Supplemental Insurance

Term Life Insurance

Premiums are paid by the policy owner for a specified amount of time typically from 10 to 30 years for a pre-determined face value amount. Upon death of the insured the benefit is paid out to the beneficiary if death occurs during the term period.

Whole Life Insurance

Premiums paid in this type of policy accumulate cash value over time and remain level. The coverage is permanent for the insured’s entire life until death as long as the premiums are paid. When death of the insured occurs, the policy benefit is paid to the beneficiary.

Universal Life Insurance

Premiums are paid by the policy owner for a specified amount of time typically from 10 to 30 years for a pre-determined face value amount. Upon death of the insured the benefit is paid out to the beneficiary if death occurs during the term period.

Annuities

Premiums are paid by policyholder in lump sums or installments into a long-term contract investment with an insurance company to protect you from outliving your income and provide incremental payments in the future.

Mortgage Protection

This type of decreasing benefit is a term life insurance attached to a mortgage debt that pays the lender/lien holder in the event the policyholder passes away. The premiums are paid by the policyholder.

Supplemental Coverage

These benefits are used to cover gaps in coverage and provide financial protection against financial ruin caused by accidents, disability, and critical illnesses. Premiums are typically paid by the employer, employee, individual, or both and typically portable.

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