Life Insurance Coverage Options
TYPES OF POLICIES
- WHOLE LIFE INSURANCE, also knows as permanent insurance, provides a level premium, and a cash value included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefit, guaranteed cash values, and fixed annual premiums.
- TERM INSURANCE provides life insurance coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is generally considered less expensive than whole life, where the premium buys protection in the event of death and nothing else.
- DISABILITY INSURANCE is a form of insurance that insures your earned income against the risk that a disability will make working impossible. The policy provides you with a monthly income if you are sick or injured and can not work. Disability insurance is especially important for the small business owner. Most business owners opt out of work comp and have no coverage for themselves.
ADDITIONAL COVERAGE OPTIONS
- RETURN OF PREMIUM RIDER is a money-back option to refund the premiums paid for the policy.
- DISABILITY WAIVER OF PREMIUM keeps your policy in force by waiving the premiums if you become totally disabled.
- CHILDREN’S TERM INSURANCE RIDER provides term coverage to age 25 for each child, plus the option to buy permanent life insurance on his or her 25th birthday. Your children have guaranteed insurability, regardless of health when the permanent policy is purchased.
* Life insurance also provides protection for Final Expenses and Mortgage Protection.