Life Insurance 101

Life insurance coverage is your opportunity to provide for and protect the people you love most. By putting a plan in place to cover expenses that would occur in the event of your death, you can help secure their long-term financial future. These funds can help your loved ones pay living expenses, stay in their home, and pay off debts, including final expenses. It can also help send a child to college or leave a legacy. 

Whole Life Insurance

Whole life insurance is a type of permanent life insurance coverage designed to provide protection for your family by locking in benefits that can help you pay for end-of-life expenses, as well as cash value that can be accessed in an emergency. Whole life is available for people aged 45-85 (in New York, ages 50-75) only. 

Whole Life coverage may be right if you: 

• Need coverage that doesn't require a medical exam or health questions. 

• Have a tight budget or fixed income and need a premium that won't increase. 

• Need coverage for burial, funeral, or other final expenses, or to pay off debts.

• Would like to supplement existing insurance coverage. 

• Want to build cash value and have access to funds in an emergency. 

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What is included in a whole life insurance policy? 

• Guaranteed coverage that lasts for the rest of your life* with no medical exam 

• Premiums that are guaranteed not to increase.

• Potential cash value that grows on a tax deferred basis. 

• A set benefit to be paid to your designated beneficiaries at your death. 

Term Life Insurance

This affordable, simple coverage helps protect your family by replacing your lost income in the event of a death. Term life lasts for a specific amount of time and its payments will never increase.

Term Life Insurance may be right if you:

• Require coverage for a certain period of time, such as until your children are grown.

• Want to help your family maintain their lifestyle or stay in their current home if you're no longer around.

• Need to make sure your debts, such as car loan or credit card are paid off.

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• Are just entering your prime earning years and need an affordable premium.

What's included in a Term Life Insurance Policy

• A fixed death benefit that pays your beneficiary if you pass away during the term. 

• High coverage amounts relative to the price that may replace your lost income.

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  Premiums will never increase throughout the life of the policy.

• Option to convert to a permanent plan
  
              Term Life Insurance

• Customized terms: 10-, 15-, 20- and 30-year terms available

• Policy issue ages: 18 – 80*

• Benefit amounts: $100,000 plus

• You have the option to convert your coverage Cash Value plan

* Varies by product term chosen, risk class and state.

Cash Value Plan: The amount that may be available through loans or withdrawals, as defined in the contract.

Children's Whole Life Insurance

Children's whole life is a type of permanent life insurance coverage designed for children 14 days old to age 17. Provide the gift of lifelong protection for your children and grandchildren through premiums that are guaranteed to never increase.

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Children's whole life coverage may be right if you: 

• Want to lock in low childhood rates that will never increase. 

• Want to guarantee coverage throughout adulthood regardless of future health or occupation. 

• Want to invest in a policy that provides cash value, which will grow along with your child. 

• Want to provide the opportunity to add more coverage in the future. 

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What is included in a children's whole life insurance policy?

• Guaranteed coverage that lasts for the entire life of the insured, both childhood and adulthood.

• Locked-in premiums that will never increase throughout the life of the policy. 

• Potential cash value that grows with your child. 

• Set policy benefit to be paid to designated beneficiaries. 

Universal Life Insurance

Universal life is permanent, flexible insurance coverage. It includes the opportunity to adjust the premium and the death benefit, as well as accumulate cash value on a tax-deferred basis.

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Universal Life coverage may be right if you: 

• Need coverage to protect your loved ones from the financial consequences of your death. 

• Value the opportunity to accumulate cash value that you can later access to pay for expenses such as college funding or emergencies. 

• Want the flexibility to adjust your payments and death benefit amount*

• Have maxed out your IRA or 401(k) and need additional options to save for retirement. 

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What is included in a universal life insurance policy

• Permanent Coverage: As long as premiums are paid on time, you have coverage for the rest of your lifetime.

• Tax Advantages: Income tax-free death benefit, potential for tax-deferred cash value accumulation & income tax-free policy loans/withdrawal. 

• Accelerated Death Benefits: Early access to a portion of your death benefit in the event of a terminal illness or chronic illness. 

• Flexible Premiums and Benefits: Unique option to change the premium payment amount, payment frequency, and death benefit amount.

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Accidental Death Insurance

Accidental death insurance provides financial support for your loved ones if you die in a covered accident. It's available for anyone between the ages of 18-70; because this is guaranteed protection, you cannot be turned down if you qualify based on age. 

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Accidental Death coverage may be right if you:

• Want to provide protection for your family in the event of an unexpected covered accident. 

• Need to supplement existing life insurance coverage. 

• Cannot qualify for other types of life insurance due to age, occupation or health conditions.

• Are on a tight budget or need coverage quickly. 

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What is included in a accidental death insurance policy?

• Guaranteed Approval: Guaranteed approval if you qualify, based only on age. 

• Coverage in high risk occupation: Coverage for workers in high risk occupations who can't qualify for life insurance. 

• Family coverage: family coverage available.