Life Insurance - In Depth

A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death.

Could your finances survive a serious illness or accident, especially if you had a loss of income? These plans fill in the gaps that health insurance does not cover.

Final Expense Plans

Life insurance that covers funeral expenses which guarantees:
• Locked-In Premium
• Non-Cancellable
• Death Benefit
• Possible Cash Value

Guaranteed Issue Plans

Life insurance that covers anyone regardless of pre-existing health conditions. No medical questions asked. Typically, a low benefit coverage plan.

Acceptable Conditions:
• Diabetes
• Heart Attack
• Stroke
• Cancer
• And Others

Juvenile Plans

Life insurance for children that typically starts off as a term policy but changes over to whole life coverage after a certain timeframe. This coverage offers an affordable way to cover children while they are young but guarantees coverage for life.

Features include:
• Fixed, Level Premiums
• Guaranteed Death Benefit (that will not decrease)
• Permanent Protection

Term Plans

Life insurance that was developed to provide temporary protection for limited budgets. These plans offer a stated death benefit for certain amount (or term) of time. These are the simplest forms of life insurance. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance coverage to pay off loans, or providing extra life insurance protection for the child-raising years.

Features include:
• Initial Affordability
• Adjustable Premiums
• Renewability
• Conversion to Whole Life

Whole Life Plans

Permanent life insurance coverage for as long as you live and continue to make timely premium payments. With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.

Features include:
• Premiums are generally level and payable for life
• Dividends
• Guaranteed Cash Values

*All plans have different levels of coverage to choose from, to fit your budget.