Permanent Life Insurance Products
Solvay Bank Insurance Agency, Inc. provides a range of insurance options. Our personal approach allows us to help formulate an insurance plan that best meets your needs and objectives. Three permanent life insurance options we consider are:
- Guarantee Issue Life Insurance
- Whole Life Insurance
- Universal Life Insurance
Guarantee Issue Life Insurance
Guarantee Issue Life Insurance provides you with a choice in the amount of coverage that meets your needs and budget. You will not have to answer eligibility questions and you will not have to take a medical exam.
You decide and appoint who will receive and distribute your policy's death benefit, in the event of your death.
Should death occur during the first three years following the effective date of the policy, the death benefit is the full amount of all the premiums you paid during this period, plus interest. If age 65 or over at the time of issue, this period is reduced to two years.
The full face amount of your policy will be paid if death occurs after this initial period, or at any time if the cause of death is accidental.
Your policy's face value will never decrease and your premiums will never increase. As long as you pay your premiums, the policy can never be cancelled. It's guaranteed in writing in the contract.
Whole Life Insurance
Whole Life Insurance is insurance that provides coverage for your lifetime. The proceeds of many whole life insurance policies can be used to ease the financial burden of serious illness or long-term care. The benefit of receiving accelerated payments may be offered as part of the basic policy or as a rider to the policy. Some of the characteristics of whole life insurance are:
- Level premiums
- Builds cash value
- Guaranteed value
- Relatively high degree of safety
- Level death benefit up to age 100
In addition, this policy never has to be renewed or converted and there will be no additional premium.
Universal Life Insurance
Universal Life Insurance differs from other life policies in that it allows the policy owner to vary, with limits, the amount and timing of premium payments and the death benefits. These changes can be made while the policy is in effect.
Cash values are accumulated by crediting premium payments and interest to a fund; deductions are made from this fund to cover expenses and cost of insurance. The rates at which the interest is credited are declared by the company or may be specific in the contract.
Like term insurance, Universal Life Insurance policies usually have two sets of premiums: guaranteed maximum premiums and current premiums. Current premiums may be lower, but they can be changed by the insurance company up to the maximum. They also include a minimum interest guarantee. Because of its flexibility, a universal life policy can also be structured to operate like term insurance.
Investment and insurance products ● are not deposits ● are not FDIC-insured ● are not insured by any government agency ● have no bank guarantee ● may go down in value.