What Types of Term
Life Insurance are Available?
From United of Omaha Life Insurance Company or Companion Life Insurance Company
We offer three term life insurance policies, each designed to help fill customer needs. By identifying your needs, examining your situation and matching them with the benefits of each policy, we can help you make an intelligent and informed decision on choosing the policy that best fits you.
Before selecting a term life insurance policy, you must ask yourself if this is the right type of policy for you. Term life insurance covers you for a specified period. That is the main difference between whole life and term life insurance. With a whole life insurance policy, you are covered for the duration of your life.
Whole life insurance also includes a cash value component. Term life insurance does not have this cash value feature. Your term life insurance policy is life coverage only - there is no build up of cash value. This often means that term life insurance policies are less expensive than their whole life insurance counterparts.
If you are looking for life insurance coverage only - and not lifetime coverage with cash values - a term life insurance policy is likely a good choice.
Three Types of Term Life Insurance Policies
We offer three term life insurance policies. These policies and their riders may not be available in every state - check with one of our agents to determine which options are available in your specific area.
Term Life Express (Not available in New York)
Term Life Express is our simplified underwritten term policy. The application process is simplified and underwriting may take as little as three days.
Death benefits of a Term Life Express insurance policy range from $50,000 to $400,000, helping you protect your family's lifestyle and finances in the event of death, you can also purchase a Disibility Income rider that can help provide protection in the event you suffer a disibility.
Term Life Express includes many features and options depending on your desired coverage and protection. Residential damage rider, return of premium, waiver of premium for unemployment provisions, accelerated death benefit and common carrier death benefit provision are some of the features available under these policies.
Term Life Complete offers many of the same features as Term Life Express and allows a higher face value. Term Life Complete offers face amounts starting at $100,000 and over. The higher value of Term Life Complete insurance requires a more detailed underwriting process than Term Life Express.
Features such as accelerated death benefit rider, return of premium, waiver of premium for unemployment provisions, residential damage rider and common carrier death benefit provision are available with Term Life Complete.
Term Life Answers is an affordable way to help plan for your family’s future. This policy allows you to select from terms of 10, 15, 20 or 30 years. In addition, your premiums are guaranteed to stay the same throughout the full policy term.
Term Life Answers provides flexibility. If your needs change, you can work with an agent to review your needs.
Death benefits of $100,000 or more help you provide for your family during difficult times.
Additional options are available with a Term Life Answers insurance policy, including an accidental death benefit rider, accelerated death benefit rider and a waiver of premium for unemployment rider. With this policy, you get the flexibility and features that make your coverage just right for you and your circumstances.
More Information:
- Return of Premium Insurance
- Death Benefit Size for Term Life Insurance
- The Three Types of Term Life
- Term vs. Whole Life
