Life Insurance is a product that pays a death benefit if the insured person passes away. The products are as follows:
Premiums are determined by the age, height, weight and medical history of the insured. The younger and healthier the individual, the cheaper the coverage. This is not a guaranteed issue product and you can be rated or declined coverage.
Term Coverage is a product that is used for a certain time period or a number of years. Term insurance can start at 1- 30 years. If the insured does not pass away then no benefit is paid. These products can be converted to whole life products in some cases so it does become a “use it or lose it” product.
Whole Life Insurance are products that remain in effect and do not expire. Some policies have investment allocations to grow the values of the policy. Interest rates on these products vary.
This coverage isis generally guaranteed issue up to $50,000 and is usually issued with an underwritten plan.
Typically these plans are Term Insurance. The plans are kept in force by the employer.
Sponsored Coverage can be purchased through several carriers. Amounts as low as $10,000 - $500,000 depending on the annual salary of the employees. Spousal and dependent coverage may be purchased. This can be paid by the employer or can be offered on a voluntary basis (the employees pay the full premiums). Each carrier has specific participation rules but some carriers go as low as 2 enrolled employees.
We shop through multiple carriers to insure the best rates. These products can be purchased by individuals to cover personal debt or loan debt. They can also be purchased as a "Key Man" policy or for a buy sell agreement.