Life and Annuities in Virginia

It is often said “Life Insurance isn’t for YOU. It’s for the ones you LOVE.” If you owe someone, or if you love someone, you need life insurance. Having a policy with an insurance company that promises to pay your beneficiaries after your death should be a comfort to you and your family. Parr Insurance Services can explain all your options to help your loved ones be protected.

At Parr Insurance Services, we want to answer your questions, listen to your needs, then present a solid plan, so you can decide what's best. If you live in Virginia, you should know what types of life insurance Parr Insurance Services can offer you.

TERM

This is to secure short-term debt for families and businesses. It is a great value due to its inexpensive cost. Every family should, at a minimum, have a policy on the primary breadwinner. Typical term lengths range from 1 to 30-year term policies. When the policy is purchased, the life of the insured is guaranteed throughout that time period.

WHOLE LIFE

Just as the name implies, this coverage lasts your whole life. Typically, the premium is set up front and remains level (and can even disappear). The death benefit will grow over time, and the policy will earn cash in the form of dividends.

Annuities

At Parr Insurance Services, we offer several Annuity options to help meet your financial goals. Contact one of our specialists today for more information. Fill out the “Request a Quote” section on the left side of this page and we will be in touch shortly.

Single Premium Immediate Annuity • A contract that pays monthly or less frequent payments to an annuitant. Payments can be guaranteed for a specific length of time, including arrangements that cannot be outlived.

Deferred Annuities

Individual Plans

• Non-qualified – A contract that allows flexible premiums. Interest income is tax-deferred until removed.*
• Traditional IRA – A contract where contributions may be tax-deductible.
• Roth IRA – A contract where contributions are not tax-deductible; however, distribution of the principal contributions and interest may be excluded from taxation under certain circumstances.*

Employer-Sponsored Plan

• Simplified Employee Pension Plan (SEP) IRA – A contract for small businesses that allows employers to contribute to individual employee-owned contracts based on a uniform percentage of each employee's compensation.
• Savings Incentive Match Plan for Employees (SIMPLE) IRA – A contract for small businesses that allows employer contributions and employee salary deferrals.

*References to tax aspects are not intended to constitute tax, legal or accounting advice. Consult your legal or tax advisor for specific advice.