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Life Insurance Products
What is Life Insurance?
Life insurance is a contract in which you pay premiums, and in return your beneficiary receives a lump-sum payout when you die. Your beneficiary can use the money to pay for things like daily expenses, a mortgage, your kids' education, medical bills and other expenses. Life insurance coverage generally falls into two categories, term and permanent. The right fit for you often depends on your goals.
How much life insurance do I need?
We suggest that you have enough coverage to pay off any debt you have and replace your income for at least five years. Even if you're starting with minimum coverage, having some life coverage is better than none. Let us help you figure out how much coverage is right for your needs.
DID YOU KNOW...
There are a variety of Life Insurance products to choose from
Term life 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
Whole life insurance
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
Universal life insurance
Universal life insurance has a cash value, just like a whole life insurance policy. Your premiums go toward both the cash value and the death benefit.
Variable life insurance
Variable life insurance is similar to whole life insurance in that they both have a cash value, but the functions of the cash values are quite different.
Variable universal life insurance
A variable universal life insurance policy takes the best (or worst, depending on how you look at it) of the other two policies: you can adjust the premium and death benefit amount while investing the cash value in the policy’s cash value.
Simplified issue life insurance
With simplified issue life insurance, you can skip medical exam. That’s the "simplified" part of this policy type. Known as a "no exam policy,” a simplified issue policy gets you life insurance without the health exam
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
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’s usually only issued to people of a certain age and the policy is valid up to a certain age.
Group life insurance policies
Group life insurance is an employee benefit provided by some employers. It isn’t technically a life insurance type, but it’s important to know how it's different from privately purchased term life
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Eagleminds Insurance today
Eaglemind Insurance provides tailored coverage for businesses in various industries like engineering, construction, and merchandising. Our solutions safeguard your business from risks, ensuring peace of mind and enabling you to concentrate on business growth. Contact us for more information on our insurance options.
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