Supplemental Insurance
Financial concepts in simple and easy terms
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 with flexibility in amount and timing, while the policy builds cash value. Coverage remains active as long as there is enough value to cover costs. Upon death of the insured, the benefit is paid to the beneficiary if the policy is in force.
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.
