Life & Disability
Life & Disability
Protect Your Family Today for Tomorrow!
TYPES OF LIFE INSURANCE:
Term insurance is life insurance coverage for a specified period of time. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1 year, 5 years, 10 years, 15, 20 and even 30 years. For example: 30 year level term would guarantee a level premium for 30 years based on a specified death benefit.
Universal life insurance is permanent life insurance with premiums that are not guaranteed. To a certain degree one can "design" a premium on this type of policy. Universal life insurance often can be set up with a lower premium initially than whole life insurance. Premiums and values are based on projections of assumed interest rates, the cost of insurance (also known as mortality cost) and the insurance company's expenses. The actual premium paid may increase because interest rates may go lower or the projected cost of insurance may increase.
Whole life insurance has a guaranteed level premium for the rest of one's life with no increases in premium, with a guaranteed cash value.
DISABILITY INSURANCE:
A form of health insurance which provides periodic payments when the insured is unable to work as a result of sickness or injury.
TYPES OF LIFE INSURANCE:
Term insurance is life insurance coverage for a specified period of time. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1 year, 5 years, 10 years, 15, 20 and even 30 years. For example: 30 year level term would guarantee a level premium for 30 years based on a specified death benefit.
Universal life insurance is permanent life insurance with premiums that are not guaranteed. To a certain degree one can "design" a premium on this type of policy. Universal life insurance often can be set up with a lower premium initially than whole life insurance. Premiums and values are based on projections of assumed interest rates, the cost of insurance (also known as mortality cost) and the insurance company's expenses. The actual premium paid may increase because interest rates may go lower or the projected cost of insurance may increase.
Whole life insurance has a guaranteed level premium for the rest of one's life with no increases in premium, with a guaranteed cash value.
DISABILITY INSURANCE:
A form of health insurance which provides periodic payments when the insured is unable to work as a result of sickness or injury.
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