WorkingAmericanBenefits™
CHASE Insurance Company
Great American Life Ins. Co.
Colorado Bankers Life Insurance Company
ALLIANZ
Texas Life Insurance Company
Illinois Mutual Life Insurance Company
Allstate
ING
Colonial Life & Accident Insurance Company
UNUM Provident
Group Life Insurance
Group Term Life Group Whole Life, Group Universal Life
Group Term Life Insurance
Life insurance to provide protection for a stated period of time, expiring at the end of the period without value if the insured lives for longer than the stated period. The period, called the "Term", can be from 1 to 30 years, but is usually for 5 to 20 years. Term life insurance is best suited for someone who wants or needs temporary protection - in other words, protection for a specific number of years.
Simply put, Term life insurance pays out only if the insured dies within the "Term" of the policy. For example, if someone buys a 10-year Term Life insurance and dies during the 10 years, then the policy will pay the full death benefit. If the insured dies, however, in the 11th year after the policy went into effect, the policy pays nothing.
Most Term Life insurance can be renewed or converted. The policy owner may renew the policy before its termination date without evidence of insurability (that is, without having to prove good health). Also, the policy owner can convert the Term Life policy to a Whole Life (or other permanent plan) before the policy's termination date without evidence of insurability.
The most common type of Term Life insurance is Level Term. This means that the policy provides a level (unchanging) amount of insurance for the specified period. Level Term Life insurance is what we sell.
Your best sources of Term Life Insurance:
- CHASE Insurance Company
- Colorado Bankers Life Insurance Company
- ALLIANZ
- Allstate
- Colonial Life & Accident Insurance Company
- Illinois Mutual Life Insurance Company
- UNUMPROVIDENT
Permanent level insurance protection for the "whole of life", i.e., from the policy issue date to the date of death of the insured, or age 100, whichever comes first, and provided the premiums are paid. Whole Life insurance is characterized by level premiums, level death benefits and cash value. Whole Life insurance is also known as "permanent" or "cash value" insurance.
The death benefit payable is the face amount of the policy, (the amount written on the face of the policy), which remains constant throughout the policy life. The premiums are set at the time of purchase and also remain constant throughout the policy life. Whole Life insurance endows (matures) at age 100. This feature combined with its cash-value feature, provides "living benefits" for the policy owner.
The Cash Value is an accumulation or savings element of the insurance. This cash value builds over the life of the policy owing to the fact that Whole Life insurance plans are credited with a certain guaranteed interest rate, and the interest earned is credited to the policy on a regular basis. The cash value, also called the Cash Surrender Value, represents the amount of money the policy owner would get if he/she terminated the the policy prematurely. The amount of cash value in a policy at any given time will depend upon; (a) the face amount; (b) the amount of premium paid; and (c) the length of time the policy has been in force.
The Living Benefit a Whole Life insurance provides is through the cash value build-up in the policy. A policy owner can borrow from the cash value at reasonable interest rates if there is a need for money. It is not a requirement of the policy that the loan be repaid, but if the loan is still outstanding when the insured dies, the loan amount plus any interest due will be subtracted from the death benefit before it is paid.
Your best sources of Whole Life Insurance:
- CHASE Insurance Company
- Colorado Bankers Life Insurance Company
- ALLIANZ
- Illinois Mutual Life Ins. Co.
- UNUMPROVIDENT
Group Universal Life Insurance
Universal Life is a variation of Whole Life insurance. The main difference is its great flexibility. Unlike Whole Life with its fixed premium, fixed face amount, fixed interest and fixed cash value accumulation, Universal Life allows the policy owner to determine the frequency of premium payments and to adjust the face amount up or down depending on changing needs. The interest rate also fluctuates and is dependent upon current market conditions. However, the policy has a guaranteed minimum interest rate, usually 3% to 4%, that the insurance company will pay regardless of the state of the economy.
As premiums are paid and as cash value accumulates, interest is credited to the policy's cash value either at the current interest rate (determined by the state of the economy), or at the minimum guaranteed interest rate specified in the policy. To take advantage of high interest rates when the economy is good, a policy owner can elect to pay more into the policy adding to the cash value account, subject to certain guidelines controlling the relationship between the cash value and the policy's face amount.
Another difference between the Universal Life policy and the Whole Life policy is the fact that partial withdrawals can be made from the policy's cash value account. (Whole Life allows access to the cash value only through loans or complete surrendering of the policy). Also, the Universal Life policy owner may surrender the policy for its entire cash value at any time.
Universal Life insurance offers two death benefit options. Under Option One, the policy owner purchases a specified amount of insurance. The death benefit is equal to the specified amount which is comprised of the cash values plus the remaining pure insurance. The pure insurance is decreasing term insurance, i.e., each year, the amount of pure insurance decreases. However, this decrease is offset by increasing cash values such that the specified amount (face amount) is maintained. High interest earnings over a long period of time can cause the cash value to rise above the specified amount, thus increasing the death benefit to an amount greater than the specified amount.
Under Option Two, the death benefit is equal to the face amount of pure (level term) insurance plus the rising cash values. As the cash value increases, the death benefit increases. However, there are guidelines governing the rise of the cash value in proportion to the pure insurance. For the product to continue to be considered "insurance" under Tax Laws, a certain level of pure insurance must be maintained.
Your best sources of Universal Life Insurance:
- Protective Life Insurance Company
- Texas Life Insurance Company
- ING
- Illinois Mutual Life Ins. Co.
- Allstate
- Colonial Life & Accident Ins. Co.
- UNUMPROVIDENT
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TO SEE FEATURES OF AN INSURANCE COMPANY'S PRODUCT Click here
TO ENROLL IN A PLAN OF INSURANCE NOW, OR TO GET A QUOTE click the appropriate bottom at the top of page
TO SEE FEATURES OF AN INSURANCE COMPANY'S PRODUCT Click here
TO ENROLL IN A PLAN OF INSURANCE NOW, OR TO GET A QUOTE click the appropriate bottom at the top of page
TO SEE FEATURES OF AN INSURANCE COMPANY'S PRODUCT Click here
TO ENROLL IN A PLAN OF INSURANCE NOW, OR TO GET A QUOTE click the appropriate bottom at the top of page
TO SEE FEATURES OF AN INSURANCE COMPANY'S PRODUCT Click here
TO ENROLL IN A PLAN OF INSURANCE NOW, OR TO GET A QUOTE click the appropriate bottom at the top of page