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What is Life Insurance?
A life insurance policy is a contract between the policy owner, and the insurer of the policy itself. In this contract, the owner pays at intervals or lump sum amounts to the insurer so that at the event of terminal illness or death (of a member mentioned in the policy), an agreed upon sum of money will be paid out to a declared beneficiary of that policy. There may be many types of policies to choose from, however most options fall under being either a “protection policy” or an “investment policy”. The major difference between the two is that a protection policy pays out to the insured’s beneficiary normally in a lump sum amount, whereas an investment policy is meant to generate further capital of the insured’s policy through the use of premiums. Familiar types of investment policies would be “Whole Life”, “Universal Life”, and “Variable Life” policies. Either option is an excellent way to ensure a family will have enough money to pay for the growing costs of funerals, and to potentially have funds left over to help alleviate any financial struggle due to a loss of income.
Things to Consider Regarding Life Insurance:
- The life insurance policy owner does not necessarily have to be the person who is actually insured. The owner of the policy pays for the insurance, whereas the person who is “insured” chooses a beneficiary to receive a pay out at the time of his/her death. The owner is the guarantee that the policy will be paid while the insured is just a participant in the contract itself.
- Life insurance contract terms are extremely important to read and understand. Most often times, various clauses and limitations are included which may void the policy. These limitations could include (but are not limited to) a death from suicide (within 2 years from the policy purchase) at which point the insurer has a legal right to contest the claim. Also any type of misrepresentation or knowingly wrongful information included on the life insurance application may also result in a voided contract.
- Any time an ensured individual passes away, substantial proof must be submitted to the insurance claims department. This proof most often takes the form of a valid death certificate and a completed, signed, and in many cases, notarized insurer’s claim form.
Term
Life Insurance
Term
life insurance provides life insurance coverage
for a specified term of years for a specified
premium. Term Life Insurance term of years can
be for 1, 5, 10, 15, 20 or 30 years. Term
Life Insurance has face amount , premium to
be paid , and length of term. If the person dies
during this term, the beneficiary from the term
life insurance receives the face amount of the
policy.
Whole
Life Insurance
Whole
Life Insurance policy covers the individuals
whole life as insurance coverage period. Whole
life insurance is a permanent life insurance
policy that offers guaranteed death benefits and
cash values.
Permanent Life Insurance:
This type of life insurance has no expiration until the insured passes away, at which point a death benefit will be paid out. Unlike a “term life plan”, Permanent Life Insurance does build cash value over time which can be accessed by withdrawal, by borrowing against the cash value, or by completely surrendering the policy, and receiving the surrender value.
Universal Life Insurance:
Universal Life Insurance is much more flexible when it comes to premiums, and can also offer the possibility of a higher internal rate of return. The internal rate of return from this plan is affected by how the financial market is doing, and when interest rates are above the minimum it will result in a lower premium to keep the policy going. Adversely, if the interest rates are low, premiums will be higher to keep the policy intact. There are multiple payout options associated with Universal Life insurance, this is regarding to the net death benefit and cash values.
Limited-Pay Life Insurance:
This is a type of Permanent Life insurance, but it is known as “limited pay” because the premiums are completely paid off after a set time period. These time periods generally range from a 10 and 20 year time frame, and paid off by the age of 65. The policy still remains strong even after the premiums are paid.
Accidental Death Life Insurance:
This option is a type of limited life insurance which covers people who have passed away due to an accident. It is important to see in the policy what accidents are covered for a benefit. Normally it does not cover an individual who has placed themselves in a high risk situation. For example, parachuting, hang gliding, high impact or extreme sports, and the like.
Life
Insurance Companies
* Aetna
* AXA Equitable Life Insurance Company
* Allianz Life Insurance Company of North America
* Allstate Insurance Company - www.allstate.com
* American Amicable Life Insurance Company
* American General Life and Accident Insurance Company
* American International Group
* American National Insurance Company
* American United Life Insurance Company
* Aon Corporation, formerly known as Combined Insurance
Company of America
* Banner Life Insurance
* The Columbian Financial Group (Columbian Mutual
Life Insurance, Columbian Life Insurance) - www.cfglife.com
* Columbus Life Insurance Company
* Cotton States Life Insurance Company
* Farmers Insurance
* First Colony Life Insurance
* First Penn-Pacific Life
* Gerber Life Insurance Company
* Grange Mutual Insurance Companies
* Guardian Life Insurance Company of America
* Jackson National Life Insurance
* John Hancock Insurance, now a unit of Manulife
Financial
* The Hartford
* Lafayette Life Insurance Company
* Lincoln Heritage Life Insurance Company
* Mass Mutual Financial Group
* Metropolitan Life Insurance Company
* Midland National Life Insurance Company
* Minnesota Life
* Monumental Life Insurance Company
* Mutual of Omaha Insurance Company
* Nationwide Insurance
* New Era Life Insurance Companies
* New York Life
* Northwestern Mutual Life
* Oxford Life Insurance Company
* Pacific Life Insurance Company
* Pharmacists Life Insurance Company
* Prudential Insurance Company of America
* RBC
* Safeco Insurance
* Savings Bank Life Insurance
* Sagicor USA, Inc., formerly known as American
Founders Life
* SBLI USA Mutual Life Insurance Company, Inc.
* Settlers Life Insurance Company
* The Standard (Standard Insurance Company)
* Southern Farm Bureau Life Insurance Company
* State Farm Insurance
* Swiss Life Asset Management
* Tennessee Farmers Life Insurance Company
* Thrivent, formerly known as Lutheran Brotherhood
* Transamerica Corporation
* Travelers Group, now somewhat part of Citigroup,
other parts belong to The St. Paul Travelers Companies,
Inc.
* Union Central Life Insurance Company
* US Financial Life Insurance Company
* West Coast Life Insurance Company
* Westfield Life Insurance
* Western & Southern
Life
Insurance Companies
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