providing you with accurate life insurance quotes and policy options.
- Contact: After completing your quote, you should expect to be contacted via email by our life insurance broker or Parrack Insurance Agency to discuss your quote results and coverage options.
Your information is used solely for insurance quoting purposes and is handled in accordance with our privacy policy.
Life Insurance
Protect the people who depend on you
Who Needs Life Insurance?
Basically everyone—or at least everyone eventually. If people depend on your income, you need it. If your death would leave debts behind, you need it. If funeral costs would strain your family's finances, you need it.
Even young, single people benefit from getting coverage early. You'll never be healthier or get better rates than you are right now. Lock in affordable premiums while you can, because once you have health issues, a family, or a mortgage, coverage becomes more expensive—or harder to get.
Term vs Permanent Life Insurance
These are the two main types of life insurance. They work differently, cost differently, and serve different purposes. Here's what you need to know.
Term Life Insurance
Coverage for a specific period of time—usually 10, 20, or 30 years.
Much more affordable than permanent insurance—often 5-10 times cheaper for the same coverage amount
Simple and straightforward—you pay premiums, you're covered. Period.
Perfect for temporary needs—protecting your family while kids are young, covering a mortgage, or replacing income until retirement
No cash value—if you outlive the term, the policy expires and you receive nothing back
Premiums increase if you renew—rates are locked during your term but go up significantly if you want to extend coverage
Best For:
Young families, people with mortgages, income replacement needs, anyone on a budget who needs maximum coverage
Permanent Life Insurance
Coverage that lasts your entire life—as long as you pay the premiums.
Builds cash value—part of your premium goes into an account you can borrow against or withdraw from
Level premiums—your payment stays the same for life (assuming you choose level premium)
Never expires—guaranteed death benefit no matter when you die
Significantly more expensive—often 5-10 times the cost of term for the same death benefit
More complex—various types (whole life, universal life, variable life) with different features and risks
Best For:
Estate planning, lifelong dependents with special needs, high net worth individuals, business succession planning, final expense coverage in later years
Our Honest Recommendation
For most people, term life insurance is the better choice. It provides substantial coverage at an affordable price during the years when your family needs protection most. You can buy a $500,000 20-year term policy for what a $50,000 permanent policy would cost.
That said, permanent insurance serves important purposes for certain situations—estate planning, business needs, or guaranteed coverage later in life. We help you understand which type (or combination) makes sense for your specific circumstances.
How the Process Works
Applying for life insurance isn't complicated, but it does involve some steps. Here's what to expect from application to receiving your policy.
Initial Application
We gather basic information—your age, health status, lifestyle habits (smoking, etc.), occupation, and hobbies. We discuss how much coverage you need and what type makes sense. This initial conversation usually takes 20-30 minutes.
Medical Exam (If Required)
For most policies over $50,000-$100,000, the insurance company requires a medical exam. A nurse or examiner comes to your home or office at your convenience. They check your height, weight, blood pressure, and collect blood and urine samples.
Smaller policies may not require an exam—some carriers offer "simplified issue" or "guaranteed issue" policies that skip the medical exam but typically cost more or offer less coverage.
Underwriting Review
The insurance company reviews your application, exam results, and medical history. They assess your risk level and determine your premium. This typically takes 2-6 weeks, though some decisions come back in days for healthy applicants.
Offer & Approval
Once underwriting is complete, the company makes an offer. If you're approved as applied for, great—you get the rate you expected. Sometimes they approve you at a different rate class based on health factors. We review any offer with you to make sure it makes sense.
Policy Delivery & Activation
You pay your first premium and sign the policy. Some carriers require a follow-up health statement to confirm nothing has changed since your exam. Your coverage begins on the date specified in your policy—often backdated to your application date.
Timeline Expectations
- No exam policies:Same day to 1 week
- Standard process:3-6 weeks from application to policy delivery
- Complex cases:6-8 weeks if additional medical records are needed
How Much Coverage Do You Need?
This is the most important question in life insurance. Too little coverage leaves your family struggling. Too much coverage means you're overpaying for protection you don't need. Here are some proven methods to calculate the right amount.
The Income Replacement Method
Rule of Thumb: 10-12 times your annual income
If you earn $60,000 per year, you'd want $600,000-$720,000 in coverage. This amount, invested conservatively, could replace your income for your family. The idea is that your death benefit creates an income stream that replaces what you would have earned.
Example: $700,000 death benefit invested at 5% returns $35,000 per year without touching the principal. If you earned $50,000, this replaces 70% of your income.
The DIME Method
DIME stands for Debt, Income, Mortgage, Education. Add up these four numbers:
- D:Debt — All your debt except the mortgage (car loans, credit cards, student loans, personal loans)
- I:Income — Annual income multiplied by the number of years you want to replace it (usually 5-10 years)
- M:Mortgage — Your remaining mortgage balance
- E:Education — Estimated costs for your kids' college education
Example:
- • Debt: $30,000 (car loans and credit cards)
- • Income: $60,000 × 10 years = $600,000
- • Mortgage: $180,000 remaining balance
- • Education: $100,000 (two kids, in-state college)
- • Total Coverage Needed: $910,000
The Needs-Based Approach
This is the most comprehensive method. Calculate exactly what your family would need:
Immediate Expenses
- • Final expenses (funeral, burial): $10,000-$15,000
- • Estate settlement costs: $5,000-$10,000
- • Immediate family support: $10,000-$25,000
Ongoing Expenses
- • Annual living expenses × number of years of support needed
- • Include: mortgage/rent, utilities, food, transportation, insurance
- • Adjust for surviving spouse's income if applicable
Future Expenses
- • Children's education costs
- • Weddings or other major life events
- • Special needs care if applicable
Debts to Pay Off
- • Mortgage balance
- • Car loans
- • Credit cards, student loans, personal loans
Our Approach
We walk through these calculations with you to determine a coverage amount that makes sense for your specific situation. We consider your income, debts, family size, ages of your children, and long-term financial goals. The goal is to provide adequate protection without overbuying coverage you can't afford or don't need.
Annuities
Build income you can't outlive
Working in Your Best Interest
West Virginia and Ohio require us to act in your best interest when discussing annuity products. This means we take time to understand your financial situation, goals, and needs before making any recommendations.
Every annuity conversation starts with getting to know you and what you're trying to accomplish.
What is an Annuity?
An annuity is a contract between you and an insurance company. You make either a single payment or a series of payments, and in return, the insurance company provides you with income—either right away or starting at a future date you choose.
Many people use annuities as part of retirement planning because they can provide predictable income streams. Think of it as a way to create your own personal pension. Depending on the type of annuity and how it's structured, it can help address different financial goals and concerns.
How Annuities Can Help
For the right person in the right situation, annuities can offer valuable benefits. They may provide:
- •A reliable income stream you can't outlive
- •Tax-deferred growth on your money
- •Protection from market volatility, depending on the type
- •Potential for growth while maintaining some guarantees
- •A way to pass assets to beneficiaries
Different Types for Different Needs
Annuities come in various types—each designed to address different financial situations and goals. Some provide immediate income, while others let your money grow for years before you start receiving payments. Some offer guaranteed returns, while others provide growth potential tied to market performance with varying levels of protection. The right type depends entirely on your specific circumstances, timeline, and what you're trying to accomplish.
Is an Annuity Right for You?
This depends on your unique situation—your goals, your timeline, your other resources, and what you're trying to accomplish. That's why we start every annuity conversation by getting to know you and understanding what matters to you.
Let's Have a Conversation
When we meet, we'll discuss things like:
Where you are in life and what your goals are
When you're planning to retire (or if you're already retired)
What your other sources of income look like
How you feel about investment risk
Whether you might need access to this money
What you want to accomplish with your assets
After we understand your situation, we can have an honest conversation about whether an annuity would help you reach your goals—and if so, what type and features would make the most sense. Sometimes an annuity is a great fit. Sometimes it's not. Our job is to help you figure out which is true for you.
What You Should Understand About Annuities
Like any financial product, annuities have features and characteristics worth understanding before you make a decision. Here are some key things to know—not warnings, just facts to consider as part of your decision-making process.
Time Commitment
Annuities are designed for long-term goals, and many have surrender periods—typically ranging from a few years to a decade or more. During this period, taking out more than a certain percentage of your money may result in charges. These surrender schedules vary by product and decline over time. Understanding the time commitment helps ensure the product aligns with when you'll need access to your money.
Tax Treatment
Annuities offer tax-deferred growth, which means you don't pay taxes on gains until you withdraw the money. This can be a valuable benefit for retirement planning. Keep in mind that withdrawals before age 59½ may trigger a 10% tax penalty in addition to regular income taxes. Your tax advisor can help you understand how an annuity fits into your overall tax strategy.
Costs and Features
Different annuities have different costs—some have fees for optional features like guaranteed income riders or death benefits, while others have minimal or no annual fees. We'll walk through all costs clearly so you understand exactly what you're paying for and why. Many people find that the benefits and guarantees they receive are worth the costs involved.
How They Work
Every annuity works a little differently depending on its type and features. Some are straightforward, while others have more moving parts. We make sure you completely understand how your annuity will work before you purchase it. If something isn't clear, we'll explain it in a different way until it makes sense. You should never buy an annuity unless you're comfortable with how it functions.
Access to Your Money
Most annuities allow annual penalty-free withdrawals of a certain percentage (often 10%) even during the surrender period. However, annuities generally aren't meant for short-term savings or emergency funds. They work best as part of a broader financial plan where other assets cover your immediate and short-term needs.
We'll Explain Everything
These points aren't meant to discourage you—they're just things to understand. When we meet, we'll go over all the details of any annuity we discuss, answer every question you have, and make sure you're completely comfortable with your decision. The goal is for you to feel confident and informed, not confused or uncertain.
Let's Talk About Your Situation
Whether you need life insurance to protect your family, an annuity for retirement income, or both—we're here to help you understand your options. No pressure, no obligation.
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Ryan Parrack Insurance
Serving Elkins, Buckhannon & Northern/Central WV
Elkins, WV