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This is life insurance that remains in force during the lifetime of the insured, provided premiums are paid as specified in the policy. Whole Life provides a guaranteed premium, a guaranteed loss of life benefit, and a guaranteed cash value. While a Whole Life policy is in force you may take out a policy loan against the cash value or receive the cash value (less any policy loans and accumulated interest) should you need to surrender the policy. In addition, a Whole Life policy can pay dividends, which may be used to enhance both the loss of life benefit and the cash value or may be used to reduce your premium payment. Dividends are not guaranteed and policy loans accrue interest and reduce the death benefit. For more information about Whole Life please click here
This is life insurance, that pays a loss of life benefit provided the insured loses his life during a specified period, and premiums are paid as designated in the contract. No loss of life benefit is payable if the insured survives past the end of the term. Since premiums paid are used entirely to cover the cost of insurance, there is no cash value on a term insurance policy. Premiums may increase or decrease, depending on the type of term insurance owned. For further information about term life, please click here
This is the person(s) or other party (ies) designated to receive life insurance or annuity proceeds upon the death of the insured. The beneficiary is named when a policy is taken out and can be changed at the request of the policy holder.
This term refers to the amount payable to the permanent life policy holder upon surrender of the policy. It is equal to the current Cash Value, less any surrender charges that may apply, any monthly contract charges, and any outstanding loans and accrued interest.
To change the name on a policy, the current policy holder must send a signed form, a written request, and a copy of a marriage certificate or other court document to the Service Center.
Upon the loss of life of an insured, the office must be contacted and advised of the name of the insured, the date and cause of demise and the name, address and telephone number of the person who should be contacted. A claimant’s statement and additional information on how to file a death claim is then sent to the appropriate person.