The "Peace of Mind" product that is designed to provide in the event of a loved one's untimely death, but that's not all. With so many options, let's answer the following questions: How does it work and what is the best plan? How much coverage is needed? Are there any living benefits?
Types of Life Insurance products available: • Term • Universal Life • Guaranteed Universal Life • Indexed Universal Life • Whole Life • Simplified Issue & Guaranteed Issue Final Expense Whole Life • Work-site Term & UL • Group Term & UL
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Term Insurance Term Life is one of the most cost-effective solutions for your life insurance needs. It is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid.
There are many different types of term insurance policies available. Many policies offer level premiums for the duration of the policy, such as 10, 20, or 30 years. These are often referred to as "level term" policies. Most term policies have a built-in privilege to convert to a permanent policy regardless of any changes in the insured's health.
Some plans even give you the option to have all of your premiums refunded at the completion of the term.
Whole Life Insurance As the most basic form of cash-value life insurance, this contract has level premiums incorporating both an insurance and a savings component. The insurance component pays a stated amount upon death of the insured. The tax-deferred savings component accumulates a cash value that the policyholder can withdraw or borrow against.
Universal Life Insurance Also known as flexible premium or adjustable life, it is a variation of whole life insurance. Like whole life, it is also a permanent policy providing cash value benefits based on current interest rates. The feature that distinguishes this policy from its whole life counterpart is that the premiums, cash values and level amount of protection can each be adjusted up or down during the contract term as the insured's needs change. Cash values earn an interest rate that is set periodically by the insurance company and is generally guaranteed not to drop below a certain level.