Term Life Insurance
* View brochure for specific coverage details
A 20 year term policy with a guaranteed premium and a guaranteed level death benefit.
WHO NEEDS A LIFE INSURANCE POLICY?
Simply put, anyone who is relied upon by others for financial support. This generally means the person or persons earning income for a family. Death of that person means loss of the income, which can cause a huge financial hardship for those left behind. People recognizing this possibility may wish to take steps to prevent it by purchasing life insurance. LICOA makes this step even easier by offering simple and economical term life insurance through the workplace.
TERM LIFE DEFINED
Term life insurance is what the name implies - life insurance purchased for a limited period of time, or term. It is not permanent coverage, such as whole life insurance, designed to last a lifetime. Term insurance is generally relatively inexpensive compared to other life insurance, offering protection during the periods of life when it is most needed. Examples of this are the years when a family is most vulnerable to losing income needed for paying off a mortgage or raising children. Once these “life stages” are past, the need for coverage is usually reduced or eliminated.
WHEN’S THE BEST TIME TO BUY?
A simple rule of all life insurance is that it is less expensive at younger ages. So term insurance may also be a wise choice for those just now considering buying a house, starting a family or taking on other debt. Thanks to LICOA and the participating employer, those with a need for life insurance can apply for coverage in just a few simple steps. A variety of policy options and riders make this coverage customizable for each situation.
ACCELERATED DEATH BENEFIT
The Accelerated Death Benefit is included and pays fifty percent (50%) of the Policy Face Amount up to a maximum of $ 100,000 and becomes payable to the policy owner when the insured person is diagnosed with a terminal illness. When the insured person dies, the remainder of the death benefit is paid to the Beneficiary, just as under a traditional life insurance policy. Terminal Illness is defined as a non-correctable medical condition, which will result in the death of the Insured within twelve (12) months or less.
Provided by:
LICOA
302 Broad St.
Gadsden, AL 35901