Permanent life policies provide you with the knowledge you will have permanent coverage with fixed premiums for the existence of the policy and the benefit amount will be paid in full to your beneficiary.
The death benefit is payable upon the insured’s death regardless of how long the insured lives. Premiums are payable during the entire lifetime of the insured.
Term life insurance policies are ideal for receiving the best coverage for a set period of time, whether you are supplementing a larger permanent policy or trying to meet a certain need. They can be adjusted to provide just the right amount of coverage in any area of your life.
The death benefit is payable upon the insured’s death only during a specific number of years. Premiums are payable during the entire term period. Conversion to a permanent plan of life insurance is permitted during a stated period and conversion periods end on a specific policy anniversary. The maximum amount of the new policy will be the amount of insurance in force at the time of conversion.
Various terms are available to cover the needs of a temporary nature such as to pay off a mortgage or other loans, family income protection, etc. The beneficiary can request a lump sum payment upon the insured’s death or can request the benefits be spread out over several years to provide a monthly benefit amount to help them adjust to the loss of the insured’s monthly income.
ACCIDENT POLICY – The plan provides benefits for accidental death and dismemberment as well as hospital confinement and intensive care treatment if related to an accident. In addition, the policy pays a benefit if the member has emergency room treatment as a result of an accident when treated within 72 hours of the accidental injury.
HOSPITAL INDEMNITY – This plan provides a fixed benefit when a member is in the hospital due to an illness or accident.
CANCER PROTECTION – Policies provide specific coverage for treatment of cancer or a single sum benefit when an insured is diagnosed with cancer.
CRITICAL ILLNESS – This policy pays a one time lump sum payment when an insured is first diagnosed with a covered critical illness.
TERMINAL ILLNESS RIDER – This rider can be added to a life insurance policy at no cost to the insured. The Accelerated Benefit pays fifty percent of the coverage face amount when the insured is diagnosed with a terminal illness and has a life expectancy of less than 12 months (24 months in IL, MA and WA). The policy premiums remain the same after payment of the Accelerated Benefit to the insured and the beneficiary receives the remainder of the policy proceeds upon death of the insured.
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