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eGroupBenefits offers businesses an
efficient way to
outsource their
employee benefits
needs, including group
medical, dental, life
and 401(k) products.
Get competitive
quotes, compare plans,
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online today!
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Term Life Insurance
Term life insurance is pure insurance. There are no extra features such as a savings account. The only questions, then, are: How much and how long?
If you are uncertain about the amount, most Internet sites have calculators to help you determine this figure. Once the amount of insurance is known, the length of the premium guarantee is key; the most frequently selected premium guarantees are 10 and 20-years (5, 15, 25 & 30 year policies are also available depending on your age at application).
A 20-years guarantee could be selected when the need is to educate young children. Or, if the concern is money and time to pay off the mortgage or fund retirement, a 30-year premium guarantee could be best. In any case, term life insurance is the plan of choice when (1) the need is for a limited time - less the 20 to 30-years and (2) when premium and benefit guarantees are desired. The longer the guarantee, the greater the premium as the insurance company cannot vary the premium during the guarantee.
Business Life Insurance
Whether the objective is to replace a key person, eliminate business debt or provide cash in the event of premature death of an owner, term life insurance is typically the solution. That's because the need is defined e.g., $100,000 and the length of the exposure is known at the time of purchase - a business loan of 10-years.
While some use the term "Business Life Insurance," any term life insurance policy can provide the liquidity.
Special Risk
Individuals whose health, habits or heritage cause them to fall outside the standards for preferred or low-cost premiums are classified as special risk. Former cancer patients, diabetics and heart attack survivors most often can be insured. In some instances, insurance companies will impose a waiting period from the time of the last treatment or a surcharge for individuals identified as special risk.
ChoiceQuote
ChoiceQuote Insurance Services, CQ, as an independent broker, represents most major competitive life insurance companies. Since 1977, CQ's high tech and high touch services have helped clients obtain over $1B of life insurance protection.
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