Life Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Life Insurance Customer Service Options
Self policy service any time of the day, directly from our website. To request a policy change on your account, click any of the following policy service options below.
Life Insurance Information
SIMPLIFIED ISSUE LIFE INSURANCE
FINAL EXPENSE INSURANCE
Term Life Insurance, lasts for a set number of years before it expires. If you die before the term is up, a set amount of money, known as the death benefit, is paid to your designated beneficiary. Term life is considered the simplest, most accessible insurance policy. When you make your payments (known as your premium), you are simply paying for the death benefit that goes to your beneficiaries in the event of your death. The death benefit can be paid out as a lump sum, a monthly payment, or an annuity. Most people elect to receive their death benefit as a lump sum.
Whole Life Insurance, is considered a permanent life insurance policy because if does not expire. It has a death benefit but also a cash value, which is a tax-deferred savings account that is included in the policy. The cash value accrues interest at a predetermined fixed rate. Each month, a certain portion of your premium will go into the cash value of the policy, which offers a guaranteed rate of return (The exact amount that goes into savings is determined by your individual policy). The policy's cash value grows over time.
- Due to the fees and the extra feature, a whole life insurance policy can cost five to 15 times as much as a term life policy (for the same death benefit amount).
- Whole life lasts for as long as you pay the premiums. However, the cash value component can make whole life more complex than term life, because you have to consider surrender fees, taxes, and interest as well as other stipulations.
- Still, it may be worth it if you need the cash value to cover things like endowments or estate plans, which might benefit from the greater options that a whole life policy provides.
Universal Life, has a cash value, just like a whole life insurance policy. Your premiums go toward both the cash value and the death benefit. But there is a twist: the policyholders of universal life policies can change the premium and death benefit amounts without getting a new policy.
- Basically, although you have a minimum premium to keep the policy in force, you can use the cash value to pay the premium. That means, if you have enough money in the cash value, you can use the cash value to skip premium payments entirely, thus letting the accrued interest do the work.
- You can also adjust the death benefit within limits outlined in your policy. Increasing the death benefit, may subject you to further underwriting, while there may be fees to decrease it.
- If your financial situation changes, the ability to change the death benefit amount within your policy is appealing, this feature is one of the main selling points of a universal policy.
Variable Life, is similar to whole life insurance; they both accumulate cash value, but the functions of the cash values are quite different.
- A variable life insurance cash value is more like investing. The money paid into variable life policy goes into a series of mutual fund-like sub-accounts where you can receive some decent growth, but adversely, you can also lose money depending on the market. The cash value is more or less placed in the stock market.
- While this makes variable life insurance policies a better investment option than whole life insurance policies – the potential for higher, tax-deferred growth makes it a "super-IRA" – you can only invest in the sub-accounts available through your policy. That means you don’t get to choose from the wide variety of mutual funds that are available on the open market.
- While fees can be lower with a variable life insurance policy than a whole life policy, the product is riskier. Why? The same reason investing in stocks is risky: most people don’t know much about the stock market and don’t know enough to make changes in their investment. There is too much management for the average person to do it effectively.
SIMPLIFIED ISSUE LIFE INSURANCE
- All of this makes a variable life insurance policy both a limited investment option and a limited life insurance option. As an investment vehicle, variable life insurance policies provide tax-free money to beneficiaries during the time that the policyholder is alive. Once that person dies, however, that money is retained by the insurance company. Like other types of life insurance, a variable policy can help cover funeral and end-of-life expenses.
Simplified issue life insurance
Typically when you apply for life insurance, you go through a paramedical exam as part of the underwriting process so the insurer can find out how risky you are to insure. Ultimately, it helps them set your premium rate.
- Simplified issue life insurance, allows the consumer to skip the medical exam, thus the "simplified" part of this policy type.
- The consumer does not need to complete a medical exam, but the consumer will need to fill out a health questionnaire, answering questions like if the consumer smokes, or have been diagnosed with serious illnesses, and so on.
- People in poor health may have to take the exam if they have too many health issues, and they could flat-out be denied by insurers. For those healthier people in a hurry, though, it might be a good option to skip scheduling the paramedical exam, which adds some time to the underwriting process.
GUARANTEED ISSUE LIFE INSURANCE
Guaranteed issue life insurance, takes the concept of simplified issue life insurance – forgoing the health exam – and takes it a step further in that you don’t have to answer any questions about your health, either. As long as you can pay the premium, the insurer will cover you, needing only your age, sex, and state of residence.
- Guaranteed issue life insurance is appealing for older people, whose declining health makes it prohibitively expensive to get coverage with another insurance option. Guaranteed issue life insurance is useful for elderly applicants, but others can likely get more life insurance coverage at a lower cost with a different policy type, if they are willing to take an health exam and answer health questions.
FINAL EXPENSE INSURANCE
Final expense insurance, is a unique type of policy. It covers the cost of anything associated with your death, whether its medical costs, a funeral, or cremation – whatever your literal final expenses are. It is usually only issued to people of a certain age and the policy is valid up to a certain age.
For more information please call: 800-624-8976
- Like other permanent life insurance policies, there is a cash value that can grow over time. Final expense insurance is a simplified issue policy in most cases, but if you don’t pass the health questionnaire, you’ll be placed in a guaranteed issue policy instead.
- Final expense insurance is usually attractive to older people who don’t have other life insurance coverage (maybe they outgrew their term life policy) and don’t have enough savings to pay for their own funeral, which can cost upwards of $8,000.Coverage is usually for small amounts, from $5,000 to $25,000, to cover those expenses. It’s good if you don’t have another way to pay for your funeral and don’t want to burden your family with the costs.
- However, it has the same drawbacks as guaranteed issue life insurance: higher life insurance premiums for relatively low coverage amount. If you or your family are able to pay for a funeral through other means, that’s your best bet.