In its simplest form, life insurance is a promise between an insurance company and you, the policy owner. If you pay a certain amount of money (premium) to the insurance company, the insurance company will pay a certain amount of money (death benefit) to the person (beneficiary) you tell us to when the person whose life is being insured dies.

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There are many types of life insurance. Term insurance only provides a death benefit for a limited period of time. By contrast permanent insurance can provide a death benefit and the potential to build policy cash value that you can access during your lifetime using policy loans and withdrawals.

Permanent insurance can also offer the flexibility to increase or decrease your death benefit as your needs change, as well as the potential to reduce or skip premium payments.

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WHOLE LIFE INSURANCE

These policies are designed for individuals who want guarantees and who are focused on providing death benefit protection over cash value accumulation.

Offers

• Guaranteed death benefit3

• Guaranteed cash value

• Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.

• Level premiums that are guaranteed to never change.

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UNIVERSAL LIFE INSURANCE

May be ideal for the consumer who has a need for life insurance, is somewhat conservative, and wants the guarantees of a fixed, minimum interest rate with the potential for additional interest credits.

Increasing the death benefit may be subject to additional underwriting approval.

Offers

• Flexible death benefit

• Flexible premium

• Policy cash values are credited a current interest rate that is set by the insurance company, which is subject to change, but will never be lower than a guaranteed minimum interest rate.

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TERM INSURANCE

May make sense for those who have budget limitations, large protection needs or temporary needs.

Offers:

• Guaranteed death benefit for a fixed period3

• Fixed premium.

• No cash value.

• Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.

• Initial premiums tend to be lower but will eventually increase.

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I know what type of life insurance I want; how do I buy it?

Before you can purchase life insurance, you need to qualify for it.

We will ask you to provide us with information that we then use in what is called underwriting. This is the process that an insurance company uses to determine risk.

Second, all of this information is provided to an underwriter. An underwriter is someone who is specially trained to assess your application and determine what risk, if any, may exist. Once all of your information has been reviewed, the company will either approve or deny your request. That process can take days or weeks depending on the information received.

Lastly, your agent will contact you and go over the results of your underwriting and details of your policy.

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CLICK HERE TO COMPLETE AN APPLICATION FORM TO BEGIN YOUR JOURNEY

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