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Life & Disability

Life and Disability policies should be thought of together, each addressing a related need. Life policies pay out in the event of death, whereas Disability policies pay out when the policyholder suffers a disabling injury or illness effecting the ability to earn income. Both are subject to medical underwriting.

Individual Disability

Sometimes referred to as paycheck protection, claims are paid after a certain elimination (waiting) period and benefits are payable typically from one year, or up to age 65.

Non-cancellable

With this rider, none of the policy features or even the premiums can be changed until a specified time, typically age 65.

Guaranteed Renewable

With this rider, the premium cannot change, except if the Carrier files a rate change for all policyholders.

No Benefit Integration

With this rider, your benefit is in addition to, and not offset by, state provided disability benefits.

Term Life Insurance

Term life insurance is life insurance which provides coverage for a limited period of time, e.g. 10, 20, or 30 years. If the policyholder outlives the term of the policy, there is no cash value. However, Term Life usually has the highest face amount per premium dollar.

The most common Term Insurance is guaranteed level premium term life insurance, where the premium is guaranteed to be the same for a given period of years.  In this form, the premium paid each year is the same, and is based on the summed cost of each year's annual renewable term rates, with a time value of money adjustment made by the insurer. Thus, the longer the term the premium is level for, the higher the premium, because the older, more expensive to insure years are averaged into the premium.

"Permanent" Life Insurance

There are other types of life insurance, such as Whole Life and Universal Life, which may also provide a cash value. Please contact us to discuss.