LIFE INSURANCE
We offer two different types of life insurance, permanent and term. All our policies are group life insurance policies with simplified issue health questions and are all payroll deducted.
Permanent life insurance*
KEY TAKEAWAYS:
Permanent life insurance refers to coverage that never expires, unlike term life insurance.
Most permanent life insurance combines a death benefit with a savings component.
Whole life and universal life insurance are two primary types of permanent life insurance.
Permanent life insurance policies enjoy favorable tax treatment.
Permanent life insurance policies have higher premiums than term life insurance policies BUT the death benefit does not expire after a specific number of years like term life insurance.
Term life insurance*
KEY TAKEAWAYS
Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during the specified term.
These policies have no value other than the guaranteed death benefit and don't feature a savings component (as is found in permanent life insurance products)
Term life premiums are based on a person's age, health, and life expectancy.
Depending on the insurance company, it may be possible to turn term life into whole life insurance.
You can purchase term life policies that last 10, 15, 20 years, or more, and can usually renew them for an additional term.
Eligible coverage for permanent life insurance
* Employee 18-75 $25,000 - $150,000
* Spouse 18-60 $25,000 - $50,000
Eligible coverage for term life insurance
* Employee 18-70 $100,000 - 1,000,000
* Spouse 18-70 $100,000 - 1,000,000
*Certain restrictions, limitations and exclusions apply
