There are two main categories of life insurance, temporary and permanent. If you need coverage until death the solution is permanent insurance. If you need coverage for a specific period of time the appropriate solution is temporary or term insurance.
Permanent insurance comes in many flavors. Some of these are:
- Whole life
- Universal life
Term insurance is primarily sold as, you guessed it, term insurance! That said, there are now Universal Life policies available that are configured to replicate insurance policies. Term policies have the following features:
- The length of the policy is fixed. Typical values are 10, 15, 20 and 30 years.
- Prior to policy maturity the cost of the policy remains unchanged at the determined rate when it was issued.
- When the policy matures it can be converted to a Whole Life policy with substantially higher premiums. Typically this would only be done if the insured is in poor health.
CDA Insurance Services works with a myriad of life insurance companies. This allows selection of the best company to meet your needs. While the actual term policy is fairly generic, the underwriting policies of each company are different. For example:
- If you’re a smoker, there are definitely preferable companies
- If you’ve been off all tobacco or tobacco cessation products for just greater than one year, once again there are preferred carriers for this situation.
- Blood pressure, cholesterol medications? Single prescription, well controlled for each condition? Preferred ratings are possible with the right carrier
I can work with you and our back office to determine the best company for you to apply with.