Life Insurance

Life insurance gives you the peace of mind you only get from knowing that you've protected your loved ones. At Siler Financial Group, we take the time to listen to your needs when selecting a life insurance policy. Deciding to protect those who depend on us with a sufficient amount of life insurance protection is a responsible and caring act. Everyone would like to know that when they pass away their loved ones will be financially secure.

Types of Life Insurance:

Term life insurance or 'term assurance' provides for life insurance coverage for a specified term of years for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.

Permanent life insurance is life insurance that remains in force (in-line) until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires OR policies lapse). The policy cannot be canceled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years). Permanent insurance builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time.

Whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy.

Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return. There are several types of universal life insurance policies which include "interest sensitive" (also known as "traditional fixed universal life insurance"), variable universal life insurance, and equity indexed universal life insurance.

Rates effective November 1, 2004 and are subject to change *At age 70 your benefit reduces to 50% the initial coverage amount. The rates shown above are for these reduced amounts. At age 75 your benefit reduces to 10% of the initial coverage amount. Rate based on age of spouse at each payment date. Payment and/or coverage will change as spouse enters a higher age category. Also rates may change if plan experience requires a change for all insureds.

Rates effective November 1, 2004 and are subject to change The waiver of premium option is available to members under the age of 55. Members must apply for the disability waiver of premium in order for the spouse or domestic partner to apply.

 

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