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Insurance services (Life, Health, Property, and Casualty)

If you or your company is in need of Insurance, such as Life, Health or Workers comp, we work with a number of Insurance Brokers who can assist.

We have relationships with brokers dedicated to provide insurance products that provide quality protection with value pricing, that respect the interests and goals of you personal or business needs.

How life insurance works

In life insurance there are four roles: the life insurance company, the policy owner, the insured individual, and the beneficiary. (Technically, the last three roles can all be filled by the same person. Also, a single policy may cover more than one insured and may have more than one beneficiary.)  The life insurance company pledges to pay a death benefit to the policy's beneficiary upon the death of the insured, so long as the policy is in force at the time of death. The policy owner is responsible for paying premiums in order to maintain the poilcy in force.

The purposes of life insurance

The most common purpose of life insurance is to protect the finances of one's family or friends in case of a wage-earner's death, but that's not its only use. Life insurance can be used:

  • To hire childcare to replace a home-maker's contribution
  • For estate protection
  • For mortgage protection
  • To fund a retirement
  • To protect a business against the loss of a key employee
  • As an employment benefit

 

 

 

 

 

 

 

 

 

 

 

 

Types of life insurance

Life insurance is understood best by dividing all types of life insurance into three categories: term life insurance, whole life insurance, and universal life insurance.

Term life insurance requires fixed payments on a fixed schedule and provides coverage for a fixed duration (e.g. 10 years). The policy only pays a death benefit if the insured individual dies before the policy expires.

Whole life insurance requires fixed payments on a fixed schedule. These policies guarantee coverage up to a certain age (usually 100 years of age). These policies guarantee a death benefit, so even if the insured individual outlives the policy, a death benefit will still be paid. These policies carry cash value, which means that they can be liquidated.

Universal life insurance allows payments of any amount at any time (up to certain government-stipulated maximums). Coverage from these policies can be maintained indefinitely. These policies carry cash value, which means that they can be liquidated.

Choosing the right life insurance policy

Three questions present difficulty for most life insurance buyers:

 

 

 

 

 

 

 

  • How big of a death benefit do I need
  • How long do I need coverage
  • Where should I buy life insurance

Wage-earners need coverage for at least as long as they expect to be gainfully employed. Homemakers need coverage for at least as long as there are dependents who need care in the home (children, invalids, etc.).  Look for an independent agent/agency that contracts with 20 or more reputable life insurance companies. 

The process of buying life insurance

Most purchases are as simple as finding the right merchant and paying him or her, but buying life insurance is a longer process because insurance companies face a different risk (cost) for each person they insure. Here are the steps a life insurance buyer typically undertakes (we can work out an alternative in some cases):

  • Compare life insurance quotes from various insurers. You can compare from many insurers at once by using an online quoter at an independent agency.
  • Complete an application. Our custom at Wholesale Insurance is to fill out the application for you, gathering the necessary information through a phone conversation. Then we send you the paperwork to review and sign.
  • Undergo a medical exam. The insurance company collects data about your mortality risk by sending a medical examiner to your home or office, free of charge.
  • Wait for underwriting. For most applications, the insurer requires several weeks to collect and evaluate data from your physician and perhaps other sources of information

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