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Permanent and Term Life Insurance
The two most common types of life insurance plans are either term or permanent plans or some combination of the two. There are various forms of term plans and traditional life policies as well as "interest sensitive" products which have become more prevalent in the last two decades. Every state has their own laws on how life insurance policy is issued to consumers, and what standard provisions must be included in every policy.
Term Life Insurance vs. Permanent Life Insurance
The main differences between a term life insurance policy and a permanent insurance policy, such as universal life insurance, is the life of policy, the accumulation of a cash value, and the premium. The right policy for you will depend on your needs. We have insurance specialist that can offer you free guidance.
Difference Between Term and Permanent Life Insurance
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Why Life Insurance
Types of Life Insurance
Types of Benefits
Who Needs Life Insurance?
Everybody needs life insurance. Life is beautiful but can be unpredictable and has no preference of age, gender or lifestyle. There is a large variety of life insurance that can give you the protection that fits your needs. The average length of hospital stay is 4.6 days. Are you prepared to pay those expenses?
Life insurance does not have to be complicated or expensive. We have free guidance of helping you select your policy. Click here to learn more.
Term insurance provides protection for a specified period of time. This period could be as short as one year or provide coverage for a specific number of years such as 5, 10, 20 years or to a specified age such as 80 or in some cases up to the oldest age in the life insurance mortality tables.
Level Term: Coverage under this policy is for a specified period ranging from 10 to 30 years. Both the death benefit and premium are fixed.
Renewal Term : This plan allows you to renew for another period when a term ends, regardless of the state of your health. With each new term the premium is increased. The right to renew the policy without evidence of insurability is an important advantage to you. Otherwise, the risk you take is not being being in a healthy status and may not be able to obtain a policy at the same rates or even at all.
Decreasing Term: These policies have a death benefit that declines each year, according to a predetermined schedule. The policyholder pays a fixed, level premium for the duration of the policy.
Convertible Term: This plan often allows you to exchange the policy for a permanent plan. The length of the conversion period will vary depending on the type of term policy purchased. If you convert within the prescribed period, you are not required to give any information about your health. The premium rate you pay on conversion is usually based on your "current attained age", which is your age on the conversion date.
Permanent Life Insurance
Permanent life insurance, overall, it is designed to provide protection for a specified time period, or for a lifetime. To keep the premium rate level, the premium at the younger ages exceeds the actual cost of protection. To lean more about if this is the right option for out.
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There are two categories where permanent life insurance falls into:1) Traditional Whole Life Insurance and 2) Ordinary Life Insurance
Traditional Whole Life Insurance
There are several traditional permanent insurance:
Non-Participating Whole Life
This is the simplest and lowest-cost form of whole life insurance. It includes a fixed death benefit, a guaranteed cash value, and level premiums over the course of the policyholder’s life. The policyholder’s account does not participate in the investment activities of the life insurance company . A non-participating whole life insurance policy is a low risk proposition for policyholders but there is also little potential for growth.
Participating Whole Life
A participating whole life policy pays dividends. The dividends represent the favorable experience of the company and result from excess investment earnings, favorable mortality and expense savings.
Indeterminate Premium Whole Life
This policy is similar to a non-participating whole life plan of insurance except that it provides for adjustable premiums.
Economic Whole Life
An economatic whole life policy provides for a basic amount of participating whole life insurance with an additional supplemental coverage provided through the use of dividends.
Limited Payment Whole Life
Premiums are paid over a shorter span of time, the premium payments will be higher than under the whole life plan.
Single Premium Whole Lifethe
In this policy, the policyholder pays the full amount of the policy premium up front, in one large payment. This type of whole life insurance is most often used as an investment, since buyers need to have a large amount of cash on hand in order to make the payment.
Life Insurance Coverage For Critical Injury and Terminal Illness
Life can be unexpected and sometimes unfair. Critical illness or injuries can happen to anybody at anytime. We have insurance policies under $100 that will protect you in the event 'life happens'.
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Living Benefits Coverage
Living Benefits For
Traumatic Brain Injury
Discounted Benefit Payments based on severity of illness or injury from (minor, moderate, severe, life, threatening)
No annual benefits limit
Living Benefits For
Diagnosed with terminal illness resulting in death within 24 months of certification of the illness by a physician
Lump sum benefit payment
No waiting period
No annual benefit limit
Interest Sensitive Whole Life
Works by treating separately the three basic elements of the policy: premium, death benefit and cash value. Periodically the company deducts from the cash value account its expenses and the cost of insurance protection, usually described as the mortality deduction charge.
Universal life is also the most flexible of all the various kinds of policies. Because it treats the elements of the policy separately, universal life allows you to change or skip premium payments or change the death benefit more easily than with any other policy.
Traditional variable life provides a minimum guaranteed death benefit, but many universal variable life products do not, and should investment experience be bad, coverage will terminate if substantially higher premium payments are not made. Variable life is also made available on a single premium basis but if investment experience is poor additional premiums will be required.