Life Insurance Coverage 

LIFE INSURANCE

In its simplest form, life insurance is a promise between an insurance company and you, the policy owner. If you pay a certain amount of money (premium) to the insurance company, the insurance company will pay a certain amount of money (death benefit) to the person (beneficiary) you tell us when the person whose life is being insured dies.

There are many types of life insurance. Term insurance only provides a death benefit for a limited period of time. By contrast, permanent insurance can provide a death benefit and the potential to build policy cash value that you can access during your lifetime using policy loans and withdrawals.1 Permanent insurance can also offer the flexibility to increase or decrease your death benefit as your needs change and the potential to reduce or skip premium payments.

TERM INSURANCE

Offers:

  • Guaranteed death benefit for a fixed period
  • Fixed premium
  • No cash value

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Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.

Initial premiums tend to be lower but will eventually increase.

It may make sense for those with budget limitations who have large protection needs or temporary needs.

VARIABLE UNIVERSAL LIFE INSURANCE

  • Flexible death benefit
  • Flexible premium

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Cash value grows based on the performance of the professionally managed stock, bond and money market sub-accounts that you choose. You can design a portfolio to match your comfort level and risk tolerance. Policy cash values fluctuate based on the sub-accounts you are invested in and may lose value, including principal.

This policy design is for the customer who needs life insurance but would like to have the ability to choose how their cash value is invested.

INDEXED UNIVERSAL LIFE INSURANCE

Offers:

  • Flexible death benefit
  • Flexible premium

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  • Cash value grows based on an interest-crediting strategy that is tied to changes in a market index such as the S&P 500.4

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Downside protection through minimum guarantees3 to ensure that your cash value will not decline due to decreases in the Index.

It may be ideal for those who need death benefit protection but are focused on cash value accumulation for lifetime needs such as supplementing retirement income.

Increasing the death benefit may be subject to additional underwriting approval.

UNIVERSAL LIFE INSURANCE

  • Flexible death benefit
  • Flexible premium

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Policy cash values are credited to a current interest rate that is set by the insurance company and which is subject to change, but it will never be lower than a guaranteed minimum interest rate.3

It may be ideal for the consumer who has a need for life insurance, is somewhat conservative, and wants the guarantees of a fixed, minimum interest rate with the potential for additional interest credits.

Increasing the death benefit may be subject to additional underwriting approval.

WHOLE LIFE INSURANCE

  • Guaranteed death benefit
  • Guaranteed cash value

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Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.

Level premiums that are guaranteed never to change.

These policies are designed for individuals who want guarantees and are focused on providing death benefit protection over cash value accumulation.

I know what type of life insurance I want. How do I buy it?

Before you can purchase life insurance, you need to qualify for it.

We will ask you to provide us with information that we then use in underwriting. This is the process that an insurance company uses to determine the risk of insuring your life. The healthier you are, the fewer risks you take will positively impact your policy.

First, we will confidentially ask about your height, weight, date of birth, and lifestyle habits (i.e., smoking, drinking, exercising), and in order to make sure you are not asking for too much life insurance protection, we will also ask for financial information, including your annual income. If we need more information, you may be asked to take a physical exam at our expense and at your convenience, typically at your home or office.

We do all of this in order to have a complete picture of you.

Second, this information is provided to an underwriter specially trained to assess your application and determine what risk, if any, exists. Once your information has been reviewed, the company will approve or deny your request. That process can take days or weeks, depending on the information received.

Lastly, your agent will contact you and review the results of your underwriting and policy details.

Legal Disclosure

The information provided herein is for general informational purposes only and obtained from reliable sources. Its accuracy, completeness, or reliability cannot be guaranteed. Any strategies described may not be suitable for everyone. This information is not intended as tax or legal advice. Please consult with a qualified attorney or accountant prior to making an informed decision.

Legal Expense Insurance

  A LAW FIRM DEDICATED TO YOUR BUSINESS

You can count on your provider law firm when you need legal advice and assistance.
A wide range of legal services is covered with your membership.

 LEGAL CONSULTATION

Consult on any routine business law matter related to your business with up to one hour of legal research per matter (the number of matters is at the discretion of your law firm).

Examples:

  • HR
  • Employment
  • Contracts
  • Leases
  • Securities
  • And more

DESIGNATED CONSULTATION*

Three telephone consultations per year arranged by your law firm, with each consisting of up to one-half hour for the following legal matters:

  • Securities
  • Patents
  • Copyrights
  • Antitrust
  • Immigration
  • Import/export or customs matters.
  • Issues arising outside your state, within the U.S.
  • Commodities
  • Trademarks
  • Admiralty
  • International Law
  • Intellectual Property
  • Tax
  • LEGAL CORRESPONDENCE*
  •  
  • Small Biz 10 Plan:
    A total of 20 correspondences on your behalf per year (calls or letters) with one follow-up per subject matter (up to six in any month) at the discretion of your law firm.
  •  
  • Small Biz 50 Plan:
    A total of 30 correspondences on your behalf per year (calls or letters) with one follow-up per subject matter (up to six in any month) at the discretion of your law firm.
  •  
  • Small Biz 100 Plan:
    A total of 40 correspondences on your behalf per year (calls or letters) with one follow-up per subject matter (up to six in any month) at the discretion of your law firm.
  •     
  • TRIAL DEFENSE SERVICES*
  • Small Biz 50 Plan:
    Up to 75 total hours of assistance (including up to 15 hours for pre-trial work) if your business is named defendant or respondent in a covered civil action suit.
  •  
  • Small Biz 100 Plan:
    Up to 75 total hours of assistance (including up to 25 hours for pre-trial work) if your business is named defendant or respondent in a covered civil action suit.
  •  
  •  
  • DEBT COLLECTION ASSISTANCE*
  • Small Biz 10 Plan:
    Assistance with up to five separate initial collection letters per month.
  •  
  • Small Biz 50 Plan:
    Assistance with up to ten separate initial collection letters per month.
  •  
  • Small Biz 100 Plan:
    Assistance with up to fifteen separate initial collection letters per month.
  •   
  • CONTRACT AND DOCUMENT REVIEW*
  • Small Biz 10 Plan:
    Review up to 20 contracts or documents per year (up to 6 in any month), up to 15 pages each, and one out-of-state document per year.
  •  
  • Small Biz 50 Plan:
    Review up to 30 contracts or documents per year (up to 6 in any month), up to 15 pages each, and one out-of-state document per year
  • Small Biz 100 Plan:
    Review up to 40 contracts or documents per year (up to 6 in any month), up to 15 pages each, and one out-of-state document per year.