Types of Life Insurance We Offer
There are many different types of life insurance that an individual can choose from, and we are here to help you choose which policy will fit your unique wants and needs. In any type of life insurance, you will pay a premium that can be financed on a monthly, quarterly, semi-annually or annual basis. You are able to choose the amount of coverage, and your premiums for said coverage will be based on the calculations from insurance companies. These calculations are based on your health status, gender and age. After giving your life agent a little bit of personal information, we can get started on handpicking the appropriate policy coverage, below are definitions of general life insurance policies that we can assist you in getting:
Whole Life Insurance: This is life insurance that provides coverage for you throughout your entire life, until the time you pass away. These policies typically endow at age 100, and provide a death benefit of your choosing; you can pick how much or how little coverage fits your personal and financial needs. With whole life, you have the option to add “riders” which will add more cost to your bill, but also enhance your coverage to provide extra protections when it comes to matters such as long-term care, accidental death, and so on.
Term Life Insurance: Term life insurance provides coverage for a specifically outlined amount of time, whether that’s 10, 20, or 30 years, you personally decide on how long you want to be covered. After the specified time, the insurance coverage expires, and you are no longer covered. Some, if not most, term life policies come with guaranteed renewable and guaranteed conversion provisions; meaning that if you renew your policy or convert the policy to whole life insurance, you will not have to provide evidence of insurability, forgoing the required medical exam you usually receive before qualifying for any type of life insurance.
Long Term Care Insurance: With long-term care insurance, you are paying for coverage, like term and whole life insurance, but instead of utilizing the coverage after you die, you can use this policy to cover any type of long-term care. This means you can use the coverage to pay for nursing home facilities, stay-at-home nurses, or any other type of care that may be required if you are unable live independently. Some whole life insurance policies actually have LTC riders built into them, or LTC insurance has whole life insurance proponents included. These are incredibly useful policies, and all LTC policies are guaranteed renewable.
Disability Insurance: This type of insurance provides individuals who are considered disabled, or are not able to work their own or any occupation due to a disability, income to assist them in living the rest of their life with ease. Disability insurance coverage provides the appropriate help to individuals based on their specific needs. Policy riders are also offered to add onto disability insurance coverage to help cover more hypothetical instances; for example, a Cost-of-Living Adjustment Rider decides the amount of money paid to individual based on consumer price index (CPI).
From these options, feel free to discuss with your loved ones, and yourself, which one fits the best to meet your individual needs. And, if you need more help or brainstorming, your life insurance agents at Schlitt Services will be more than happy to help, because having coverage for not just yourself, but more importantly, for your family is the best act of love anyone can do. We also offer variable life insurance, in the case that you would rather your set premium fluctuate based on the stock market, for more on this, feel free to contact our Life and Investments guru, Chris DiBenedetto.