Term Life Insurance – Golden Rule Insurance Company
Life Insurance Plans for a Set Number of Years
Undoubtedly, your death would cause turmoil in the lives of those closest to you. It’s something nobody wants to think about, but all need to prepare for.
If your family relies on your income to keep up with their day-to-day living expenses, the financial implications of your death could be devastating for them. Term Life Insurance from UnitedHealthcare, underwritten by Golden Rule Insurance Company, can play a part in helping you to protect your family’s finances in your absence. It’s the best life insurance plan for a more budget-friendly approach to life insurance. Learn more about it below and how it may work with Critical Illness Insurance as well.
Defining Term Life Insurance
What is a Term Life Insurance Policy?
Term life insurance is exactly what it sounds like – a life insurance policy that you buy for a set number of years – a term – to help your family financially in the event of your death.
How Does Term Life Insurance Work?
Term life insurance plans pay your designated beneficiaries a lump sum benefit if you die within the select policy term. Policy benefits are paid to your beneficiary and can be used as they wish, whether that is for mortgage payments, travel costs, or school for children.
How Long is Term Life Insurance?
UnitedHealthcare Term Life SafeGuard plans from Golden Rule Insurance Company are sold in 10 or 20 year. The longer the policy, the higher your life insurance quotes are likely to be.
Benefits and Requirements for Term Life Insurance above:
Lump sum
Benefit paid upon your death
No medical exam
No medical exam requiredF44
Age 75
Can keep up to age 75
Adding Critical Illness Coverage
Worried about an illness straining your or your family’s resources? Term Life from UnitedHealthcare has another benefit you can choose to add, Critical Illness. If you purchase the optional Critical Illness riderF45 and are diagnosed with a qualifying illness, you can receive a cash benefit. This benefit pays you upon the diagnosis of the following qualifying illnesses
Covered Critical IllnessesF46
- Heart attack
- Life threatening cancer
- Loss of hearing, speech, or vision
- Major organ transplant
- Paralysis
- Coma
- Renal Failure
- Stroke
- Carcinoma in situ
- Coronary artery bypass graft
Important: The benefit amount received from the Critical Illness rider will be subtracted from your Term Life insurance policy benefit.
Term vs. Whole Life Insurance : What’s the Difference Between Term and Whole Life Insurance?
Term life insurance policies are active for only a select number of years, making these more budget-friendly and beneficial depending on your life circumstances. These plans may be a good option if you are –
Raising children or
putting them through college
Paying off a
mortgage
Earning a majority of the
household income
In other words, a Term Life insurance policy can be a good option if you have certain timely events that you would need to be able to cover in the event of your death.
Whole Life insurance is a more enduring (often more expensive) form of life insurance. Policies offer you coverage for life, guaranteed benefits in the event of your death and a cash value that grows each year, one that you can add to on a tax-favored basis or even borrow against in some cases.
No one enjoys thinking about what would happen when they’re gone, but having Term Life insurance can help your loved ones financially in your absence.
Contact a licensed insurance agent for more information on how Term Life insurance can help.
Term Life with Critical Illness in Action: An Example
1. You select your Term Life policy term (for example, 10 years)
2. You select your benefit levels (for example, $50,000 Term Life benefit with $25,000 Critical Illness optional benefit)
3. You are diagnosed with a critical illness after the waiting period ends and receive a one-time Critical Illness benefit payment per diagnosis (for example, you are diagnosed with a terminal illness and receive $25,000 for your optional Critical Illness benefit)
4. The amount of Critical Illness benefit paid reduces the amount of Term Life benefit remaining (for example, $50,000 Term Life benefit – $25,000 Critical Illness benefit paid = $25,000 Term Life benefit remaining.)
This policy has exclusions, limitations, reduction of benefits, and terms under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, call or write your insurance agent or the company, whichever is applicable.
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