The concept of life insurance is simple. You pay a premium for a specific amount of time, in case of an untimely death, a beneficiary will receive the amount listed in the policy. However, not all insurance policies are the same.
Term Life Insurance
Whole Life Insurance
Term life insurance provides a death benefit for a specific number of years, typically between 5 - 30 years.
Term insurance policies generally provide the largest death protection at the lowest cost. When the term is up, you no longer have coverage. However, policies can usually be converted to a permanent policy up to a certain age.
Whole Life is a type of permanent policy and will continue to pay a death benefit as long as you pay premiums, no matter your age. It also accumulates a cash value, therefore premiums are significantly higher.
​
You can also borrow against the cash value for any reason, amounts not repaid will be deducted from the policy's death benefit.
Universal Life Insurance
Universal Life is a type of permanent policy similar to Whole Life, offers more flexibility but is more expensive.
​
You can increase or decrease benefit amounts and premiums are adjusted accordingly.
Group Life Insurance
Group Life Insurance is an extremely valued additional benefit and is a very affordable way to provide added protection for employees and their families. There are a wide variety of plan designs available, speak to a Health Shop agent to find the right one for your business.