Have peace of mind with the knowledge that your family will be financially secure in the event of your passing.
Any sound financial plan includes life insurance. It provides family protection and financial security to surviving members. Life insurance can also be used to pay off a mortgage, debt, estate taxes, and more. That way, family members aren't left with financial burden they can't meet.
Our insurance specialists can help determine if term life or permanent life insurance is right for you. We'll tailor coverage that meets your needs and your budget.
- Provides insurance for a specified period of time
- Provides benefits in the event of death
- Does not generate cash value
- Lower premium payments than permanent life insurance
- May provide more coverage
- Customized personal service from Solvay Bank Insurance Agency, Inc.
- Easy application process
- Multiple carriers to do rate-shopping for you
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.
As a homeowner, you've made a substantial investment. With Solvay Bank Insurance Agency, you have several options to protect your investment. More importantly, rest assured that whatever tomorrow brings, your family will have a place to call home.
Mortgage Disability Insurance
- Low-cost way to protect investment if you suddenly become disabled
- Covers monthly mortgage payments
- Cost based on age, gender, and monthly mortgage payment
- Cost will not increase as you grow older
- Premium included with your regular mortgage payment
Mortgage Protection Life Insurance
- Pays off remaining mortgage balance in case of death
- Both you and your spouse are eligible for coverage
- Individual coverage available
- Coverage for non-spousal co-borrower available
- All persons must request coverage before age 60
- Coverage adjusts automatically with the decreasing amount of your mortgage balance