Three Types of Whole Life Insurance Policies From United of Omaha Life Insurance Company or Companion Life Insurance Company
Life insurance might not be one of your top concerns. But in the event of a tragedy, it can help your family alleviate their financial worries.
It is important to select the type of life insurance that best protects your family. We can help you determine which type of life insurance policy will provide the protection your family needs.
Whole life insurance policies combine permanent insurance protection and monetary savings. Whole Life insurance policies can offer affordable premiums that will not increase with age. The cash value will continue to build over time, which you can borrow against in times of need.
If you are looking for a life insurance policy that will remain in place your entire lifetime, our guaranteed issue, graded death benefit whole life insurance policy (Whole Life Guaranteed) or our simplified underwritten whole life insurance policy (Whole Life Express) are good choices. Let’s look at the types of whole life insurance we offer:
Whole Life Guaranteed Insurance
The Whole Life Guaranteed policy builds cash value you can borrow against, pays benefits directly to your loved ones, and also provides you a choice of benefit amounts specific to your budget, and needs.
If you are between the ages of 45 and 85*, Whole Life Guaranteed insurance can provide up to $20,000 in death benefits** with an affordable premium that never increases. And, the Whole Life Guaranteed policy is available without a physical exam or health questions.
*In MD ages 55-85. In MO, maximum age is 75. In PA, ages 60-85.
**This policy contains a graded death benefit, meaining that for death due to natural causes (any cause other than accidental) during the first two years, your beneficiary will receive all premiums you paid, plus 20 percent. After the two years, the full benefit is paid for death due to all causes (In NJ, one year for males ages 79-85 and females ages 84 and 85.).
Whole Life Express Insurance
Our Whole Life Express policy helps you take care of the loved ones you leave behind. Whole Life Express insurance appeals to those who seek reasonably priced coverage in smaller benefit amounts to cover final burial expenses and any outstanding debts. Whole Life Express locks in your premiums so they do not increase with age. Premiums for this policy are generally lower than for our Whole Life Guaranteed policy. You must answer health questions to determine eligibility, but you are not required to take a physical exam. And, your policy cannot be canceled for any reason, as long as you make the premium payments.
Children’s Whole Life Insurance
Our whole life insurance policy for children (Children’s Whole Life) is designed to cover costs associated with the unexpected loss of a child. In addition, Children’s Whole Life insurance can help protect a child’s future insurability.
Children’s Whole Life is similar to Whole Life Guaranteed, but is only available from ages 14 days to 25 years.
You may select death benefit amounts of Children’s Whole Life insurance from $5,000 to $30,000.
Our Children’s Whole Life insurance coverage can be increased to up to $150,000 later in life. This option is available regardless of changes in health, which helps provide your children or grandchildren protection against future unknowns.
As the cash value of the policy grows with your child, this policy can start them down a financially responsible road at a young age.
Choosing Whole Life Insurance
With the help of our Whole Life Insurance resources and one of our local agents, you can find the policy that matches your requirements. Whether the best solution is whole life, universal life, or term life insurance, we can help you provide for your family.
