Life Insurance Plans

There’s no replacement for you and the contribution you make to your family. You want to make sure that people in your life, especially your dependents, can remain financially secure after you die. Bottom line: Life insurance financially protects your family and loved ones at a time when it is needed the most.

For most types of life insurance you’re covered with the full benefit from the very first day your coverage takes effect. The exception is if the coverage is issued with a graded benefit which means that partial benefits are provided when the policy is issued and full benefits are provided after the policy has been in force for a predetermined amount of time.

Most high quality term life policies sold today are guaranteed renewable, which gives you the right to continue your coverage beyond the initial rate guarantee period without a medical exam. This feature can become extremely important to your family should you become sick and uninsurable toward the end of your initial premium guarantee period. Also, look for a policy with a good conversion privilege and good, solid permanent policies to convert to.

Universal life insurance is an interest-sensitive product that combines cash accumulation and term insurance rates, providing great flexibility with premium payments. Decreasing the premium reduces the cash values available in the future and shortens the protection period or lengthens the premium-paying period. Increasing the premium increases the cash values or shortens the premium-paying period. Policy expenses and cost of insurance are deducted each month from the policy values; any unused premium is credited to the cash value account and is eligible to earn interest.